The most common lament we hear from companies is that they are data rich but information poor. They have been collecting a huge amount of data but don’t know how to extract insights from it or take actions based on it. Instinctively they realize that competitive advantage is lurking somewhere in their data stores, and there is increasing pressure to find it and use it. A recent McKinsey Global Survey found that “The most pressing competitive challenge marketing executives identify is producing and using customer insights, and respondents hope to use data to drive sales and customer engagement.”
The promise about ‘big data’ is that it can help paint a picture of each individual customer, revealing which customers are ready to buy now, what they are likely to buy, and which customers are in danger of defecting. Here are ten big ideas on how to fulfill that promise…Find out how analytics turns Big Data into revenue DOWNLOAD TO READ MORE.
As companies accumulate increasing amounts of data and complain that they are “data rich but information poor”, we suggest ten ideas for ways to work with what is now being called “Big Data”. These ideas illustrate how Big Data enables individualized marketing by making possible relevant, one-to-one communications with each customer.