DescriptionFormulate a winning growth strategy with big data
Big data is an outcome of our ability to collect and analyze the vast amounts of data we are now generating through different channels. Google’s CEO Eric Schmidt estimates that every 2 days we create as much information as we did from the beginning of time until 2003. Our 24/7 smartphones generate huge data about smartphone usage, our shopping behavior is captured by supermarkets, and, our web-browsing tells a lot about everyday internet use. Thus, Big Data is facilitating a fundamentally different approach to marketing–one that enables brand managers to help identify deeply buried behavioral patterns, test new ideas, and, predict the future and prescribe the best course of action. Most marketing activities collect a great deal of data; that include transactions, web and app traffic and customer feedback. But several of them don’t manage the data very methodically – and, even when they do, these sources of information can only provide an incomplete picture. Big data, when rightly interpreted, can be optimally used to describe, predict and prescribe brand management activities towards targeted customers. What is important today is to understand that big data alone would not help brand management. Big data is only the kitchen cabinet, it is up to the brand manager to ask relevant questions and pick up the right ingredients for the best brand management recipe. In this workshop, we discussed and explored the possibilities that Big Data facilitates for brand development and accelerating growth for companies. The participants of the workshop learned about: 1. What is Big Data and how can it help in understanding customer service experience? 2. What are the gaps in delivering services and how can Big Data help in minimizing them for a stronger service brand? 3. How to formulate a winning growth strategy focusing on service brands and Big Data? In addition, we had corporate case-studies on Netflix and Smart-Wear on use of Big Data for building strong brands.