Various Big Data Opportunities in Product Management
7 August 2013 6 Comments
In our last post about Personality Marketing we mentioned using Smart Data instead of Big Data in Retail. However, in other industries Big Data may be the only option. How can you use the high data volumes of mostly unsystematic existing customer data today? What benefits arise for development and marketing communication? Learn more about the opportunities for customer oriented product management.
On a daily basis the tide of customer information and the chance to meet the customer precisely in his customer journey is growing. Customers give their opinions, their moods and their personal information in different media and share it with their friends and families. They share in emails, videos, Facebook posts, blogs, Twitter tweets, free online databases, e-commerce websites, complaints, social media such as Linkedin, Pinterest, Google+ and other networks, thus allowing you to learn something almost every day about your customers, their relationships and influencers.
Big Data is not only being collected, but usefully combined from various sources and then used for analysis. Correlations for purchases, reasons to buy and action patterns are analyzed to gain important information both for development and marketing, and service performance. Thus, for example a more optimal custom pricing can be addressed through sales and usage behavior . Think of Amazon.com that reacts directly in a search with the option “Customers who ordered this product also bought ….”. The goal is to increase the range of services for the customers and hence the profits of the enterprise, while increasing customer loyalty.
Increase your supply through Big Data
- develop customer oriented and performance matched products
- offer products tailored to the customer
- offer additional products in their area of interest
- optimize customer service and training
- enhance your service performance
Success factors with Big Data
Ask the right questions. If you discover for example that 65% of your customers in a certain country don’t buy coffee in the morning, then don’t ask what the 65% of your customers buy in the morning, but why the other 35% of your customers buy coffee in the morning. So you’re able to learn customer needs and behavior patterns. In our analysis we need to adapt to another question behavior.
If you want to be successful with Big Data, ask yourself the following questions:
- What objectives are concretely achieved with Big Data and which questions are being answered?
- Which data must be constantly analyzed in a one-off or in real time? What can be automated?
- What data do you already have? What do you still need?
- How reliable is the data analysis? Can you use the data to achieve your original goal?
- Do you have the right staff and the right software for the high and increasing amount of data?
- What is the cost benefit ratio for the data analysis effort?
I wish you lots of success with Big Data and new solutions for your product management.
Kindly comment your opinions or experiences on this post and don’t forget to rate.
Errol van Engelen is owner/director at Bizzmaxx, a marketing service provider specialized in improving your sales funnel through Digital Marketing, Lead Generation, Marketing Solutions and Marketing & Sales Alignment.