Customer big data is becoming a must-have tool for all companies. It is an unstoppable form of disruption in all aspects of business.
It substantially increases competitiveness by allowing companies to:
– Identify and attract new customers,
– Increase cross-selling and upselling,
– Design more valuable products and content,
– Improve customer service and experience,
– Offer more value to customers in every other aspect.
This is achieved by the unprecedented access to data to individual customer history that catalogs their behavior patterns, choices, and preferences.
Current global politics and market disruptions are all fueled by customer big data. It was first adopted by market leaders and is gradually moving to all companies. Soon, every aspect of our lives and business will be influenced by it.
For every privacy error made by Facebook, Google, and others, there are thousands of new and better solutions waiting to replace them. Customer big data is not owned by the big four, but it is a basic need which will be satisfied one way or the other. Most privacy problems are rooted in the inability of current companies to deliver value due to their corporate culture. Small and medium businesses will use it in much more valuable ways and with significantly more respect for the rights of their customers.
Customer big data is challenging in every step of the process: collection, security, structuring, visualizing, sharing — and then using the information to gain relevant knowledge that will guide business decisions. Eventually, there will more viable solutions to each of the challenges, and companies will find the best ways to use it. The main factor is that it is a must-have tool that will motivate those to constantly improve its capabilities.
How to adopt it
First and foremost you have to collect large amounts of data. There are hundreds, if not thousands, of internal and external customer data sources available. Once you have the data, it must be structured and visualized so teams can use it in their decision making. As teams use it more they will request for more improvements and over time the quality of the data use will increase. The adoption of customer big data is a long and agile process which requires constant testing and learning, but it must start with a single step — acquiring it.
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