Kammy Korinthian tweets a selfie trying on a pair of sunglasses. “I can’t decide between #gucci or #prada. What do you think? #ilovenordstrom.” There are a lot of opportunities to convert this information into a sale using mobile ads, email marketing, and so on. Nordstrom, Sunglasses Hut, Gucci, and Prada can all decide if it’s worth it for them to put a 20% off coupon directly into Kammy’s Facebook feed. They aren’t basing the decision solely off of one hashtag, but an aggregate of customer data pulled from every source possible to make an almost complete profile of the customer. All of this is made possible by Big Data.
Is Kammy 15 years old and regularly shops at Claire’s, or is she 29 and recently bought a BMW? Before, it wouldn’t have been worth it for stores or brands to spend their marketing dollars on direct social media advertising. Now, thanks to Big Data, they make that decision using algorithms with real data inputs. We probably know Kammy’s location, previous purchasing habits, including other purchases from that day, and thousands of almost-scary pieces of information.
Big Data is large, unstructured, and frequently expanding amounts of information. At first, the amount of data may seem overwhelming and often irrelevant to marketing analysts. But with further research and a better understanding of its capabilities, Big Data will allow marketers to analyze customers and trends and create more value in their marketing campaigns.
Another hot term recently, the cloud allows companies to store Big Data at a very low cost. In the past you would need to purchase a physical box (server) to hold the data. Now Amazon and other cloud providers will hold onto it for you for a fraction of the price until you are ready to move it or throw it away. Now that we have the capability to capture all of it, there is little reason to limit ourselves.
Other technologies such as Hadoop, Spark, and Cassandra allow data scientists to process this data at very high speeds. The information can be accessed, sorted, and analyzed in almost real time. In the past, accessing the physical servers would take time and make the information outdated. Customer information is now more accessible than ever thanks to Big Data. The options are limitless and can add significant value for your clients.
About the author:
As the VP of Client Services at OrangePeople, Natasha engages with key decision makers at top tier Fortune 500 clients to build long term relationships and provide end to end support throughout any service engagement. OrangePeople offers Technology Managed Services focusing in Enterprise Architecture, Project Management, Development, and Business Analysis.
Natasha is 90% people person and 10% excel geek. During the week, when she isn’t at the latest tech meet up she is at home by the beach with her three legged Chihuahua.