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Monday, 13 August 2012

Using Big Data for customer delight

Big Data is pegged as the next big thing - not only as marketing intelligence that will drive business decisions, but also as a valuable tool to attract and retain customers. Wouldn't you as a customer be curious to know what data has been collected about you? Would it give you an insight into yourself? The answer to both questions is probably yes.

To understand the potential of big data in building bonds with customers, here is a must read article from GigaOm, showing how financial services planning company Mint analyses personal financial data from its user database to advise you to best effect. With 5 million users, Mint is in a position to aggregate and compare large data sets so that you can actually compare yourself to 'people like me' in terms of spending patterns, expenses and possible areas of saving. The same data can also help small businesses to compare expenditure patterns and  save costs.

Chances are, there are a lot of companies that already have collected a lot of data about us as customers - your bank, credit card company, Google and Facebook come to mind prominently. If someone could access and run the data from these diverse sources, it would tell the story of a large part of your life - to you as well as to others. How you spend your money and your time - that's about the sum of it.

Using big data to delight, retain and attract customers  will be the next wave of digital marketing.