Businesses failing to understand that big data is about customers
LONDON, August 21, 2012 /PRNewswire/ -- How to squeeze percentages out of Big Data is still proving to be a big headache for businesses and one that not enough business leaders are prioritising in the right way, according to a study by global customer insight group Beyond Analysis.
Beyond Analysis has worked with clients and partners (such as Visa Europe) for the past three years to better understand Big Data, and its study has shown a lack of understanding of how to get the best out of stored information.
Worryingly, the study showed that businesses trusted their raw data with businesses that had no legacy in Big Data and even more concerning, were getting the correlation between analysing the data and understanding customers wrong.
Jim McCallum, head of Asia, Al-Futtaim Private Company LLC, owners of Robinsons Department Store, explained: "Working with Beyond Analysis has provided us with a new way of understanding our customers - who they are and what they buy. We have a wealth of information available to us, even down to the individual product level, and by using Beyond Analysis' C-DNA™ solution we were able to translate this into meaningful and actionable insight in order to better understand our customers, tailor communications with them in accordance and deliver a nine per cent uplift in sales from just one of our campaigns."
Beyond Analysis' trademarked Customer DNA™ (C-DNA™) offering allows businesses to translate a combination of relevant lifestyle, demographic and affluence measures, into meaningful customer patterns and segments. By having a holistic view of the customer, businesses can utilise the best data sources available, understand each business unit and sector, and derive marketing communications accurately tailored for each customer. This also allows organisations to run bespoke marketing and sales campaigns and events, as well as improve their reporting and business planning.
Beyond Analysis then takes this information and uses its Valve™ solution to provide best-in-class customer grouping, based on value and engagement with the brand, including but not exclusive to social media. This allows clients to focus on profitability rather than revenue and provides an accurate and multi-dimensional measure of loyalty.
Paul Alexander, CEO of Beyond Analysis, continues: "Our study conducted over a period of three years surprised us by highlighting just how many businesses are taking the wrong approach to understanding their data. But even more concerning is the amount of poor advice being offered. We are well versed in Big Data having worked in this field with our partner Visa Europe for three years and understand that it isn't all about 'machines' but actually customer understanding and what you do with this information to deliver real, tangible results."
About Beyond Analysis
Beyond Analysis is a leading customer insight and strategy business. We believe that the customer should be at the heart of everything we and our clients do. And we're passionate about using the power of data to achieve this: finding it; collating it; interpreting it; unlocking its value. We work with some of the world's largest consumer brands to harness the power of their data and adopt a customer-led approach to their decision making. We bring together multiple data sources to interpret consumer trends and give our clients a clear line of sight to help them grow their business.
SOURCE Beyond Analysis
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