In this article, we are going to mention few big data trends for which we believe are important.
We've noticed the rise of easy access to cheap analytic tools lately, just like probably you did as well. This gives us a questions we should think about: Will this require from you to rethink your business model? The progress of technology will enable you to redesign how, where and how often you capture customer data. That's reality. We all have a choice in this and we are not the victim of what data others tell us is available.
A good example for this we can find in healthcare where a lot of new products and services can enable to doctors to monitor the healthy of his patient remotely. Rather than seeing a patient every few weeks, doctors can use analytics for a granular view of what’s best for you and costs go down from the efficiency.
On the other side, we have that marketing is transforming from control to collaboration. Simply pushing a message out via traditional print, radio, TV or even internet advertising is fading. But, the fact is that there is a growing effectiveness in multi-channel marketing. Multi-channel marketing can map buying behavior, social media interactions and precision marketing which can provide amazing insights of importance.
This is all possible through Big Data driven predictive analytics targeting individual promotions to a market of one. According to PEW Research, 78% of US adults in households with annual incomes of $75,000 and over own smartphones (see Smartphone Ownership 2013). PEW also tells us that 74% of US smartphone owners use location-based services, and 18% “check in” to locations from a May 2012 study. Loyalty360 tells us that 47% of mobile consumers want retailers to send coupons to their devices when they are in or near the store and according to Yankee Group simply adding location-targeted promotions to a loyalty program can drive incremental revenue by more than 4%. So, are you taking advantage of the new shopping model to grow your business?
We should all be aware that it's no longer possible to shout at consumers since they now expect a two way dialog. Evolution from “ask” to “listen” market is happening right now. That's why you need to focus on listening more.
The business cycle continues to speed up and economic innovation requires companies to keep pace through reinvention, ruthlessly shutting down poor-performing assets and quickly elevating your new offerings that gain early traction.
For example, Jack Trout in “Differentiate or Die” tells us that 85% of US household needs are addressed by repeat buys of 150 items. Market leaders will use data analysis to conduct controlled experiments which will drive narrower segmentation and tailored offerings. The key is to have just-in-time capabilities to ramp production of winners. This means for critical success a business must use essential information derived from Big Data tools to identify winners and have product development/delivery alignment with marketing’s insights to execute in real-time.
Finally, you should embed mobility in everything you do. Why mobile applications are so important for your business you can read here: The Importance of Mobile Apps for Your Business
Essential Information is the fulcrum for all of this. Big Data often now accessed in the Cloud enables speed to market and transparency with your customers. This digital disruption must be embraced or your customers will go elsewhere and you’ll be challenged when competing for new ones.