90% of the data in the world today was created in the last two years.Source: From Defensible Disposal: You Can't Keep All Your Data Forever, Forbes, 7/17/2012
Data is Now Everywhere
The Big Impact of Big Data “Hiding within those mounds of data is knowledge
that could change the life of a patient, or change the world.” Atul Butte, Stanford
Information is the oil of the 21st century, and analytics is the combustion engine,” Peter Sondergaard, Senior Vice President, Gartner
“War is 90% information.” Napoleon Bonaparte
“Without big data analytics, companies are blind and deaf, wandering out onto the web like deer on a freeway.” Geoffrey Moore, author and consultant.
Know Your Customers (1) "Big Data will spell
the death of customer segmentation and force the marketer to understand each customer as an individual within 18 months or risk being left in the dust” Ginni Rometty, CEO,
IBM
Customer segmentation is dead, - its now a market of ones.
You have to become like the NSA to stay safe and in business.
Every customer wants to be unique – it’s all about me!
Know Your Customers (2)
Gather data from social media
Encourage customers to use Facebook authentication to login to your system.
Try to get permission to capture user profile, friend list, email address, work history, education history, hometown, current city, and likes.
Gather customer insights based on location (region, country, etc.) preferences (customer profile, communication, etc.) and behavior (click-throughs, website navigation, registrations, content, Likes, etc.)
Big Data OpportunitiesSome use cases: Understand the Customer Journey
Identify what it actually takes for customers to buy your product
Recommend Products Use customer data to predict which products to
recommend Improve Search Results
Provide real-time meaningful search results Predict Customers Leaving
Identify why customer don’t renew their subscription
Understand the Customer Journey
A good Marketing Automation solution integrated with a CRM solution will identify what multi-touch marketing programs that actually gets you new customers.
It’s not just where customers came from, but what a potential buyer do before buying your product, e.g. download a free whitepaper, visit your website, attend a free webinar, talked to a sales rep.
This allows you to document your demand waterfall with metrics for each step.
Source: Sirius DecisionsGrow revenues by improving your marketing and sales
Improve Search Results Orbitz uses Hadoop to
store and process non-transactional big data, e.g. web searches.
They use it to optimize hotel search and provide recommendations.
As an example, they found that Mac users are willing to spend 30% more on hotels than PC users.
Mac users are therefore presented with pricier hotels first in the list, which increases Orbitz revenues.
Orbitz grew revenues by tuning search results - What could this be for your company?
Recommend Products Use customer
insight to recommend relevant products Frequently
bought together Customer who
bought this item also bought…Amazon says 35 percent of product
sales result from recommendations - What could this be for your company?
Predict Customers Leaving By combining mass customer
history data and analyzing customer transactions and interactions, T-Mobile could extract the behavior of the customer before they switched to another operator.
This allowed T-Mobile engage customers before they cancelled their subscription.
In the first quarter of 2011, T-Mobile halved its churn rate in the United States.
An annual churn rate of 50% implies an average customer life of 2 years. Improving this by 50% would be an annual churn rate of 25%, which is an average customer life of 4 years. - What could this be for your company?
Join the AIIM Community AIIM is the global community
for information professionals Founded in 1943 80,000 active community members
We do research and task forces analyzing trends and opportunities Forbes Magazine called our research
with author Geoffrey Moore the "Best social media idea of 2011”
AIIM published the 2014 eBook “Information Chaos vs. Information Opportunity” – with 34 steps users need to take
AIIM is a also leading provider of training and standards www.aiim.org
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