Big Data to help decision-making process in Marketing. Challenges
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NB.BY CLICKING ON "NOTES", YOU CAN SEE EACH SLIDE EXPLAINED, AS THIS PRESENTATION WAS PART OF A CONFERENCE I TOOK PART With a hyper-connected consumer, accessing to tons of options, offers, products, services in real time and adapted to his needs, and with new ways of doing Marketing thanks to technology, Companies must be aware of the new environment and challenges that are shaping operations, Marketing and even the DNA of the company. Nowadays consumer is generating big amounts of data in a daily basis. He's leaving lots of breadcrumbs over breadcrumbs, only for the most savvy and wittiest companies to track, process and generate new business and revenue models. With this presentation, I want to go through the different challenges companies will face throughout the Customer Journey which, like the buying cycle, is totally broken by mobile, and raise awareness about the fact that Big Data processing and customer profiling are key to sucess in a future that belongs to the Internet of Things, Wearables, Mixed Reality (Augmented Reality + Virtual Reality) and robotics (going from Machine Learning, to autonomous cars or just humanoid droids). As I mention in the presentation, "All industries will be uber-ized. What's your approach?" Does now "Digital Transformation" begin to make sense? This presentation was part of my speech in the TPLA summit held in Dubai during the 5th and 6th of September 2016.
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Big Data to help decision-making process in Marketing. Challenges
- 3. Our consumer is using Virtual Reality
- 6. Mobile is not more a single concept
- 7. Big Data Is not AI… It is all of us 73% of Business will increase spending over Big Data in 2017 $54.3bn revenue by 2017 90% of data generated in the last 2 years
- 18. Sources - “Big data to reach $50bn by 2017” (http://goo.gl/mRJ6W9) - “90% of world’s data generated over the last 2 years” (http://goo.gl/uGi2T7) - “Uber buys a mapping company” (http://goo.gl/VsUaRs) - “Volvo and Uber to develop autonomous driving cars” (http://goo.gl/ROncGL9 - “Uber’s first self-driving fleet arrives in Pittsburgh this month” (http://goo.gl/GchCQf) - The Void Virtual Reality (http://goo.gl/0wXjvs) - Zero Latency Virtual Reality (http://goo.gl/v6rQAI)
Notas do Editor
- SLIDE 1. Introduction The new economy and the Big Data economy The last slide has all the sources of the info that appears in the document
- SLIDE2. The birth of the Age of Machines All started in the II World War, when the british, led by Alan Turing, deciphered Germany’s Enigma Machine The birth of modern computation began It gave the british the power to become semi-god, as they knew german attack plans before they occured. But they couldn’t stop them all to avoid germans become suspicious and re-code the Enigma Machine. Thus, they decided who had to live, and who to die, as seen in the “Imitation Game” Think on today. People do not have the power of deciding who lives and who dies, but have ongoing super-powers
- SLIDE 3. The Age of Machines. Where is our consumer? We can call it the Age of Sensors, the Age of mobile, the age of the super-connected consumer Virtual reality is not just a hype. It’s the next form of entertainment. Play Station VR, Samsung Gear VR, Google’s Daydream, Oculus Rift or the concept The Void will change the way we do Marketing
- SLIDE 4. The Age of Machines. Where is our consumer? New ways of consuming TV are emerging. TV on-demand and streamming will make Marketers re-think about how to do “traditional” advertising. GRPs are losing weight as a KPI. Goodbye broadcasting, hello streamming
- SLIDE 5. The Age of Machines. Where is our consumer? Consumers control the location. Where we are, where we have to go and what’s around us. It’s probably the most advanced and utilized of the super-powers of this Mobile Age. Real time communication and contextual Marketing are key to succeed. And only mastering Big Data this will become possible This is a double razor edge. If not, check your Google Maps and tap on “Your chronology”. Unless you’ve disabled this option (which, on the contrary to what most people say, I do not recommend), Google knows where you’ve been and how you commute
- SLIDE 6. The Age of Machines. Where is our consumer? Mobile is not a single concept. We no longer speak about a mobile device. We speak about mobility, about wearables, smartwatches, smartbands and, in a non too distant future, smartglasses or autonomous cars, which will be connected gathering and sending information Mastering Mixed Reality (Virtual Reality plus Augmented Reality), new ways of consuming content through any device, location-based Marketing and mobile is an insurmountable task that needs Big Data processing, data scientists and new BPM (Business Process Management) that are still missed by most big “traditional” companies
- SLIDE 7. The age of Machines. The age of Big Data Big Data. The heart of AI M2M will increase its role in Marketing as machines will gather all the information generated, process it, and even will make our marketing campaigns. Consumers are generating tons of data every day (location data, Social Media interactions, health habits through apps monitoring physical exercise, likes and preferences etc). Only machines can process them and help us to really do contextual Marketing and communication, which will be what our prospects and customers are demanding
- SLIDE 8. The age of Machines. The age of Big Data The trends of the future will be Wearables, Internet of Things, Mixed Reality, Artificial Intelligence and Robotics. And the glue is Big Data. Yet the human touch is still, and will be needed
- SLIDE 9. The New Normal in business None of these companies existed 20 years ago. 15 years ago, only Amazon. How and why Kodak missed the Digital Revolution? Will Uber be uber-ized by driverless cars? Where will these companies be in 15 years? Which will be the next? Will Fintech revolutionize the financial industry? How the new media consumptions patterns will change?
- SLIDE 10. The New Normal in business All the new companies of this new economy have something in common. They are disruptive, turning upside-down consolidated markets through new uses of technology, and being user based, customer-centric. All industries will be uber-ized, as technology stops for no one. Resistance is futile
- SLIDE 11. The New Normal in business Uber itself, that has dramatically revolutionized the transportation industry, can be uber-ized by the rise of autonomous cars. So Uber is reacting on time. First of all, buying a map company to better optimize routes and not depend on a third party (Google Maps, Bing Maps) But secondly and most important, partnering with Ford and Volvo to build its own driverless cars. Indeed, from September 2016, you can call a driverless car in Pittsburgh, USA. The Future is here
- SLIDE 12. The New Normal. Super connected consumers The buying cycle and customer journey are nowadays broken by mobile. Same with the 4 P’s of Marketing Mix Our systems (ERP, CRM…) and our customers are generating tons of information in a daily basis Big Data Analytics is a competitive advantage. Communicating and solving a specific need to the right customer at the right time and right location can make the difference in an overloaded world and over-stimulated consumer New BPM, company culture and profiles are needed, and this is where the Digital Transformation journey begins. Without Digital Transformation, Big Data is just something everyone talks about but that nobody understands How quick we handle the new challenges, all this new data and react to our customers’ unique needs, will make the difference
- SLIDE 13. The Analytics and BI Roadmap The path or roadmap to follow: First, process and gather real time data Second, be ready and prepared for Marketing Automation that will use real time triggers Third, use Machine Learning algorithms so your CRM can “take decisions” in real time and enrich your business rules Fourth, Location is the new golden boy
- SLIDE 14. The Marketing roadmap Big question coming up recently. Will our future be between human against the machine? Will machines, technology and Artificial Intelligence replace our jobs? Where is the human touch?
- SLIDE 15. The Marketing roadmap There will be a reallocation of tasks. Repetitive and routine tasks will tend to disappear. But new jobs where human and machine interaction and “team-building” will be commonplace. Main tasks in the short-run: configuring the Business Rules, setting all the Marketing flows, “thinking” and adding the “rational touch”, configuring and setting the catalog, conversion Rate Optimization, and providing abstract, human thought to the Machine “decisions”, limiting them if needed
- SLIDE 16. Forget the old approach Forget the old approach, that is, forget about gathering structured data, store them in your data warehouse, and have your CRM to send canned communication to segmented groups
- SLIDE 17. Roadmap/focus from now on Challenges of business and Marketing teams that can only be mastered through Big Data processing and putting digital first, at the top of the organization pyramid First, identify the person. Social Log-in, your best allied. But an online purchase is also valid (although even an online purchased has richer data if logged-in with a social account) Second, identify devices. Which unique devices the customer/prospect uses (this is done through digital stamps, that are unique to each device). Only with Big Data this is possible Third, build individual profiles, treat your customers/prospects as individuals and unique, not as targets Fourth, implement a Machine Learning algorithm and fine-tune your business rules in your CRM. Put it to work in a controlled environment, monitor it, and let the machine to make “little” decisions. Tweak the business rules accordingly and see results All this process is only possible if a Big Data and Digital Transformation process has occurred in the company previously
- SLIDE 18. Sources