In the past few weeks, much of our work has centered around Loyalty 3.0, where big data, new technologies and the right investment priorities (i.e., leadership) would allow brands to pay attention to customers and act accordingly. This week’s #rDtbt dives into one of the pillars, big data—a popular buzzword, but one that brands continue to underestimate and undervalue. It’s not always about the data you have, but how you use it.
Trend #12: Marketers still have a long way to go in understanding the power of big data
Industry said it in – 2013
“The buzz over big data has been nothing short of deafening. It has beckoned with the promise of delivering a better understanding of customers and the overall business. Unfortunately, “There is still a lot of naivety and inexperience; a lot of companies are clueless about how to unlock the value that’s tucked away in their data,” noted M. Eric Johnson, director of the Center for Digital Technology at Dartmouth University. Only Organizations that tear down data silos and create more efficient ways to connect all of the dots will unlock exponential gains over the next few years.” – 13 major marketing trends for 2013
rDialogue said it in – 2013
“Big Data is the latest buzz word being tossed around, much like a beach ball at a Jimmy Buffet concert. I don’t think any of us would argue the enormous amount of data available for retailers to collect and leverage, but is using data to truly change the customer experience the exception or the norm? While there are some organizations living up to the definition of ‘Big Data’, it’s clear many, if not most, continue to fall short. The key for retailers will not be having the data, but using the data – and using it wisely.” – Jodi Rausch in Big Data: The Exception or the Norm?