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4th January 2012- The Big Data Dilemma
Have you heard of Big Data? The Wiki definition is this: Big data are datasets that grow so large that they become awkward to work with using on-hand database management tools. Difficulties include capture, storage, search, sharing, analytics, and visualising. This trend continues because of the benefits of working with larger and larger datasets allowing analysts to “spot business trends, prevent diseases, and combat crime.”
What does this mean for B2B? If we accept the principle that the more you know about your customer the more and better you can sell to them, B2B brands are very well positioned to take real advantage of available datasets.
Why? Unlike a lot of B2C brands, B2B customers tend to be loyal, given that corporate decision making is much slower, and they also tend to buy more than one service from a trusted advisor (if you think about banks, law firms, accountants, technology providers etc). A lot of the marketing and business development campaigns are around up and cross selling.
Explain this to me in more detail The full engagement cycle between clients and suppliers in B2B is long, with regular interactions from the first point of contact to billing and project management. The different touch points between customer and supplier all contain intelligence that are ready to be exploited including: marketing (emails, events, web, social media), knowledge management (readership, publication, trainings), CRM and Finance. All of these processes will show one particular view of a client relationship. (Our next seminar is on the 27th January with speakers from the FT and IBM to talk about 'The holistic view of the Customer')
As our research shows with financial services and legal firms, the real challenge lies with identifying appropriate sources of datasets, understanding what data is available, knowing what questions need to be answered and how best to visualise the data.
Most of the people interviewed admitted to being “data rich but insight poor”.
So what is the real deal? The real deal with big data lies in with being able to see the wood for the trees.
Going back to the opening statement... the more you know about your customers the more and better you can sell. Data should facilitate both strategic decisions (i.e. trends or product development) but also improve efficiency of tactical campaigns and therefore have an immediate bottom line impact.
By Fanni Vig
