Krishen Iyer: Should consumers get concerned over location-based data requirement by companies?

Krishen Iyer is the Chief Executive Officer of Managed Benefits Services, a marketing company he founded in 2016. He changed the name of the company from Quick Link Marketing, to concentrate on providing Marketing services to the dental and health insurance companies as well as the service providers. Through his research and experience in insurance, he learned how to build effective marketing campaigns. Krishen Iyer discusses some crucial marketing issues, providing insights on the changing trends in the marketing industry. According to Krishen Iyer, Basing a company’s marketing on location is met with mixed feelings. Location-based marketing can benefit a company if employed correctly. However, consumers in recent times have become wary of location-based marketing, because some companies engage in breaching consumers’ privacy by tracking them without their consent. Iyer advises that a company that values the privacy of their consumers has an easier task when it comes to trust building.

 

According to Krishen Iyer, the simplest way of building trust between a company and its consumers is to enhance transparency about the location-based marketing practices to the consumers. Companies can employ this strategy by explaining what data is gathered upon asking for a location and how it is of benefit regarding service provision. Also, companies should provide all information and explain in terms understood merely by the user. According to a study done by Microsoft, users admitted that they would use a company’s location-based tools if they were to get a cash bonus in return. Krishen Iyer attests that many smartphone users today feel uncomfortable with the knowledge that their phones store information relating to their location. Even though some users find the strategy useful, they are not ready to share location data with companies. Most consumers feel that big companies should provide more support to the local stores in exchange for the location-based data.

 

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