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Why consumers want ‘Good’ data not ‘Big’ dataJan 10th 2013By Jessica Ezeogu
Big data definedBig Data... “From the status updates, friendship connections and preferences generated by Facebook and Twitter to search strings on Google, locations on mobile phones and purchasing history on store cards, this is data thats too big to compute easily” Guardian,( 2012)
The challenge of ‘Big Data’• Make ‘big’ data, ‘small’ data• Managing unstructured, streams of customer information from social media data sources Facebook, YouTube, apps, QR Codes, blogs, GPS etc.• Abstracting useful insight from the available data
UnspokenAgreement• Expectations of privacy are being renegotiated• Privacy is not about control over personal data, but the control individuals think they have• Increasingly, people are gaining services that deliver value, relevance and connection in exchange for their personal information
Trust• Its about the reputation of the companies, ‘data is their currency’• Trust is a digital marketers secret—when customers trust you, they will reward you with their loyalty.
Good Data• Involves putting the customer first• Abstracting useful insight from the available data• Ensuring the data collected is of a high quality• Provides a significant competitive advantage• Is actionable in a meaningful way• Allows brands to analyse the behaviour patterns of customers that are worth keeping
Timely helpfulness• Consumers who are loyal to brands are increasingly expecting to be rewarded• Improves customer experience and engagement• Allows the delivery of relevant and timely deals / offers/ recommendations based on customer experiences• Increases consumer loyalty and reduces churn•
Brands using ‘Big Data’ to cherishexisting customersIncentives Recommendations Engagement