David Schweidel delivered an eye opening presentation on data. From big to small to complex to simple- he was able to explain the more important fact of the matter- drawing insights.
Big data = big insights. But this gives us too much data and not enough direction as to where to go with it. It’s not about the size- it’s about what can we extract.
Defining Big Data
- 3 Vs (volume, variety, velocity)
- 4 Vs (volume, variety, velocity, veracity/value)
- So big that Excel can’t handle it
Big insights drive decisions. Collecting data from customers (in a loyalty program) allows us to draw simple insights. We don’t need big data to figure out who purchases certain products. If you purchased a big screen TV, you’re most likely to come back for another for your bedroom.
We need smart thinking and smart use of big data more so than the big data itself.
How do we convince consumers to give us that data. Should we make investments and what do they get in response for providing data. Most importantly-customers want something out of it.
Disney has taken data to another level- in using these bands where consumers can pay for things and wait in line allows underground operations to recognize XX ride has a long line- let’s send out beverages or costume characters to entertain.
Identify what we need, collect it, and Analyze it.
How do we make use of the data that is available to us?
Start to derive trends from within the data. It is possible to segment consumers based on purchase decision and discover who your most equitable consumer is. Is that full service cable purchaser who later drops the HBO package your most important customer or is it that customer who starts basic and upgrades to full service later?
Primary vs. secondary data
What causes people to end their cable service? It’s important to find out these obstacles and find out how your business can improve. We need to utilize the post purchase evaluations and gather data from web blogs, etc. to understand consumer mishaps.
Retailers are typically open to sharing some information they receive from consumers in order to show they are collecting and using this for a good cause. Retailers are trying to improve consumer satisfaction and this is a step in the right direction to doing so. This also helps to reaffirm to consumers that the data being collected is relevant to their future experience with the brand.
Know your competitors and how to react to their actions.
How can your brand react to competitive moves from other companies out there? Stay on top of trends and learn from what others have implemented.
Bring social to CRM
Paint the full picture of the customer and reach them in relevant areas. This is all to important to courting the omnichannel!
Social influence on purchase
Brand engagement and advocacy
Janel Parker, Market Research Consultant at SKIM, an international consultancy and marketing research agency, has a background in Marketing and Psychology from Cornell University. Her previous experience at a social media agency combined with her knowledge from SKIM provide for a unique understanding of the relationships between social media and marketing. She can be reached at firstname.lastname@example.org.