How would you use Big Data?
Welcome back to those of you who read “Is Big Data a Buzzword or a Beacon of Hope?”, where I explored what Big Data was and how Fast Data is the key to delivering value to customers. In this post, I want to explore some examples of how Fast Data could be used?
Overcoming a customer’s bad experience takes a lot of effort and a considerable cost to make them happy again. In fact, it costs 6 to 7 times more to acquire a new customer than retain an existing one! If you could shortcut a bad experience and use it instead as an opportunity to build a positive association, you’d save a lot of money.
Now, let’s imagine Steve Smith, a sales rep, is driving down I-95 on a conference call with a client and as the discussion turns to him and his service cuts out. He has to dial back in and complete the call somewhat frustrated and flustered with his phone company, PEGATEL. Now, as soon as he hangs up the phone feeling a bit irritated he sees this message,
Transforming bad experiences into positive ones is great, but just imagine how much your company could grow by making better proactive offers. Oh wait, American Express has already done it for you, according to a 2011 survey customers would be willing to spend 12% more for good customer service. Personally, I’ve had great experiences tweeting with companies such as Banana Republic and FitBit addressing product issues that came up. As a result, I have shared with my personal networks and will definitely continue shopping with them, because they made me feel VALUED as a customer.
Enough about me though. Let’s get back to our friend Steve, who unfortunately has spilled his coffee on his shirt while driving and has stopped at the mall to buy a new one before his next meeting. He walks into his favorite store, Joseph A. Warehouse, and once again he sees he has a new text message on his phone.
Now these scenarios might seem a bit far-fetched, but as more data is becoming available it IS becoming not just possible but PROBABLE! Now of course the data is out there but the key is in applying context and speed to it and transforming it into…
Fast Data!
Of course, you can’t build it unless you can think it, so let’s take a page out of IDEO’s (The Kings of design who brought you the first Apple Mouse) playbook; share the wildest way you think Fast Data could make an impact on your business?
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