How did the supermarket know I’m on my period? The answer, BIG DATA!

Image source: Loani Arman

What is Big Data? According to McKinsey, Big data: the next frontier for innovation, competition and activity, “Datasets whose size is beyond the ability of typical database software tools to capture, store, manage, and analyse.”

The amount of data is not that important, it is what organizations do with the data that matters. Using Big data can help businesses, make better decision and strategies.

Here are some examples of how companies use Big data, to improve their business and how maybe you can use Big data effectively!

 Amazon

Amazon made 178 billion U.S. dollars in 2017 net sales, this online retail giant has used big data to understand its consumers and price optimization. It gathers information on its consumer using their site, from past purchases, browsing records, to shipping address to predict what are you going to buy and what products to recommend. This would mean a more efficient customer experience and a higher level of persuasion.

Image source: ProPublica

Image source: Amazon – Personalised Results

Netflix

At approximately 99 million subscribers, Netflix uses big data, analysing behaviour content, prediction of high viewership shows to release and content recommendation. They also observe data from piracy site as a way of incorporating data for better analysis and decisions.

Image source: Netflix

Here Netflix observed the viewers who love, the show “House of Cards”, either were fans of Kevin Spacey or watched shows directed by David Fincher. This is an example of how Netflix predict how successful a show will be upon release.

Image source: Upxacademy

Another industry that uses big data would be supermarkets, such as Tesco, the data can help with inventory analysis, evaluate promotions and customer loyalty. This would allow supermarkets to predict what to stock and when to send promotional advertisement out.

Image source: Business Wire

In conclusion, big data has helped marketers, such as targeted marketing, prediction of trends and many more. Let me know what you think about big data!

When Marketing Myopia Strikes, you’re no longer relevant and it’s too late.

Image Source: BBC

What do Yahoo, Nokia and Kodak have in common with a pigeon? You would be surprised.

The pigeon was once known for its fast flying speeds, as a trusted message carrier and a highly prized possession. History has it, that one such bird was even known as a war hero.

But today, the prized bird is titled as “a rat with wings”. Just like the pigeon, Yahoo, Nokia and Kodak soared to great heights but in one swoop, it fell and lost flight.

Even the biggest and most powerful companies fail when they have a narrow marketing approach and focus on marketing as a way of selling products instead of satisfying customer needs. This is known as marketing myopia by Theodore Levitt.

 

Some ways to avoid the deadly marketing myopia; 

1. Record your results – Take note of what your consumers like and dislike and use it to improve. Have systems set in place to track, collect and analyse. The goal is to widen your customer base while knowing what they like and understanding the consumer buying behaviour. (e.g. Microsoft Access, etc.).

Image Source: Microsoft Access

2. Don’t run from evolution – Sometimes old ways aren’t the best ways. In our ever-changing world, we should try new things, consult industry experts and be on the lookout for new trends. It’s about connecting with our consumers and building a brand relationship.

Image Source: Business 2 community

3. Listen to your consumers – They are the definition of the marketplace, to collect data isn’t enough, one has to pay attention to their feedback and respond back. Observe the consumer buying habits and what kind of research is performed before and after a purchase. Are we present on these platforms?

Image Source: Contently

In our current era, it is a must to stay on top and be aware of our environment. Knowing what our consumers want and need will make a difference and set us apart from the competition. Better yet, to stay relevant!