Mega Trends: Big Data – Cloud - IOT
Hello, everyone! Year 2016 has seen the emerging trends of Big Data, Cloud and Internet of Things (IOT). Research firms, as a result, have all been talking about these stuffs. In their eyes, these trends will change not just the IT landscape but also the business world. So, I would like to point out here how these trends can be used to create marketing innovations, something that will give business opportunities as well as business advantages.
Let’s focus on Big Data first. It refers to the massive volume of data that has been created all the time in response to the boom of mobile devices, social networks and new applications. Big Data has been dynamic. The International Data Corporation (IDC) thus predicts that the technology market and Big Data services will grow by 23 per cent annually between 2015 and 2019.
From a business viewpoint, consumer data are assets that an organization can use to create value. It is just that business enterprises must know how to analyze the data to get insights and understand consumers. Located in the United States, Red Roof Inn has already successfully used the Big Data to boost its income. The hotel has noticed that many flights have been cancelled due to weather conditions. So, it has developed a database of weather forecasts and airlines’ flight-cancellation notices. The database is used in conjunction with the location services of consumers’ mobile devices. As soon as flight cancellations are announced, consumers within the hotel’s vicinity receive an alert that they can check into the hotel at a promotional rate. This way, Red Roof Inn has seen its income jump by 10 per cent.
EMI, a music label in Britain, has also leveraged Big Data in predicting music trend and demand. After it releases new tracks, it monitors feedback in each market via various platforms such as social networks, music-service providers and music apps. EMI system has gone deep into the characteristics of listeners, their home, their culture and their taste too. Data are then analyzed for enhanced planning of advertising campaigns and predicting demand across all target groups.
In the retail industry, the US-based Target outlets have invited its customers to register for “Guest ID” program via which their personal information, shopping records, interests and shopping behaviors are recorded. These customers are then divided into various categories such as teenagers, married couples, or pregnant women. Target has regularly emailed promotional coupons to these customers based on data analyses about their interests and expected needs. Sears and Kmart, meanwhile, have gone even more specific. They have designed individualized marketing campaigns to reach out to their target groups offering promotions that truly are based on individual preferences.
In the face of Big Data trend, several enterprises in Thailand have already jumped on this bandwagon. The Bangkok Hospital, for example, has analyzed patients’ health records to assess health risks and plan even better treatments.
I think IT-based marketing innovations can still go a long way in Thailand thanks to the country’s increasingly advanced IT infrastructure and consumers’ growing IT literacy. However, it will take understanding and “impressive strategy” to wow Thai consumers as the Thai market is now highly competitive. Basic information or general services won’t be able to win people’s hearts anymore. It is necessary that enterprises analyze customers’ behaviors at a deeper level so that they can deliver the best services possible to their target groups.