Sunday, 30 March 2014

How Marketers can benefit from Big data Analytics !



Internet explosion has enabled organizations to go closer to their customers & do a super personalized communications. People now spend more time on internet than any other form of entertainment.  The demand of internet capable devices like smartphones, tablets has increased exponentially.  Most of the people are buying products online or compare products online.

Customers spend hours on the internet and leave behind millions of tweets, posts, likes, links, images, videos, chats, comments, surveys, blogs.

Businesses need to use this all big data forms to get a 360 view of the customer for marketing.
·     Behavioral data that has orders, transactions, and other customer activity as recorded by the business
  • Interaction data includes email, chat transcripts, self-declared information, and records of calls between the business and customers and web click streams.
  • Attitudinal data includes opinions, preferences, needs, and desires. These are often discovered through survey responses or social media data.
  • Financial data that is present in company’s internal systems such as sales, revenues, profits.
This big data can make a substantial impact to:
  • Increase Customer retention and loyalty - help you discover what influences customer loyalty and why they keep coming back again and again.
  • Improve Customer engagement - Helps you understand who your customers are, where they are, what they want, how they want to be contacted and when.
  • Marketing optimization – helps you determine the optimal marketing spend across multiple channels
Let us see some examples of how Big data is making impact on Marketing for cross-sell & up-sell.

You’re familiar with both cross-selling and upselling if you’ve ever visited a fast-food restaurant like McDonalds. “Would you like fries with that?” is an example of cross-selling. “Would you like to super-size your order?” is up-selling.

Almax has created "smart mannequins" that have cameras for eyes and analyze shoppers' faces to detect age, gender, ethnicity, and a variety of other characteristics.

Sony mixed modern big data, social media analytics, and old-school marketing such as direct mail email marketing — and generated 300 percent more sales than control groups. They used their customer database found out their strong social networks, influencers and campaign was targeted to them who were identified as social media influencers which was viral marketing.

eBay is using “my Feed” so they can follow categories of items for newest listings.

Netflix is using real time processing for digital marketing to its customers.

Walmart created WalmarLabs, created a search engine to understand what someone is searching for and goes through millions of tweets, Facebook’s likes, blog posts and more to detect purchase intent and boost sales.

Tripadvisor  is using click steam analysis for making more than 56 million monthly visitors get what they want and make them happy.

Visualize the scenario where you walk into your favorite apparel store like Gap or Target. Surveillance cameras mounted on the door immediately detect who you are and instantly beam identifying information to the in-store sales associates. An app on the sales associate's iPad then correlates all of your shopping characteristics such as loyalty, past purchases, cross-channel preferences, service incidents, and social media footprint and provides a consolidated view. With this information, a sales associate walks up to you as you are entering the store, greets you by name, and enquires about your most recent purchase. This level of personalized attention dramatically alters an individual's in-store shopping experience…and it's not that far-fetched…………

Tuesday, 4 February 2014

Internet of Things & Big data Analytics

We have entered the Digital Enterprise era.  All the businesses are aiming at reaching their Customers anywhere, anytime, any platform with any device.  All such smart devices or physical objects that are connected to internet & are continuously emitting data and communicating with each other is called Internet of Things (IoT).

You will find all these objects around you in your day. Your Fitbit wrist band is monitoring your sleep, waking you up at desired time, tracks your activity. When you go out for walking or jogging in the morning, your Nike shoes with built-in-sensor are collecting all the data and track your time, distance, pace & calories burned. 

All this humongous data is ideal candidate for Big data Analytics. Let us see how does 3 V’s of Big data comes into this scenario. All the data which is generated by these devices or things is voluminous or recurring at specific intervals.  This streaming data is “always in motion” so there is a velocity.  The variety is coming from all different sensors sending data.

Big Data will help make companies smarter, more progressive and give them a business advantage. You can have better control over your business with IoT by better tracking and better reporting. Let us see some examples.

Sigalert.com provides sensor based analysis of traffic on highways.  This when combined with Waze, a world's largest community-based traffic and navigation app, helping drivers avoid the frustration of sitting in traffic, cluing them in to a police trap or cutting 5 minutes off of their regular commute by showing them new routes they never even knew about. 

Great River Medical Center is one health care organization that's connecting many of its medical devices into a network using Microsoft's Windows Embedded, thereby enhancing the patient care by speeding delivery of medications, reducing an average 1.5 hour wait time, down to just 30 minutes. Getting the correct medication to patients faster has improved patient outcomes and reduced the rate of readmission.

With the Loxone iPhone app you can access, monitor and control your home from anywhere.

A food distribution company can use sensors in trucks that send temperatures, humidity; point to point travel times back to data center for further analysis.

Today's tech-savvy consumers have the option to shop whenever and wherever they want, including on mobile devices.

Retailers have lot of use of IoT & Big data. They can measure the real time customer traffic in & out of store with video cameras, current queue lengths, historical transaction data & footfall data to predict how many more checkouts to be opened. This helps improve the customer experience.

Utility companies have installed smart meters to monitor energy, water & gas consumption.

Airbus A380 has sensors that monitor the wear and tear of the flight in real time which helps in preventive maintenance of parts before they fail and increase operational efficiency.

As IoT becomes mainstream, it can play a big role into areas such as supply chain management. When customers' preferences or needs can be tracked in real time, businesses have the opportunity to react accordingly and immediately, with options such as dynamic messaging, pricing, or service delivery.



Sunday, 24 November 2013

Big Data Analytics touching our lives everyday !!


World is becoming more and more digital every day. Big Data is one of those mega trends that will impact everyone in one way or another.  Welcome to everyday world of "Big Data," the explosions of facts, maps, products, books, calls, references, smartphone apps, trends, videos, advertisements, surveys — all of the sense and nonsense that is literally at your fingertips, 24-7, every day from now on.
Big Data is all that everything we do in our lives to leave a digital trace (or data), which we (and others) can use and analyze for betterment of our lives.

Here are some real-life examples of how big data is used today right from cradle to grave:
  • In hospitals, pediatric unit looking after premature and sick babies is generating a live steam of every heartbeat. It then combines them with historical data to identify patterns. Based on the analysis the system can detect infections even before the baby would show any visible symptoms, which allows early intervention and treatment.
  • Fitness wristbands from Nike & Fitbit collects daily data about how fast we walk or jog, how many steps we have taken, the calories we have burnt each day, our sleeping patterns and other streams of data which are then combined with our health records by doctors & insurance companies for better wellness programs.
  • In schools & colleges streaming videos courses and data analytics helps teachers track student’s progress, tailor the content to their abilities & predict how a student will perform.
  • SmartThings, a company helps with installing motion, moisture and other sensors in your home to collect data & keep you posted on what is happening at home & control all the devices via an app on the iPhone while you are away.
  • While we daily drive on the roads, our smartphones sends our location information & how fast we are moving, which then combined with real time traffics to give us optimal routes to avoid traffics. Even combined with our location apps like AroundMe gives you nearby restaurants, banks, gas stations and lot more.
  • When we go for shopping our loyalty card data is combined with our purchase history & social media data to give us coupons, discounts and personalized offers.
  • Finally companies like EarlySense are developing wellness & sleep monitoring sensors that go under the bed mattresses & automatically detects monitors, and records heart rates, breathing rates, motion and sleep activity as soon as a person gets into bed. The data collected by the sensor is wirelessly sent to smart phones and tablets, where it can be further analyzed.
Some other creative uses of Big data are:
  • Transit Time NYC, an interactive map developed by WNYC, lets New Yorkers click a spot in any of the city's five boroughs for an estimate of subway or train travel times. They pulled data from open source itinerary platform OpentripPlanner & combined it with publicly downloadable subway schedule to create 4 million virtual trips.
  • FluNearYou app developed by American Public Health Association surveys users to get a sense of their symptoms stores and analyzes vast amount of resulting data and then produces reports to show users the flu activity in their local region.
  • Buildzoom, a “one-stop-shop” for building, remodeling & renovating homes, has information about 2.5 million contractors, 50000+ customer reviews helping 500,000 users bring more objectivity & transparency in decision making.
  • The FBI is combining data from social media, CCTV cameras, phone calls and texts to track down criminals and predict the next terrorist attack.
·      Presidential campaigns of Obama in 2012 used Big data Analytics to collect vast amounts of voter’s data from phone calls & surveys, coupled with top notch analytical engines allowed him to micro target the individual voters that were most likely going to vote in his favor.
  • Google’s self-driving car is analyzing a gigantic amount of data from sensor and cameras in real time to stay on the road safely.
·         Smart TVs and set-top-boxes are able to track what you are watching, for how long and even detect how many people sit in front of the TV combined with social sentiments to determine the channel popularity.
  • In Greece, the government is using Google Earth to see who can afford a swimming pool in their back yard, and then matching that against tax records.

Ultimately, you and I are going to benefit from Big data Analytics. Our economies are getting stronger when the banks have a better understanding of risk. Our taxes are lower when the government lowers its fraud expenses. Our communities are becoming healthier when disease outbreaks are pinpointed and treated earlier.

LinkWithin

Related Posts Plugin for WordPress, Blogger...