By Edward Chenardhttp://www.linkedin.com/in/echenard
Topics Covered Consumers Today How Big Data can Help Bridge the Gap between Consumers and Businesses
Introduction Who am I Product and Strategy Manager at Best Buy I manage the team that runs the companies largest hadoop cluster. I manage all customer facing recommendation engines across the entire enterprise. I create the digital strategies for mobile, tablet, apps, big data, and digital tools Yes, my days are very busy…
Consumers Today Consumers want to learn and discover products. Make it easy to find products. Consumers are looking for ways to maximize their shopping experience. Consumers don’t have time to spend all day looking for a product, they need it now! Consumers want simplicity of services. Make it easy to get information that is relevant.
Consumers want to learn anddiscover new products Consumers, especially younger consumers, want to enjoy the discovery of products – not be sold to. Price sensitive shoppers love to research before they buy. Lifestyle consumers love to discover what new products fit their own lifestyle.
Consumers are looking for ways tomaximize their shopping Experience Consumers don’t have time to go through a long sales process, so don’t waste their time with 20 qualifying questions when all they need is a simple answer. The amount of time a consumer has to wait to get what they wants, becomes your new brand message in that consumer’s mind, don’t waste their time.
Consumers Want Simplicity ofService Don’t make things difficult, if the process is designed for your benefit and not the customers, then you are going to lose the customer. Simple means as few moving parts for the customer to deal with, give them what they want up front and how they want it. Don’t try to inspire your sales people to inspire customers when all the customer wants is a cable and to be in and out in 5 minutes.
How Big Data Can Help Improving the way we target customers Improving our ability to address the customer pain points better Giving customers the information they want and in the format they want it.
Big Data Analytics Big data (defined as map-reduce with some sort of algorithm for the logic aspect) is a tool that can help address customer wants. Better information, the more information I have, the more I can tell what customers will want. The better information I have the better I can serve up information that is relevant and useful to customers. Information used properly, is the best competitive advantage today.
Big Data and Personalization With big data, we can take personalization to a level we had not been able to before. Providing consumers with information they way Providing consumers with information that is actually useful for them, i.e. (help them learn and discover, not sell to them). Big data helps us collect information from all touch points to provide an integrated channel experience.
Big Data and Information Overload The amount of information people are exposed to everyday is growing. Companies that can use big data to reduce the amount of clutter for consumers, will win the race to the top. As consumers have more information overload, they block out more and more, value will be places on companies that get to the point without the fluff. Big data analytics will become a big part of achieving new service models for consumers.
Big Data Takeaways Keep it simple, consumers will have more information overload, if you add to this problem, you make yourself less useful to consumers. Big data analytics will be a key competitive differentiator. Don’t leave it to IT alone to come up with the ideas in this space. Big data is very much a customer experience issue, not an IT issue.