- by Michael Hurwich.
It’s time for businesses to use the voluminous reams of data available to distill rich insights into customer value expectations. The World Economic Forum – Global Competitiveness Report 2012-13 reported the Country of Canada ranked 22 sophistication. Fortunately, with the advent of cloud-based data warehousing, there are reams of data available to draw some conclusions around customer insights, where limited information was available in the past but only to a select few.
Every business creates data. But what separates the leaders from the followers in how they interpret and execute upon the data. Smarter Analytics and SmartCloud solutions give businesses the ability to harness insights and put into practice price-value strategies and tactics in real-time in order to gain significant advantages over competitors both regionally and globally.
Two companies using Big Data customer insights are Verizon Superpages and the Yellow Page Group in Canada. Both companies are looking to gain predictive insights into their visitors’ behaviors. As a result, they are able to measure marketing and pricing campaigns with more accuracy, match the overall user experience and expand their online and mobile presence.
Big data is helping companies to reinvent themselves in a transformative way. Traditionally, smarter analytics resided with individuals (usually in Finance or Marketing) sorting product data in Microsoft excel. To obtain the data, SQL Server Queries had to be requested and run, causing much stress attempting to obtain back-end mainframe time. Even worse, the need to make such requests from companies IT Department that was and is being pulled in different directions from within and across the companies various functional silos to accommodate their own specific needs.
If Canada is any example of advanced business acumen, then the world has a tremendous opportunity ahead to develop sophisticated tools to understand customer needs, desires and derived benefits. Any person within a company (assuming they have a dedicated license) is at the frontier of utilizing large streams of cloud-based regional or global data to customize products and services to relevant consumers. To deliver value. The old adage that “information is power” will continue to be embraced by those companies striving to take leadership roles in their respective verticals. I predict there will soon be a position created within companies. The tile will be a Consumer or Customer Insights Officer.
Harnessing the power of analytics and cloud-based computing will deliver a new kind of pricing power. One that is predictive and demand-based in real time. Technology is evolving the world of customer insights. We are moving from pricing products and services in a vacuum or referencing competitors towards customer solutioning. The present is about personalizing the customer experience and matching appropriate pricing strategies and tactics to capture the benefits of the solution.
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