It would be hard to overstate the level of attention being given to Big Data over the last several years. Is it really what The Economist calls a “data deluge,” and is Popular Science accurate when they say, “Data is Power”? It would be completely understandable to be cynical of the hype driven by analysts, journalists, and a myriad of vendors, large and small.
But behind the hyperbole, thereis something very real when it comes to what customers want and brands need to understand: Customer loyalty is driven by context, channel, and characteristics of the consumer.
The Three Cs
We call those concepts the Three Cs. Each is driven by an ability to manage a wide variety of data coming from many different sources, and is used by organizations that need to respond to their loyal customers at just the right time, with just the right interaction.
The magic starts early, with an ability to manage historical data to better understand what’s likely to happen in the “real world” of fast-moving information. Those analytical results become the touchstone for what to look for and how to respond in the moments that count.
Right-time marketing is much bigger than any one piece of data; or having an immediate response ready to go the moment a customer shows up on a website, app, or in the store. Right time is being able to combine the context of the situation, the channel where the interaction is occurring, and the characteristics of each individual customer as they interact. It takes all three to make the best decisions and each represents an ability to manage data, large or small.
This was first posted on the Loyalty Lab Blog and has been lightly edited.