Big data are very important when you want to communicate. Storing large amounts of information about your buyers is a huge advantage to know your customer portfolio.
During the Marketing Festival in Milan, held on 1, 2 and 3 July 2020, the new goal of sowing, harvesting and feeding on new ideas was discussed; feeding the mind with clean and vitamin food, discovering and rediscovering the true tastes that underlie the necessary RestArt for creativity, communication and marketing. Because after the abstinence crisis, there is now a need to not miss anything, to exploit every possibility in search of new certainties.
Some expert speakers talked about this innovative topic, such as Alessandro Pica, Director of the Artificial Intelligence Observatory, Polytechnic of Milan, who said that the market related to the world of Big Data is valued up to 1.7 billion euros and has many new elements compared to the past. Managing big data underlies the ability of companies to manage large quantities of information and algorithms to keep up to date. This means that the company implements a change that starts from within, from governance, the skills must be updated and become advanced. Therefore Big Data must be adopted in a conscious and mature way; companies must include specialized figures in their staff.
With the pandemic and the consequent lockdown, the transformative and modernizing drive of companies has taken different paths: those who had already started a process aimed at processing and using large amounts of data continued in that direction, those who still had only considered the idea, they started to put it into practice. In fact, there is a strong desire to start making strategic and innovative activities put aside, leading to a boom in requests for updating.
Giovanna Loi, Chief Digital Officer Group and Antonio Montesano, Head of Digital OMD have instead focused on the change that companies have made in this sense, focusing more and more on the customer experience.
Until 5 years ago, talking about data management was almost madness, while now almost all existing companies rely on data. The proliferation of analytics tools and instruments has allowed the advancement of the digitalization of companies and the possibility of analytically measuring and studying the information in their possession. We begin to study the buyer not only as a simple component of the customer portfolio but as an individual, with needs and personality.
As far as the customer and buyer experience are concerned, the direction is that of the multiplication of touchpoints, that is the contact points between customer and company. This also allows you to have a further way of receiving data on potential and established buyers: thanks to the internet of things, for example, data on the use of products are automatically sent to the parent company.
In the post-covid scenario that now arises, empathy for its customers becomes an indispensable element of success, and this implies further personalization and high customer care. In this direction, 3 company configurations are outlined:
1) Tiger companies: those that understand the opportunities they have to promote their products, are able to seize and exploit them. They have an edge
2) Gattopardi companies: they produce a corporate restyling by going online, changing their sales process, but they do not grasp the real change, the one that leads to a total renewal and for this reason, in essence they remain the same
3) Ostrich companies: those that fail to show their full potential; their products go from “must have” to “nice to have”
So what are the keywords in this period? Definitely cash is king, but also teta is king with a particular eye on vision. Having potential and not knowing how to exploit it with innovative ideas is equivalent to having nothing. We need to pivot on existing excellence and involve stakeholders. This is possible through the practice of integrating different technologies and sources. In this way it is also possible to beat data giants such as Amazon, Facebook. How? Small companies have a vertical system thanks to which the quality of the data they have of their customers is clearly superior to that of big companies; if they combined their information databases, they would be on par with the big giants: creating a system becomes fundamental with a view to internationalization.
In conclusion, we can say that there is a need to make ecosystems and not-egosystems. Observing, reasoning in a path, updating, measuring and monitoring through metrics becomes fundamental, as well as reinventing yourself and empathizing with the changing context.
Are you amalgamated in this context? Has your company managed to integrate into the new digital environment focus on your core target?
HEROTECH Digital Agency can help you through the innovation process of your company.
Contact us for advice.