Big Data and Predictive Analytics - Marketing's Holy Grail
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The document discusses how brands are using social data and predictive analytics to gain insights about consumers. It explains that vast amounts of data are generated online every minute from social media and other sources. Companies like Walmart and Cisco are analyzing this data to predict trends and consumer behavior in order to personalize marketing and business strategies. The author advocates an approach called "Social Ethnography" where brands aggregate social data to identify themes, influencers, and make predictions about future consumer behaviors and trends to improve marketing, sales, and product development.
Big Data and Predictive Analytics - Marketing's Holy Grail
- 1. KNOW THY CONSUMER The era of social data and predictive analytics Jason Metz, President of Brand Influencers (@mktginfluencers) #eventtechlive
- 2. In 1948, George Orwell wrote a novel that envisioned the world in 1984 – a world of perpetual war, omnipresent government surveillance and public mind control. A world where “big brother” knew everything about everyone…
- 3. Some might argue that Orwell’s was actually NOT a work of fiction, and that he merely got his dates wrong by a couple decades…
- 4. With leaks from Edward Snowden and others, it’s pretty clear we do live in a world where very powerful entities have the ability to track our every movement.
- 5. At the heart of the controversy is the NSA – specifically their methods of data collection and predictive analysis. This is a diagram showing the government’s spying apparatus. Supposedly the goal is to snuff out terrorism but really, the NSA is mapping out people’s behavior to make predictions about future behavior.
- 6. Be that as it may, this is NOT a presentation about the NSA or government overreach or constitutional violations or the police state in which we may or may not live…
- 7. This is a presentation about the future of marketing, specifically the power of data collection and predictive analytics. Because one thing’s for sure – when a brand knows everything about its consumers’ behavioral patterns, they’re in a damn good position to give those consumers precisely the experiences they want… experiences that are more or less guaranteed to drive real business results.
- 8. To begin, check out a quick clip from a great movie Moneyball – the story of how a small market baseball team became a perennial powerhouse through data collection and predictive analytics
- 9. The Walmart Social Genome project is a massive knowledge base that aggregates billions of tweets, Facebook messages, blog posts, YouTube videos and more, analyzing people’s discussions of – and relationships with – products Walmart sells. Through sophisticated social listening and predictive analysis, Walmart stocks every store with products consumers are most likely to buy, in close proximity to other products that will maximize up-selling. They also use data to optimize CRM, keyword buying strategy and more…
- 10. And through Walmart’s Shopycat App, they use your friends’ social activity to make personalized gift recommendations for the holidays…
- 11. But it’s not just Walmart. Far from it. Check out Gatorade’s acclaimed Mission Control…
- 12. And here’s how Cisco is using big data and real-time social insights to guide business strategy
- 13. The internet is a vast ecosystem of social platforms, communication channels and interconnected networks…
- 15. Every 60 seconds an unimaginable amount of data enters the social ecosystem. The challenge is to make sense of all this data, to find trends and put yourself in a position of being able to predict future behavior based on current trends.
- 16. Social Ethnography™ Pamela Schwartz No need to wait for govt to ban unhealthy school lunches. My kids prefer healthy food! #AppleADay” about an hour ago • 89 Likes • 42 Comments Jenny looks so adorable in this pic! OJ and sliced apples on the farm. Fun times ;) 42 minutes ago • 17 Likes Even farm animals want to share JK. So true though Pam—just develop good habits and bad choices aren’t made. 6 minutes ago • 9 Likes
- 17. At Brand Influencers, we call this process Social Ethnography™. Every day we aggregate and analyze millions of conversations and activities currently taking place among YOUR target audience across all social channels. Through technology and offline research, we identify key trends and establish predictions of future behavior.
- 18. And when you combine this vast social data with a brand’s offline customer database and CRM, you have the holy grail of marketing – consumer insights… REAL consumer insights… UNLIMITED consumer insights…
- 20. Identify Emerging Themes Through predictive analytics, brands can predict consumer trends before they happen. Smart brands can optimize every aspect of advertising, marketing and sales. They can optimize product development, corporate communications and much more. Capture Industry Trends Competitive Insights Find Fans and Advocates Social Data and Predictive Analytics Discover Product Issues Crisis / Risk Management Uncover Influencers Product Development Feedback Message Penetration Sales Leads
- 22. Influences Offline behaviors Online community Drives Online behaviors Drives The 360 Perspective of your target audience Offline culture & community Influences
- 25. At Brand Influencers, we call this process Social Ethnography™. Every day we aggregate and analyze millions of conversations and activities currently taking place among YOUR target audience across all social channels. Through technology and offline research, we identify key trends and establish predictions of future behavior. 3M: Crisis Management Playbook + Best Practices Report Prepared By: Brand Influencers Delivered: December 6, 2012
- 32. G l o b a l C u s t o m e r E x p e r ie n c e M a n a g e m e n t Global Customer Experience Management Understand your audiences’ interests and motivations Create relevant experiences for your customers, regardless of channel 46 Align your organization across channels, markets and teams
- 34. THANK YU Jason Metz Co-Founder, President @MKTGInfluencers 973.885.8129 Jason@Brand-Influencers.com
Editor's Notes
- #2: Welcome to my sessionJason Metz, President of BIHere to talk to you about the role of social data and predictive analytics in marketingTweet me at @Mktginfluencers to continue the convo
- #3: In 1948, George Orwell wrote a novel that envisioned the world in 1984…A world of perpetual war, omnipresent government surveillance, and public mind control… A world where “big brother” knew everything about everyone…
- #4: Some might argue that his was actually NOT a work of fiction, and that he merely got his dates wrong by a couple decades…
- #5: With leaks from Edward Snowden and others, it’s pretty clear that we do currently live in a world where very powerful entities are WATCHING usWhich has begun a public debate… how much does our government know about our behavior?And how much can we allow them to know?
- #6: At the heart of the controversy is the NSA – specifically their methods of data collection and analysisThis is an actual classified NSA document that diagrams the government’s spying apparatusThe NSA, along with other agencies, is aggregating billions of phone, internet, email, search and chat records every dayThey are pulling in unimaginable amounts of data from Google, Amazon, Facebook, Verizon, AT&T, the FBI and other channelsSupposedly the goal is to snuff out terrorismBut really, they are mapping out people’s behavior to make predictions about future behavior
- #7: But be that as it may… just in case anybody is LISTENING right now… like the Obama keynote guy…I LOVE President Obama and my governmentThis is not a presentation on NSA surveillance or government overreach or violations of the constitution or the police state in which we may or may not live…
- #8: I’m here to talk to you guys about how WE can use data collection and predictive analytics in our businessesTo better understand audience behavior and create experiences that are essentially GUARANTEED to drive business results…Because one thing’s for sure – when you know everything there is to know about your audience, you’re in a good position to give them what they want
- #9: To begin, I’m going to play a clip from a great movie, MoneyballThe story of how a small market baseball team in Oakland with tiny budgets became a perennial top team through data collection and predictive analytics… And reinvented baseball decision making forever…
- #10: Now let’s look at an example closer to homeThis is a diagram of Walmart’s Social Genome project…A massive knowledge base that aggregates billions of tweets, Facebook messages, blog posts, YouTube videos and more, analyzing people’s discussions of – and relationships with – products that Walmart sellsWalmart conducts sophisticated social listening to figure out what consumers in neighborhoods all over the world care about, to decide what to put on its shelves in each store…And they combine geographical consumer trends with proprietary data from their own CRM and customer purchase databases to find trends that inform every aspect of their business…
- #11: But it goes way deeper than thatHere is a video of Walmart’s SHOPPYCAT app which analyzes your friends social activity to make personalized product recommendations for holidays
- #12: But it’s not just Walmart. Far from it. I’m sure by now most of you are familiar with Gatorade’s acclaimed Mission Control…
- #13: I just came back from a meeting with Toyota, and they are ALSO creating a mission control… the trend is growing…And here is a clip showing how Cisco is using real-time social intelligence to guide business strategy…
- #14: What these brands are doing is just the TIP of the iceberg…The internet is a vast ecosystem of social platforms, communication channels and interconnected networks
- #15: Across all of these disparate networks, we as consumers create and share content…Initiate and participate in conversationsJoin and become active within communitiesAnd we express our interests, passions and motivations with every social activity…
- #16: Every 60 seconds, an unimaginable amount of data enters the social ecosystem… The challenge is to make sense of all this dataTo find trends and put yourself in a position of being able to predict future behavior based on current behavior…
- #17: At Brand Influencers, we we call this process Social Ethnography™Everyday we aggregate and analyze millions of social conversations and activities currently taking place among YOUR target audienceAcross all social channels… anywhere a social activity is taking place…
- #18: Through technology and ethnographic research, we identify key trends within the behavior of your targetAnd we establish predictions of future behavior
- #19: When you combine this vast amount of social data with a brand’s offline customer database and their CRM data…You achieve the holy grail of marketingConsumer insight… REAL consumer insight… perhaps UNLIMITED consumer insight…
- #20: Essentially, through data, you establish a clear road map of who your target audience REALLY isWhat they care about and what drives their decision makingHow their purchase behavior connects to their social behaviorAnd how you can make your brand fit within their lifestyle
- #21: Through predictive analytics, brands can predict consumer trends before they happenSmart brands can optimize every aspect of their advertising, marketing and salesThey can optimize product development, corporate communications and establish incredibly accurate competitive analyses
- #22: And suddenly, you as a brand can develop best practices for every conceivable communications deliverable:Content strategyChannel strategyConsumer segmentationEvent strategyPicking the right technologies to use to extend the life of an eventSponsorship strategyLoyalty program developmentCRM strategyCustomer service strategySocial editorial strategyAnd on it goes…
- #23: Brands can literally chart out a 360-degree view of their audienceWhat and who drives behaviorA road map for how to communicate with these folksThis is communications planning for the social age, where analysis of real-time social data can literally transform a brand from top to bottom…And turn them into a truly consumer-centric organization
- #24: So we ask the question… how can YOU benefit from this process?Let’s take a quick look at some brands who are doing some great work through the benefit of social data collection and predictive analytics…
- #25: When Acura was launching their new entry level luxury car the ILX last year…They wanted to know how and where and through what types of experiences they could engage Millennials Rather than focus on the car itself, we wanted to help Acura understand who their target REALLY was, and how we should introduce them to the ILX
- #26: Last year we were hired by 3M to build a new corporate crisis communications playbook…The goal was to help 3M build a protocol for how to deal with various potential crises that could affect any of their global business units…Most importantly, 3M wanted to understand how to leverage social, digital and mobile channels, while building step by step communications instructions
- #27: And here’s how the Red Cross uses real-time predictive analytics to save lives…
- #28: Some brands use social data to tap into the cultural zeitgeist and create experiences based on what’s trending with consumers in real-timeSuch as Oreo’s tweet welcoming the new Royal Baby..
- #29: Famously during the Superbowl, Oreo also capitalized on on the electricity outage to communicate in real-time with their football-loving fans…
- #30: Mastercard and Bertolli are two brands who used real-time trending behavioral data to engage their respective audiences around issues of equality… Drastically increasing brand sentiment
- #31: And then you have brands like Glasgow Airport using real-time social data analysis to immediately react to individual consumer needs…An example of social data empowering genuine relationship building between brands and consumers
- #32: Knowing it’s social fan base, Smart Car knew that this snarky tweet could damage its brand a bit, so they responded almost immediately by disproving Clayton’s assumption in a witty and funny way, which excited and galvanized their fan base…
- #33: Here’s the bottom line…The more you know about your target, the better equipped you will be to influence their behavior…It’s just as simple as that…We call this Global Customer Experience Management, and THIS is the future of marketing…
- #34: And amazingly, we are just getting started with the analytics revolutionThe next few years promise to be groundbreakingAnd we at BI are happy to be leading the charge
- #35: Thank you so muchHit me up on Twitter to continue the conversation…