At the beginning of the month, we gave a talk to the American Marketing Association in San Diego about the consumer experience of BigData.
Here is an introduction to what we developed.
Big Data coupled with pay-as-you-go analysis and visualization tools will change the shopping experience, behind as well as in front of the counter. Even an SMB can combine live data from inside the store with live data from around the web and custom-tailor the experience for each consumer. Big Data plus business intelligence (BI), done right, also empowers every customer in novel ways that drive more fun, more brand loyalty and more profit.
It’s a revolution driven by the need to harness Big Data for everyone. Today’s BI tools turn all consumers into data sleuths who can instantly drill down into the things that matter to them, whether they windowshop, buy or sell.
The key are tools and services that fulfill the three E’s. They must be elegant and intuitive in order to run on a mobile device or in any browser. They must be elastic enough to pull in and mash up live data so consumers can make sense of Big Data. And they must be able to make products and services endlessly personal. Taken together, they let salespeople and consumers have conversations at eye-level.
Think of coupons as an example: Companies are used to tracking every offer down to the individual household and the individual store where it was redeemed. But how about consumers being able to track, compare and mine the offers extended to them and make intelligent decisions based on their ad hoc data sleuthing? That way, Big Data can finally turn markets into data-driven conversations.
In some sense, BI is coming full circle. What began as an expensive undertaking in large companies run by IT experts has been democratized in the cloud, thanks to the rise of web services for the end user. Soon, consumers will be able to interact with Big Data in almost the same way the pros are. They can “mine their own business” and make decisions like a manager or marketing person looking at his or her dashboard.
The three E’s have consequences for every company that wants to build brand loyalty and drive profits. Big Data will be their best salesperson and ambassador. Big Data sets them on a journey toward a truly collaborative marketplace where everybody becomes literally self-aware. Used the right way, buyers and sellers can make better decisions faster, elastically adjust to consumer needs in almost real-time and eventually create an endlessly personal experience.
Next week, we'll be expanding on this and publishing our thoughts on the topic in more detail, stay tuned!