02 Aug Big Data…. is it a big deal?
How much of a big deal, is big data to the Marketing department?
So far, two factors have made big data, a bigger deal; moblification and the connected consumer, plus data value exchange. What are these terms I hear you cry?
Moblification and the Connected Customer: Customers and consumers seem to be ‘always on’ and have access to brands and businesses at all times. In a click of a button, customers can purchase, experience and complain, all within the space of a few minutes. Their behaviours can be tracked and captured across digital and physical domains through all variety of data capturing devices. On the other hand, this also means that brands can directly address these customers at all times and places.
Data Value Exchange: Customers and consumers are much more aware of the value of their data and the multiple forms it can take. This means that when they share information, they expect for it to be used in the right way. Organisations need not be flawless in their approach, but if things do go wrong, customers expect to be acknowledged quickly!
So what steps and actions can organisations follow to ensure the correct use of big data?
Firstly, review who has access to the data within the organisation and how readily available it is. Organisations should be aware if the data is stored outside the business with third parties. How easily can it be interrogated?
Secondly, assess who will have permission and the full use of data. Even within an organisation, the ability to use the data may be constrained by why it is being captured and under what guise.
Thirdly, consider who will digest the data. Do you have the right people to make sense of the data? There are a lot of analysts out there but not necessarily those that are commercially aware.
Lastly, organisations need to have the correct tools required to make sense of the data. Is your business thinking from top to bottom about the importance and value of data; the skills, process and culture?
Only once these questions have been answered, should you consider moving forward with the consideration of other factors, such as how to store and keep data secure and whether the data is actually relevant.
Any organisation that puts the customer experience first will be using data and big data well. I like what Ryanair is doing with its whole transformation and the myRyanair application, and this is having a positive effect on the customer’s perception of the brand. Microsoft and Amazon are other examples of businesses responding to big data well They seamlessly use given, assumed and implied data to make an experience relevant and timely; a mix of product, third party data and understanding of multiple persona’ (work, social and private). This blend of organisational, third party and customer data requires multiple functions of the business to work together seamlessly, as part of a ‘customer centric ecosystem’.
Written by Dan Telling