By Jeanne Roué-Taylor
“Immerse yourself in the data,” doesn’t mean “Be aware of the data,” or “Follow the reports.” It means “Really immerse yourself in the data,” by digging in and finding something new to learn each and every day. Make it a relentless habit for a very good reason—as the world changes, marketers can no longer wait a month, a week, or even a few days to know the ebb and flow of their business. There’s a new need to monitor what’s happening in all aspects of the business so that even daily results can be forecasted with a high degree of accuracy.
Immersing yourself is the goal, but it has to start somewhere, so start with visualization. There are great tools in the market, including TIBCO’s own Spotfire, that are the best ways to spot trends and to find patterns that can’t be seen in a spreadsheet or report.
The patterns you should be seeking include anomalies that are begging for a cause to be figured out. Only when the cause of a pattern is known can a marketer be practical about taking remedial action now, instead of after a problem presents itself.
Another key factor is real-time modeling. The traditional approach has been to have a server churning somewhere that reruns customer models periodically, as in weekly or even monthly. A great deal of investment has gone into a Hadoop (or Hadoop-like) approach, but it ends up being too slow to allow marketers to benefit from being truly immersed in their data. It won’t allow a real-time view of what’s happening in the business or for constant learning and correction. A far better approach is have data flow through in-memory, not in a database, and as it arrives. This allows remodeling and re-scoring customers in the moment, which provides the capability to make minute-to-minute changes that affect customer-by-customer interactions.
In a world with so much information moving so quickly, immersing yourself in the data is the only way to stay ahead of the deluge and to pick out the signal from the noise. Even more, the market is moving inexorably toward Fast Data. It’s the compliment to big data and how we describe the in-flight information that helps marketers make better decisions, faster.
To learn more about the success factors of success in retail customer loyalty, check out our webinar on the topic: Nudges, Influences and Rewards Part 2: Must-know Factors for Success in Retail Customer Loyalty.