There will be 163 zettabytes of data in the world by 2025 but just 3% of it will be analysed, according to Seagate/IDC. So it seems most of us are still drawing on limited datasets to serve our customers. What could we achieve if we used the vast amount of data at our disposal better? If we fully map audience behaviours and needs, we could move beyond serving groups of customers. And instead, treat customers as individuals.
We’re now in the age of the ‘Segment of One’, whether you’re a consumer or a business-facing brand. The days of B2C and B2B are giving way to an era of ‘B2Me’. At a time when customers expect individualised experiences, more and more marketers are trying to understand what makes each person tick, rather than looking for what links groups together. And if we can get that right, it could be the difference between reactive messages and the personal, proactive experiences that allow us to truly engage with our customers.
The Shibuya Tourism Association is taking on this challenge already. It provides travellers with information on how best to enjoy the area around Tokyo’s iconic Shibuya crossing. More than five million tourists visit the site each year, taking in the unique spectacle of 1000 people crossing the road at once. But after taking a quick photo, most people leave, skipping the tourist office and missing out on everything else the neighbourhood has to offer.
With the Tokyo Olympics just around the corner, the tourist association wanted to change this – and it took a data-driven approach. By installing over 1200 beacons in the streets around Shibuya station, and creating a mobile app, it was possible to pinpoint visitors and draw on data from their smartphones to improve personalisation. The association can now provide visitors with richer recommendations, based on personal interests, where they’re going, and the time of day.
It’s these personal moments that matter, in the new experience economy. But getting to this point relies on marketing campaigns being much more efficient and targeted – hardly a simple task, with so many customers and so much data to manage. In fact, dealing with the data can take longer than creating and delivering the customer experiences themselves.
That’s why companies like Agea are turning to autonomous technologies to manage their data. Argentina’s largest newspaper is moving from a content-centric approach to a customer-centric one. But it found that the time and cost of managing its analytics infrastructure was standing in the way of success. With Oracle’s Autonomous Data Warehouse, Agea has cut its data management costs by 50%. More importantly, instead of spending valuable time on admin, Agea’s marketing team can focus on drawing insights from its data. Which means more targeted customer experiences, faster.
Reaching a ‘Segment of One’ depends on accurate predictions about what each customer will do next, so we can address their needs at the right time. That means pulling together first, second, and third party data to gain a complete understanding of customers, across channels and devices. And then, with the right end-to-end platform, it’s possible to align the efforts of marketing, sales and services teams.
It’s no surprise that today’s fastest growing companies are investing in a more unified approach to data, and getting closer to their audience. Read our report and find out how their investment is paying off.