At eMetrics San Francisco the hot topic was big data – precisely Big Data for Marketing. Despite the wealth of data available to the modern marketer, the success or failure of a business is still centered on gaining a competitive advantage. At iperceptions, we like to refer to Jack Welch’s, former CEO of GE, famous quote “We have only 2 sources of competitive advantage - learning more about customers faster than competitors and turning that learning into action faster than the competition.” There is no doubt that today in the era of big data, we know more about our customers than ever before. But are we taking action on this information? Without action, the data loses its value.
Avinash Kaushik, Digital Marketing Evangelist at Google, quickly set the tone on the first day of eMetrics that there is a shift taking place in the digital world. His keynote, Driving Radical Transformation, A Report from the Front, challenged the audience to reflect on how we perceive the role of data and analysis within our organizations. He stated that in general we are far too obsessed with data. We live in a world that prioritizes data over business value. We collect more and more data, ultimately becoming obsessed with data. However, today we can no longer be obsessed with data. Analysts must do more than just dashboards and graphs. A valuable analysis goes beyond reporting to provide actionable insights that drive business value. Rather than lead with data, he challenged the audience to lead with business objectives. He urged us to shift our mindset from data obsession to business value obsession.
If you missed Avinash’s keynote Driving Radical Transformation at eMetrics check out this great visual summary by @nickseeber
Avinash’s keynote resonated with us at iperceptions particularly since Lane Cochrane, VP of Research at iperceptions, had just finished presenting our latest innovation, Active Recognition. For 24 months, iperceptions has invested heavily in the research and development of this technology that can recognize anonymous visitors’ intent in real-time. By understanding visitor intent in real-time companies can offer actions that personalize the visitor experience as it happens. The promise of big data is to create better and more engaging experiences for customers. There is a growing ecosystem of tools - from live assistance to personalization - attempting to provide engaging and relevant interactions with visitors. These systems are built and triggered on behavioral data. However, there is a fundamental ingredient missing from behavioral data, it is visitor intent. In the era of big data, we can easily get carried away by the abundance of data and forget what matters most, the customer. Without visitor intent, it becomes difficult to produce relevant and effective real-time interactions that improve the customer experience and ultimately drive business outcomes aka business value.
Active Recognition which is powered by patent pending technology fed with iperceptions continuous benchmark data, proprietary machine learning algorithms and augmented Voice of Customer data addresses this issue. Active Recognition can trigger interactions with visitors by recognizing their intent in real-time. By adding the missing ingredient, intent, to live assistance and personalization systems companies can now trigger relevant and engaging interactions to provide an enhanced customer experience which will ultimately drive business value.
We agree 100% with Avinash that rather than lead with data, we need to lead with business value. That is why we have invested heavily in developing our Active Recognition Technology which puts visitor intent at the core of systems that drive business value.