Imagine if you could predict the future and make sense of big data
Mark Fidelman 270007FJR6 email@example.com | | Tags:  mark_fidelman ted-ibm big_data insights marketing #tedatibm data ted-at-ibm ted roi ted_talks future ted@ibm socbiz
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Imagine if you could take all the data that’s available to you about your customers, potential customers –the entire market – and unlock all the insights these data have to offer about what they want, how they feel, even what they’re likely to think and do next. Imagine how much more powerful the impact of your marketing could be with that much meaningful information in your hands.
This isn’t about the amount of data, although the sheer volume is staggering, given the many sources – from customer systems that collect data from people when they interact with your business, to social networking sites that record everything they’re thinking and feeling about themselves, their world and, of course, your business. Rather, it’s about harnessing the power of data by applying analytics to unlock insights.
The future of marketing isn’t in more information. It’s in more insight.
As you contemplate the vast amount of data about customers that’s available to you now, consider this: Twitter users are generating more than five hundred million tweets a day in 2014, up from two million a day just five years earlier, as Del Harvey mentions in the TED Talk “The strangeness of scale at Twitter.” But that talk goes on to make clear that it’s not just about how many tweets there are or what they say – it’s about what they mean.
Even more intriguing is the fact that sometimes your customers themselves don’t even grasp the deeper meaning of the data they’re creating when they tweet or otherwise share information about themselves. Jennifer Golbeck’s TED Talk “The curly fry conundrum” explores how people often reveal more than they think they do when they interact on social media today – and makes a case for the value of helping them become more knowledgeable participants in the process of sharing their data.
If that’s not enough to send your mind spinning, there’s also the idea that analytics and algorithms are paving the way for a future in which data don’t just predict what people are going to do or what events are going to happen but actually play a role in shaping actions and events. If you’re a marketer, imagine the impact of not just knowing where trends are headed or how customers’ thinking is changing, but actually influencing those developments. Kevin Slavin argues that it’s closer than you think, in his “How Algorithms Shape our World” TED Talk.
Enter the era of social business. Smart companies and leaders already are.
The thought leaders behind those TED Talks aren’t just blue-skying it. We’re already seeing business leaders and companies moving into a new era of social business, where big data and social intelligence are essential to amplify and measure marketing performance. To note just two examples, InfoSTORE Servizi, a retail automation provider, and Credem, a private bank, are using data models to predict customer behavior and adjust marketing initiatives accordingly. In both cases, even though they’re working with more data, they’re using the insights to deliver fewer – but more meaningful and powerful – marketing messages at the right touch points.
As the amount of data available to you continues to grow, you need to be prepared to make the most of it to amplify your marketing performance. Analytics are key, and so are strategic relationships to help apply analytics tools and tease out the meaning beyond the obvious. You’ll learn more than you ever imagined, and you’ll be able to capitalize on that knowledge to deliver more than your customers ever dreamed.
For more information, read the transcript from last week's "Reimagining Big Data" online chat, featuring a variety of industry experts at http://ibm.co/1pw8oAW and go to CrowdChat.net/TEDatIBM to get a calendar invite for our next chat on August 21 on "Reimagining Innovation" with Meghan Biro, Mark Babbitt and Ted Coine.