OmniShopper15: We have all the data… now what?

David Schweidel delivered an eye opening presentation on data. From big to small to complex to simple- he was able to explain the more important fact of the matter- drawing insights. 

Big data = big insights. But this gives
us too much data and not enough direction as to where to go with it. It’s not
about the size- it’s about what can we extract.
Defining Big Data
-         
3 Vs (volume, variety, velocity)
-         
4 Vs (volume, variety, velocity, veracity/value)
-         
So big that Excel can’t handle it
Big insights drive decisions. Collecting data from
customers (in a loyalty program) allows us to draw simple insights. We don’t
need big data to figure out who purchases certain products. If you purchased a
big screen TV, you’re most likely to come back for another for your bedroom.
We need smart thinking and smart use of big data more so
than the big data itself.
 
How do we convince consumers to give us that data. Should we
make investments and what do they get in response for providing data. Most
importantly-customers want something out of it.
Disney has taken data to another level- in using these bands
where consumers can pay for things and wait in line allows underground
operations to recognize XX ride has a long line- let’s send out beverages or
costume characters to entertain.


Identify what we
need, collect it, and Analyze it
.
How do we make use of
the data that is available to us?
Start to derive trends from within the data. It is possible
to segment consumers based on purchase decision and discover who your most
equitable consumer is. Is that full service cable purchaser who later drops the
HBO package your most important customer or is it that customer who starts
basic and upgrades to full service later?
Primary vs. secondary
data
What causes people to end their cable service? It’s important to
find out these obstacles and find out how your business can improve. We need to
utilize the post purchase evaluations and gather data from web blogs, etc. to
understand consumer mishaps.
Retailers are typically open to sharing some information
they receive from consumers in order to show they are collecting and using this
for a good cause. Retailers are trying to improve consumer satisfaction and
this is a step in the right direction to doing so. This also helps to reaffirm
to consumers that the data being collected is relevant to their future
experience with the brand.
Know your competitors
and how to react to their actions.
How can your brand react to competitive moves from other
companies out there? Stay on top of trends and learn from what others have
implemented.
Bring social to CRM
Paint the full picture of the customer and reach them in
relevant areas. This is all to important to courting the omnichannel!
Social influence on purchase
Brand engagement and advocacy

Lead generating
Janel Parker, Market
Research Consultant at SKIM, an international consultancy and marketing
research agency, has a background in Marketing and Psychology from Cornell
University. Her previous experience at a social media agency combined with her
knowledge from SKIM provide for a unique understanding of the relationships
between social media and marketing. She can be reached at
j.parker@skimgroup.com.