Welcome back to this Big Data Blog mini-series (don’t worry, I’m not pulling a Lloyd Christmas from Dumb and Dumber. There’s a reason I switched to speaking ‘Austrian’, as Lloyd incorrectly refers to it in the movie (you’ll have to keep reading to find out why). So far I’ve covered what Big Data is and some potential use cases for Big Data. Now I’d like to bring these ideas together and focus on the crux of the Big Data issue for companies:
How you can use Big Data to help your customers?
As I mentioned in the first blog, the key to delivering the fourth “V” of Big Data (Value) to customers is Fast Data, which is a combination of context and speed. Being able to quickly deliver messages that are contextually relevant will help you better relate with customers, which you can bring to your customers using three key actions:
Using Fast Data you’ll be able to quickly CAPTURE information on your customers. This will allow you to form a better understanding of who your customers have been over time and more importantly who they are now.
Once you have the data, it’s essential to INTEGRATE that information into your marketing efforts. Integrating that information into your marketing, will allow you to make more informed marketing messaging that is relevant to your customers.
Finally, you need to ACT on the information you have gathered about your customers! After all, it’s the data-driven actions that ultimately deliver value to customers.
By making use of Fast Data and responding to customers quickly, you’ll be able to capitalize on opportunities as they happen and address users in the moment. You’ll also be able to increase the likelihood of a positive response from your existing customers and minimize the amount of time for a negative experience to fester and spread.
Having an in-depth view of each customer brings me back my opening thought – my seemingly strange use of ‘G’day mate’. Though I grew up in Boston and live there now, I also spent a couple of years in Sydney attending grad school and have fond memories of my time spent ‘down under’. By having a complete picture of my background, companies can and have been able to make more targeted offers which I respond to and spend money on (e.g. my frequent visits to K.O. Pies for meat pies or to the Tip Tap Room for Kangaroo Steaks).
In conclusion, I hope you’re leaving with a better understanding of Big Data and some ideas on how you can use it. I’ll close with one final question for you to consider:
How are you going to use big data to help your customers in the future?
Until next time.