Listening to a BBC radio program about Green Clouds, I learned ninety percent of the world’s data was created in the last two years. I.B.M.’s Chairman Samuel Palmisano projects we will reach 35 zettabytes of information by 2020; 44 times of what currently exists today. “Big Data” explosion is here!
Business intelligence is exponentially growing at an inconceivably rapid pace while you are reading this post. Companies are struggling to get their hands around this massive amount of external and internal data. Recently, Connotate, a web data monitoring/collection company, revealed that 45% of the companies surveyed believe their number one challenge with “Big Data” is the time and manpower needed to collect and analyze it; 44% indicated the amount of data was too overwhelming for business to effectively leverage. Nevertheless, as a Business Catalyst, I firmly believe we are entering an exciting phase of business, especially when data is mined correctly. We will evolve into smart business leaders who will develop sound strategic initiatives. We will implement cost effective contextual marketing programs that will result in high levels of customer acquisition and retention.
Below is a quick sneak preview of the future I envision for contextual marketing:
You are driving and you decide to check out football scores on ESPN Mobile – two hands, two hands please! Up pops a banner ad for Wendy’s Hot n’ Juicy Burger. You tap on the mobile ad, up pops a video. The next thing you know you crave a burger and you tap for the nearest location; 1.2 miles away. As you pull into Wendy’s, Modell’s Sporting Goods which is located across the street, thanks to the advancement of Near Field Communications (NFC) sends you via SMS text a mobile coupon – a buy one, get one free offer, on NFL jerseys due to the amount of time you spent online (ESPN) the past month checking out football scores. Thirty minutes, plus 1,760 calories later (who‘s counting?), with two Green Bay Packer jerseys on your front seat, you pull into your local 7-Eleven® store for some gas. At the pump you scan the QR code on the poster and find out that Coca Cola has a great deal on Diet Coke. In the store, while checking out with your 7-Eleven® loyalty app, the POS touch screen communicates to you about the sale on Oreo’s new, Peanut Butter Fudge Cremes based on your past six weeks of in-store Oreo purchases. Etc., etc., etc.
Welcome to “Big Data” explosion. Companies, whether they are B2C of B2B, will be able to send the right message, to the right target audience, at the right time.
So what data did you reveal over the weekend that some marketing geek has already analyzed?