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Market Research & Insight’s New Role is Customer Centricity Champion

I’ve just returned from a trip to Belgium. Apart from the greater presence of armed military personnel, it was business as usual. On Tuesday, I presented at BAQMaR, the Belgian very innovative and forward-thinking research community. What a fantastic and inspiring experience!

My talk was on how market research and insight teams could further progress the industry and their careers, by becoming the customer’s voice within their organizations. Here are my three Big Ideas and three New Skills that will enable market research to make a bigger and more valuable impact on business.

Big Data is not the star of the show, it’s just the support act

Everyone seems to be speaking about big data these days. Not a day goes by without an article, podcast or post about the importance of big data. I don’t dispute the new opportunities that information from smart chips, wearables and the IoT provides. However, data remains just a support to business and decision making. It’s what you do with all the data, how it is analyzed and used, that will make a difference compared to past data analysis.

Business doesn’t get what it needs

One of the problems that has been highlighted by BusinessIntelligence.com is that business leaders and especially marketing don’t get what they need. Executives still struggle with email and Excel spreadsheets whereas what they want are dashboards. They want someone to have thought about their needs and to provide them with the information they need, in a format that is easy to scan, easy to review and easy to action. They also want mobile access, so they can see the I formation they want, where and when they need it.

Information must become smarter

The current data overload means marketing are overwhelmed by the availability of data, especially from social media. They need help in organizing and making sense of it all. My suggestion is to use it to better underst and the customer. The who, what, where and above all why of their attitudes and behavior. This will certainly enable them to start targeting with more than the demographics that a frighteningly high number are still using to segment, according to AdWeek.

Information needs to become useful

While big data can have many uses, it is often so complex and unstructured that many businesses are unable to make it useful for business decision-making. My suggestion would be to start by asking the right questions of it. Data, both big and small, is only as useful as the questions we ask of it. (>>Tweet this<<) If we ask the wrong question we can’t get the answers we need. Therefore start by considering what attitudes or behaviors you want to change in your customers. By bringing the customer into the beginning and not just the end of the analytical process, we will make better use of the information available to us.

Market research and insight teams need new skills

In order to satisfy and leverage the opportunity that big data provides, market research and  insight professionals need to acquire new skills:

  • Firstly that of synthesis. There are no better analysts in most organizations and while data scientists and business intelligence specialists can find correlations and differences in the data, it needs a customer expert to provide the meaning and relevance. This also means that market research and insight experts need to get comfortable integrating information from multiple sources and no longer from MR projects alone. (>>Tweet this<<)
  • Secondly market researchers need to get out more. Not only should they be visiting customers in their homes, in the stores or going about their daily lives, they should also be inviting their colleagues to do the same. There are so many ways of connecting with customers today, from care lines to social media, from promotions to websites, there is no reason for any executive not to have regular contact these days. (>>Tweet this<<) However, they need someone to accompany them to bring sense to what they are seeing and hearing.
  • Lastly, we need to surprise the business. It’s not with the dare I say boring trend reports, share presentations and trackers that we will excite business. However, sharing all the nuggets of underst anding that we learn on a frequent basis while analyzing information, could form the start of corridor conversations, newsletters or “Lunch and Learn” sessions.

So synthesizing, socializing and surprising beyond mere storytelling, are the three new skills I believe the analyst of today needs, in order to make maximum use of the wealth of data and information available. These are also the biggest challenges that I think are the most important; what do you think? What do you see as the most challenging aspect of making use of data today?

For more on br ands please check out our website or contact us here for an informal chat about how we support br and building efforts or provide fun training days to businesses in all sorts of industries. We love customers, consumers and clients!

Winning Customer Centricity BookThis post includes concepts and images from Denyse’s book Winning Customer Centricity. You can buy it in Hardback, Paperback or EBook format in the members area, where you will also find downloadable templates and usually a discount code too.

The book is available on Amazon, Barnes and Noble, iBook and in all good bookstores. It is also now available as an Audiobook, which can be integrated with Kindle using Amazon’s new Whispersync service.

Market Research, Business Intelligence & Big Data: Have we Forgotten about Human Data?

The annual pilgrimage to the ESOMAR Conference took place last week in Dublin. I heard that there was much discussion, both on and off the stage, about Big Data and the future of market research. Hopefully, the whole profession will get behind one initiative, instead of each individually trying to “solve world peace” on their own!

This week sees the second Swiss BI-Day taking place in Geneva and there will no doubt be similar discussions about Big Data and the future of Business Intelligence.

It appears that Big Data is not just a buzzword or a commodity that has been likened to oil; it has become the centre of a power struggle between different industries. Many professionals seem to be vying for the right to call themselves “THE Big Data experts”.

This got me thinking about the future of data analysis in general and the business usage of Big Data more specifically. There seems to be no stopping the inflow of information into organisations these days, whether gathered through market research, which is proportionally becoming smaller by the day, or from the smartphones, wearables and RFID chips, that get added to every conceivable article, more generally referred to as the IoT (Internet of Things). Who will, and how are we to better manage it all? That is the question that needs answering – soon! (>>Tweet this<<)

Data Science Central published an interesting article earlier this year called “The Awesome Ways Big Data Is Used Today To Change Our World”. Already being a few months old probably makes it a little out-of-date, in this fast changing world we live in, but I think it still makes fascinating reading. It summarises ten ways that data is being used:

  1. Underst anding and Targeting Customers
  2. Underst anding and Optimizing Business Processes
  3. Personal Quantification and Performance Optimization
  4. Improving Healthcare and Public Health
  5. Improving Sports Performance
  6. Improving Science and Research
  7. Optimizing Machine and Device Performance
  8. Improving Security and Law Enforcement
  9. Improving and Optimizing Cities and Countries
  10. Financial Trading

Many of these are not new in terms of data usage nor business analysis. What is new, is that the data analysis is mostly becoming automated and in real-time. In addition, the first and second items, which were largely the domains of market research and business intelligence, are now moving more into the h ands of IT and the data scientists. Is this a good or bad thing?

Another article posted on Data Informed a few months after the above one, talks about The 5 Scariest Ways Big Data is Used Today   and succinctly summarises some of the dynamic uses of data today. The author of both pieces, Bernard Marr, wrote that “This isn’t all the stuff of science fiction or futurism. Because the technology for big data is advancing so rapidly, rules, regulations, and best practices can’t keep up.” He gives five examples of where data analysis raises certain ethical questions:

  1. Predictive policing. In February 2014, the Chicago Police Department sent uniformed officers to make “ custom notification visits to individuals whom they had identified, using a computer generated list, as likely to commit a crime in the future. Just one step towards the “Minority Report”?
  2. Hiring algorithms. Companies are using computerized learning systems to filter and hire job applicants. For example, some of these algorithms have found that, statistically, people with shorter commutes are more likely to stay in a job longer, so the application asks, “How long is your commute?” Statistically, these considerations may be accurate, but are they fair?
  3. Marketers target vulnerable individuals. Data brokers have begun selling reports that specifically highlight and target financially vulnerable individuals. For example, a data broker might provide a report on retirees with little or no savings to a company providing reverse mortgages, high-cost loans, or other financially risky products. Would we want our own families targeted in this way?
  4. Driving analysis devices may put you in the wrong insurance category. Since 2011, car insurance companies like Progressive and Axa, have offered a small device you can install in your car to analyze your driving habits and hopefully get you a better rate. But some of the criteria for these lower rates are inherently discriminatory. For example, insurance companies like drivers who stay off the roads late at night and don’t spend much time in their cars, but poorer people are more likely to work the late shift and to have longer commutes to work — both of which would be strikes against them when it comes to calculating their auto insurance rates.
  5. Walmart and Target determine your life insurance rates. OK, not directly, but Deloitte has developed an algorithm, based on “non-traditional third-party sources” that can predict your life expectancy from your buying habits. They claim that they can accurately predict if people have any one of 17 diseases, including diabetes, tobacco-related cancer, cardiovascular disease, and depression, by analyzing their buying habits.

Marr starts this article by very briefly discussing privacy and inherent biases in data. I think these issues are far more urgent than deciding whether it is market research, business intelligence or data scientists that are in charge of the actual data analysis. Perhaps we all need to work together so that the “Human” side of data is not forgotten? After all, most data comes from people, is understood – if no longer strictly analysed – by people, for the benefit of people, to help change people’s behaviour. What do you think? Join the conversation and let your voice be heard. (I’ll be presenting this very topic at the Swiss BI-Day this coming Tuesday, so I do hope that you will pop by and listen)

Winning Customer Centricity BookThis post includes concepts and images from Denyse’s book  Winning Customer Centricity. You can buy it in Hardback, Paperback or EBook format in the members area, where you will also find downloadable templates and usually a discount code too.

The book is also available on Amazon, Barnes and Noble, iBook and in all good bookstores. If you prefer an Audiobook version, or even integrated with Kindle using Amazon’s new Whispersync service, it’s coming soon!

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