Designing a hypothetical infomediary.

INFOMEDIARY Definition: An infomediary works as an agent on behalf of consumers to help them take control over information collected about them for use by companies. Benefits:

Connecting information supply with demand. Help both involved parties, i.e. customers and companies.
Infomediaries could help manufacturers identify their most loyal customers and target them with customized services.

Trusted agent to help clients to get advantage from their own information. Companies obtain information about their best and loyal customers and forge strong relationships with them.

Functions of an Infomediary: Acquiring clients. Gathering information from customers which are used by marketers for providing offerings to customers. Building trust in customers. Can help customers receive value from vendors in return for information. Understanding of an individuals profile and preferences.

INFOMEDIARY DESIGN

INFOMEDIARY DESIGN

PHASE 1 Creating Initial Profile

PHASE 2 Setting Standards

PHASE 3 Value Extraction

PHASE 1

Creating Initial Profile: We are selecting our infomediary under a bank. Banks are better positioned to become infomediaries, as it is easier for a bank to entrust customers for information. Since trust shuts away customers, so an infomediary has to earn trust of both clients and customers. As infomediary is under bank where customers have accounts, so they are not required to share their information with any third party. So customers would feel safe and secure to share information with our infomediary.A separate question would be ask to customer during the account creation saying would you like this information to be shared with an infomediary?special benefits would be explained to them. We would be creating our own online portal through which people who want to get benefited will share their information, Phone calls will be made to people to get the information. Through the forms at the mall, shopping centres and multiplexes.

This will enable us with information regarding likes-dislikes, Number of family members and income level. Our infomediary is in collaboration with SBI which is Indias largest bank in terms of assets, net earnings, number of branches, market share, distribution network and most importantly customers. Our infomediary is diversified and is managing variety of information because customers will find it inconvenient to deal with multiple infomediaries and because infomediaries will be able to ofer even more value to their customers by exploiting cross category information in their proles. Why SBI? It has a vibrant range of products and services ranging from personal banking, international banking and corporate services. So information of all type of customers, from individual to big organisations, can be gathered. PHASE2 AND PHASE 3 Setting Standards and Value Extraction In setting standards, enhanced agent services to collect data and filtering services for sorting data, are the main focus. In value extraction, information is used to create value for customers, clients and infomediary itself.

With whom it works? Our infomediary is acting as an agent between customers and various sectors. The infomediary is working for different sectors to collect information about customers and also plans to diversify in coming days. Figure: Chart showing infomediary between Customers and Clients

Shoppers stop DMart Retail Airtel BSNL Telecom Syntel Accenture IT/ITeS Infomediary (Data Collection, Sorting, Value Extraction) Mahindra and Mahindra Manufacturing Stratecent Consulting Consulting Country Inn Hospitality

Retail: They will require Data regarding the people who want to buy some product under discount and have registered themselves under the portal or through phone or through feedback form.

Telecom: They would be requiring phone numbers of the people to make them aware of their special discounts and special tariff rates. IT/ITES: This will help the IT companies to locate people and send them information regarding walk-in interviews. Manufacturing: Infrastructure Details: The main requirements are computers and computer operators skilled in sorting the information as per clients demands. Marketing personnels to conduct market research, i.e. make contacts with companies and their customers, are needed They can collect information through various ways such as interview, observation, questionnaire, feedback forms etc. WORKING OF OUR INFOMEDIARY Step 1 At the outset, we need to convince companies to select our infomediary. The companies with good track record will help to gain customers trust. We need to explain the companies about all benefits they will get by assigning our infomediary. Step 2 Secondly, we have to convince customers to share their information and to earn their trust. Assuring them about the benefits theyll get in return of their information. As we are in collaboration with SBI, it will be easier to entrust customers. Step 3 Reaching to customers and collecting data through various ways such as interview, questionnaire, feedback forms, phone calls, etc. Step 4 Gathering all information and storing it one place . Step 5

Then most important and skilful task of sorting that information according to specific needs of companies is done. As companies are getting selective about information, so sorting is important. Step 6 The companies are, then, informed what all data we have collected and how they can use it effectively. Sometimes, it needs to interview company representatives too so that they can give their expectations about information. Step 7 The information is handed over to the company for pre-decided amount. Step 8 It is important to get assurance from companies that they will not use the customers information unethically. And customers are provided with benefits which can be either offerings or assistance given by companies. There should be a value exchange. Our infomediary, after deducing commission, can transfer some amount to customers account or can provide other valuable benefits.

REVENUE PLAN