Marketing is synonymous with Big Data marketing, says Professor Thomas Davenport of Babson College. Very good point. More than ever before, CIOs and CMOs are collaborating to make the most of data collected from every customer touchpoint and enhance/individualize the customer experience.
Big Data has the potential to improve nearly every aspect of marketing, which is why so many organizations are pouring money, time, and talent into developing such systems. But Big Data will only be a marketing boost if companies carefully analyze the teeny, tiny details and put them into proper context.
For example, Ford and its dealers found some interesting trends after implementing the company's Smart Inventory Management System--its Big Data project. They learned that buyers in South Bend, Indiana were particularly interested in trucks with green and gold features. That single data point wouldn't help Ford dealers anywhere else, because South Bend is the home of the University of Notre Dame, a green and gold school. Overall, the Big Data project is doing a great job of recommending what Ford dealers should order to meet customer demand--and making the supply chain more efficient and effective for everyone in the Ford ecosystem.
Finally, customers are understandably concerned about what Big Data means for privacy. If they are educated about the benefits, know how data will be used, and trust a brand, the majority of consumers will agree to data collection. The key is transparency.