Big data is the whole grail of marketing. And yet not many is actually making lots of progress. There’s a good good on that captures well what the state of big data is if you ask me:
“Big Data is like teenage sex. Everybody talks about it. Few do it and they do it in the dark”
As always also here there are the exceptions that prove the rule. Companies like Starbucks or Taco Bells have showcased that they are actually using data to the extreme to help improve their business activities and communications. But in general only little data is being used, it’s something we encounter only occasionally during the marketing activities and also as a consumer I don’t see much return on the fact that people seem to know quite a bit about me.
And I wonder if that isn’t going to become a problem sometime soon. As a tech savvy consumer I know that companies have data on my consumption behaviour, I am very aware whenever I need to give someone personal data and I know that a lot of my online behaviour is public for everyone to see. Because I know, I also expect something in return. There’s a very one on one relationship between filling in a form before being able to proceed to a next stage and in that case you can immediately judge whether handing over that bit of data was worth the return. But that counts also on general consumption, on the data that companies can gather by tracking your behaviour. I know they do and also there, even if less one on one, I expect a return.
I’m ok with my data being used, I want my data being used or even more, I demand my data being used. I think consumers will get ever more aware of the fact that their data is being collected and as a result become more demanding on how they are treated. No more useless questions, seemingly random suggestions, repetitive data collection, … And that makes in my opinion the need for companies to start really using their ‘big data’ even more important. Not just because they indeed can improve their business and communications if they use it right, but because they have to as consumers will start demanding that. So big data is great, but it’s also a big promise!
So if you’re a business owner or a marketing specialist I think you really need to start figuring out which data you currently gather and how you can connect that to make consumers lives better. All in all I believe there are 3 kinds of data we have to think of that are key to improving your marketing & sales efforts:
- Form fill: data that you’ve asked consumers to fill in, can be at various types of touchpoints, all data people hand over to you to get something in return
- Usage: usage/consumption data from both sales as marketing activities, everything you collect through the customer journey
- Public domain: everything people share in public online & offline that relates direct or indirect to your business
So think about it. The companies that are using it are outperforming you and taking a lead and your customers will move to those companies because they are living up to the data promise making the gap even better.
Image credit Avnet.