Having access to so much data can be daunting – as a business it is important to learn how to use it to your advantage but always remembering to keep the customer at the heart of it, says RICHARD MULLINS, MD of MEA at Acceleration.
Data works in two directions. Firstly, it gives businesses access to unprecedented volumes of real-time data about customer behaviour, preferences and context. It also provides consumers with information about where they should go for the best product range, experience, and pricing.
Thanks to smartphones, consumers have this information at hand whenever they research purchases, shop, and interact with brands.
Consider, for example, someone in a mall looking for the best nearby restaurant. He or she will look up nearby pizzerias on Apple or Google Maps or look up best restaurants on Zomato’s app. This provides the local owner of a pizzeria to target him or her with a contextual ad and perhaps an offer for a complimentary drink.
Think about someone trying on a jacket in a clothing store – having checked out the colour and the fit, he or she may decide to find the cheapest price and order it online. This may be done via their mobile phone, a mobile app or a tablet, for next day delivery. Why not offer to match pricing from the biggest online competitors in a PPC ad when the customer does his or her mobile search on Google?
The trail of behavioural, location, demographic and even psychographic data customers leave behind as they use mobile search and social media enables us to understand consumer behaviour and personalise messaging and right place right offer opportunity. Bear in mind that is aggregated customer data rather than information that identifies them personally.
To thrive in a world where smartphones make nearly every shopping experience a digital one, brands must learn to use data across their touch points to deliver a clear and personalised experience to each customer. Luckily, marketers have unprecedented volumes of data that they can use to understand and influence consumer behaviour in real-time.
The problem with trying to wrap one’s head around all this data, however, is that it can be hard to capture, analyse and segment. Most organisations have a plethora of information scattered across numerous logistical, transactional and marketing systems. The marketing systems include the likes of CRM databases, ad-servers, social media platforms, search, third-party data providers and more – and most companies have no idea how to bring it all together to create a single view of the customer. Some large enterprises have been struggling to reach this Holy Grail for decades.
What’s more, in the South African context, data isn’t as big as it is in the US or Europe. Outside a few of the large banks and telcos, most local companies don’t have deep pools of customer data to mine for statistical insight as, for example, Amazon. Lacking the volume of data, they will not achieve the same results as a player with Amazon’s scale even if they apply the same algorithms and analytics tools.
Think smart rather than big
We recommend that marketers ignore the buzz about big data and begin by asking a simple question: “What information will enable us to offer relevant messages and experiences to our customers?” Once they have identified that piece of information, they can begin to think about where and how they can access the data and how they will activate it with the customer.
For us, it’s not about big data. It’s about smart and usable data. Data that enables us to align the right message, service and product with the right customer at the right time. Rather than starting off with a complex data technology solution, marketers should step back and ask: “What data do we need, what data do we have, where does our data sit, and who owns and controls it?”
Understanding the answers to these questions will help the brand create a strategy for accessing the data it needs to serve customers better. Most South African brands have a wealth of transactional data at their fingertips – the next step is to start gathering and leveraging data about the customer context and journey more effectively.
The point is to start with the customers: what do we know about them and how do we serve them better? They should look at specific questions – “We have customers who purchase from us twice a year. How could we entice them to double their purchases?” – and seek equally specific answers.
A focused approach is the key to reaping an investment from customer data.
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”