The founders of the new start-up, MiName.co.za, two actuaries (Gaurav Nair, 25 and Derrick Hyde, 27) and an engineer (Lawrence Joffe, 30) want to put an end to the exploitation of cold calling and help businesses find people that are actually interested in buying their products. One of the ways it will do this is by rewarding consumers with cash.
Attracting new clients is an ongoing problem for most businesses. Many companies are buying leads that have a low sales conversion rate, which leads to companies wasting valuable resources trying to sell their unwanted products to disinterested consumers. In addition, customers are being hassled by the invasion of their privacy.
MiName.co.za helps consumers to unlock the value in their personal information by providing qualified leads for businesses. The launch of this recommendations site coincides with the imminent arrival of the Protection of Personal Information Bill, which is expected to be legislated within the next quarter of 2013. These laws are intended to empower consumers to access and request the correction or deletion of any personal information. It will bring South Africa in line with international data protection laws and at the same time, it will protect personal information that is collected by organisations.
In future, consumers will be able to find out who sold their data, ask to be deleted and may only be contacted if they opt in to receive communications. The consequences of companies using data without permission will be severe: fines may be imposed, prison sentences may be awarded and damages may be paid.Customers want products, services
MiName.co.za will be a trusted site where consumers ask for the products and services they need, the site offers the product providers and then rewards the customer for buying. The experience keeps personal details confidential and rewards the consumer for sharing information with companies they choose and for purchases, they actually need.
"There are tremendous benefits for companies that sign up to attract additional customers. Only interested customers are brought to you,' explains Derrick Hyde, director of MiName. "The customers tell us what products they want and name the companies that should contact them. Businesses therefore get access to clients who are waiting for calls, emails and texts, not just empty leads. This is a smarter solution to increase sales conversion rates. This means that there are reduced client acquisition costs. There is no risk because the company only charges on successful sales. Also clients' businesses will get increased brand exposure on social media."Call centre products ideal
The company believes that companies that typically sell products via call centres are ideal for this system. Sales categories currently include financial services, sports, travel, motor, online shopping, security services, gyms and property.
Advantages for consumers using the site include getting money back when they sign up, make a purchase, share their purchases on social media and review products or service providers. This means there are no more annoying disruptions and there is total privacy. Consumers share only the amount of information that they are comfortable to disclose and select only the companies that they want to contact them.
For more, go to www.miname.co.za