Big Data Needs Big Velocity; Marketers Need To Adapt Faster
With the introduction of Machine Data and Social Data, an ongoing supply of data at an incredible pace has become a reality, indicating that the data pool is constantly expanding. This necessitates quicker data capture, storage, analysis, and insight generation, which is the essence of Big Velocity in Big Data. According to a new report from the Chief Marketing Officer Council and GfK, modern marketers require high-velocity data marketing to detect abrupt, disruptive shifts in customer and market behaviour. These data systems must be agile and adaptable, with the capacity to acquire real-time, relevant data signals and to bridge the divide between data, insights, and action.
*Automation Advantage
Marketers should encourage automation as a means to help manage the Velocity of Big Data, as they will be able to quickly achieve several benefits -
Integrated Response Management – Already feasible with existing data, this capability is extendable to all channels, allowing for the opportunity to respond to current activity/sentiment/opinion and thus presenting context-based messages.
Enhanced Personalisation – Velocity enables you to know your customer in the moment. This allows for real-time personalisation via desktop, mobile, and local devices, as well as across ad networks (including Real Time purchasing and programmatic ad purchasing). Improved customer relevance, engagement, and conversations are also empowered.
Actionable Evaluation – With the addition of large-scale data collection techniques, the outcomes of measurement will also accelerate. This will allow marketing activities to reflect current performance while also ensuring that the budget (time, resources, and money) is appropriately allocated.
*Improved Audience Targeting
The delivery of real-time data enables targeting or, alternatively, non-targeting based on current knowledge. Therefore, when a customer has completed product reviews, posed questions on social networks, and generally demonstrated positive, inquisitive behaviour, you can target this customer with the most relevant marketing activity. Alternately, a customer who has complained and generated negative sentiment on social networking sites requires a distinct form of communication activity. Understanding current behaviour across multiple channels also enables marketers to respond to their specific activity rather than using a one-size-fits-all approach, by providing the appropriate level of information and recognising that clients may want different things across their consumer journey.
*In CX, speed matters
Despite record-high consumer expectations for quality CX experiences, many businesses have moved away from the customer-centric approach that drove recent digital enhancements. The 2022 U.S. Customer Experience (CX) Benchmark study by Forrester uncovered declines in customer experience quality across 13 industries and demonstrated that companies have failed in their digital and CX efforts. The majority of companies are mired in the middle of their CX pivot. They are investing in digital and offline capabilities that can meet customer requirements with great experiences and messaging, but they are unable to orchestrate these capabilities to an extent that exceeds those needs. To deliver compelling content swiftly, brands require processes and technology platforms that enable the creation and utilisation of content much more rapidly than they did even a year ago. The focus must be on the velocity of the entire content creation and utilisation process, not just a single component. Also, the prompt delivery of personalised content must support omnichannel initiatives for non-digital brands.
Marketers can and should become catalysts for healthier, more compassionate brands that deliver sustainable development by combining imagination and intuition with the science of data at the speed of today's decision-making.
.png)
