There was a lot of attention given last week to the story about Target’s ability to identify expectant mothers, even down to their due dates. What a great illustration of the power (and scariness) of “Big Data”. The lengthy New York Times article How Companies Learn Your Secrets should be required reading for anyone feeling a little left behind in the fast-paced world of consumer insight, data and technologies.
Busting the myth of “Big Data”
Big Data can seem a little daunting. You read about big companies that have invested heavily into staff, data and technology to get ahead in the game of winning the hearts and minds of consumers. But the truth is that any organization can (and should) jump into this game. And it’s not that hard. There are several providers on the scene that specialize in jumpstarting your “Big Data” initiatives. (Click this link to contact us and we will be happy to discuss how businesses of all sizes are using Buxton’s “Big Data” solutions and insights.)
There are some turkeys operating out of coffee shops with tissue-thin credentials and a Wi-Fi connection jumping on the bandwagon though. So be careful and put on your due-diligence gloves.
We’ve been making “Big Data” easy since 1994
The thing is, at Buxton, this notion of mining your customer data for a competitive advantage is not a new thing. We have been at it for awhile. And the founders of our company were at it long before Buxton opened its doors to start helping retailers, restaurants, grocers, CPG manufacturers, and healthcare providers of all sizes improve their market competitiveness. In our years of experience and evangelizing the benefits of data-driven customer insights we have found a few common misconceptions:
Small and mid-sized organizations assume that they are too small to be able to learn anything about their customers, let alone make any of the gained insights actionable.
Big organizations doubt their ability to efficiently implement a customer insight strategy, and feel like what got them where they are, will keep them on top.
All organizations assume that the costs associated with implementing a customer insight strategy are a budget buster.
This is not a trend! Get started right now
But history has shown us time and again that those firms that fight through these three misconceptions are able to propel their brands and products to that allusive next level. The phrase “Big Data” is a trend right now. But the concept behind the trendy name is not. Customer insights, customer analytics, targeted marketing, predictive modeling, data-marts… these elements have become fundamental tools of the trade. What’s your algorithm?