It’s 2017 and Marketers are still obsessed with the infamous concept ‘BIG DATA’. In essence, big data is the process of gathering and storing large amounts of consumer insights then attempting to make sense of these insights using technology. What is impressive (and overwhelming!), is the evolution of new tech tools that allow marketers to track the digital footprints of their customers. What we are liking, posting and purchasing. It is no secret that Australia has struggled with BIG DATA. An issue that is still widely discussed and debated is around privacy. This is a valid concern for Australian consumers so it is critical for Australian companies to take their customers on the BIG DATA journey. The utilisation of BIG DATA provides us with powerful insight into customer wants and needs and can help predict behaviour.What happens when the development of products and services are insight led? Customers get what they want – TICK!
But is this a case of ‘too much of a good thing’? BIG DATA doesn’t always reap the rewards.
– Millennials are sceptical, working harder to hide their cookie crumbs
– Fears of possible leaked personal information
– Systems and processes can’t effectively manage the data
– BIG DATA is only powerful if we ask the right questions
This made me think; are we using BIG DATA to answer our fundamental research questions, or is the BIG DATA leaving us with more questions?
Why can’t we ‘keep it lean? Let’s get our teams together to determine what questions we really need to know when it comes to products and services. The lean approach is fundamentally reducing the enormous amounts of information we are trying to capture and analyse. Let’s get straight to the point. A lean approach also reduces the costs of research and any animosity between the brand and consumers in the use of personal information without knowledge or consent.
BIG DATA is here to stay so let’s keep it lean to keep them keen.
