In the world of integrated marketing the goal is to always exceed your customer’s expectations. One area that has evolved is the discussion of Big Data. Specifically, what does it mean for us regular, every day folks?
We live in a world where the name of the game seems to be consumption. Our consumption of resources and information is astounding. From a consumer standpoint, the ability to capture, translate and leverage increasing amounts of consumer data—from consumer and shopper data, customer or retailer data, social media, and the real-time visibility of information—is critical to the success of any consumer-facing business. Data has become uber important.
But, how will big data impact consumers? Well some of the perks are already at the reach of your fingertip and you might not even know it. Sites like Amazon, Pandora and Netflix use sophisticated algorithms to understand and recommend things we may like to buy, listen to, or watch. Have you noticed that if you view an item on one retail site, it seems to follow your Internet movement? That is no coincidence. Devices like the Nike FuelBand or the Sony SmartBand lets people see how their diets, exercise routine and sleep patterns compare with others. The information that both bands collect help people create workout plans to help them meet their fitness goals. The list of apps and resources that uses big data is endless.
Companies that stand apart during the push for Big Data will be determined if they have invested in the necessary tools to help develop a deeper level of understanding of customers and products. Ultimately, who be will be able to interpret the date to increase sales and drive a competitive advantage. Additionally, companies that are able to analyze data the fastest will be ahead in the race to the finish line. These companies will be the ones that are able to speak and interact with their customers on various levels, based upon the amount of data they have on each of their customers. Using data to anticipate consumer trends and behavior will be vital. It goes back to my previous discussion on the rise of micro communications and creating a more personal relationship with consumers.
What does Big data mean to you?