How to Identify New Markets with Big Data

Submitted By Gil Allouche June 24, 2014

Companies from the cosmetics industry to pet food are finding better ways to interact with customers, improve services and identify new markets through the capabilities they gain from using big data technology, like Google Compute Engine. Google Compute Engine allows companies to run extremely large workloads in the cloud, making big data more affordable and efficient to use than ever before. With this type of technology, companies are able to gather and store more data and, more importantly, they can take that data and perform dynamic queries and analyses that yield real-time results.

The real-time analytics combined with big data’s additional capabilities in making sense of the vast amount of historical data collected over time is providing companies with useful insight into how they can really listen to the customers’ needs, provide personalized experiences and from that identify new markets and products to offer.

Connecting with customers

In a recent article at cosmeticsdesign-europe.com, Barbara Brockman, president of the Society of Cosmetic Scientists, said, “Brands have got to listen to the consumer; but we’ve never had the ears until now.” Big data technology is giving companies the tools they’ve always wanted to listen to and reach out to consumers. Companies don’t have to wait for customer feedback anymore. They can take the initiative and reach out to huge amounts of customers through social media, mobile apps, online surveys and more. All the information that comes in from these different platforms is then analyzed in real-time giving companies a current and relevant picture of how they’re doing. Possibly even more importantly, companies can monitor what consumers are saying online, but not to the company itself. Complaints on social media, blogs and in chat rooms are providing companies with golden information on improvements they need to make.

Personalized Services

With the vast amounts of information on customer sentiment that companies can now gather with big data, it’s easier and more practical for companies to offer personalized services to their customers online and in stores. One way companies are doing this is through personalized discounts for individual consumers based on their buying and browsing history. Depending on a customer’s buying potential, companies can give higher or lower discounts to entice them to buy. In addition to personalized discounts, companies are also increasing the personalization of web pages for the individual customer. Email and other information that gets sent out to customers is also becoming more relevant and personal. It’s all working together to give the consumer exactly what they’re looking for, without having to look.

Identifying New Markets

Finally, with the information gathered through e-commerce sales, social media, blogs, chat rooms, browsing history and other means, companies are able to gain an extremely clear picture of potential new markets.

With e-commerce and the connection across country lines that the internet provides, more and more companies are looking to expand their products and services globally. While technology makes this more viable than ever, it still involves a significant amount of risk. Big data, however, gives companies a clearer picture than they’ve ever had access to on how their product will do in a new market.

Companies can monitor social media to identify areas where their products are being mentioned and promoted. They can use browsing history to look at potential markets across seas where they have large followings.

Put simply, big data is bringing consumers and companies closer together than they’ve ever been. Consumers can be heard more, and companies can hear more. It’s easier for consumers to complain and easier for them to praise. Companies have access to information that can improve every step of their business process and help them evolve with consumers and the technology. Big data is also giving companies the tools they need to reach customers like never before and in locations they never imagined. The best part of it all is that with continued advances in big data technology, especially big data in the cloud, companies of every size and service can take advantage of it.

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Submitted By Gil Allouche| June 24, 2014
Keywords:  big datagoogleguest feature

About this CMS Enthusiast

Gil Allouche

Gil Allouche

Gil Allouche is the Vice President of Marketing at Qubole. Most recently Sr. Director of Marketing for Karmasphere, a leading Big Data Analytics company offering SQL access to Apache Hadoop, where he managed all marketing functions, Gil brings a keen understanding of the Big Data target market and its technologies and buyers. Prior to Karmasphere, Gil was a product marketing manager and general manager for the TIBCO Silver Spotfire SaaS offering where he developed and executed go-to-market plans that increased growth by 600 percent in just 18 months. Gil also co-founded 1Yell, a social media ad network company. Gil began his marketing career as a product strategist at SAP while earning his MBA at Babson College and is a former software engineer.

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