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5 Ways in which Data is Empowering Consumers

April 11, 2016 by · 2 Comments
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This is a guest post from William Blears, Founder of Perceptive Digital.

There’s been a lot of talk lately about how data is driving online marketing forward. What you don’t often hear is how this same data is empowering customers to make wiser purchasing decisions. I thought it’d be interesting to highlight five ways in which empowered consumers can benefit from an abundance of available data.

#1. Considering the Bigger Picture

Companies these days do more than just give information about their products, as they are also likely to provide related information. For example, an organic food distributor might also provide information about health and wellness, or a car rental agency might recommend certain destinations in some of their key cities.

Becoming a well-rounded source of information not only reinforces a company’s brand, but also allows consumers to look at the bigger picture and how a particular product or service might fit into it. According to Internet marketing guru Neil Patel, a winning scenario occurs whenever companies determine what solutions their customers are seeking and then lay out the case for why their brand could best solve them.

#2. Personalized Interactions

Performing transactions online hasn’t eliminated the desire for people to connect personally with sales reps. As such, more companies than ever are also taking measures to humanize their websites , allowing visitors to see that there are actually real people behind them. Consumers are now researching people within a company almost as often as they are particular products and services in order to determine who they can and cannot trust.

#3. Providing more Resources

The fact that data is readily available means that more consumers than ever are checking multiple resources before buying. No longer reliant on a retailer’s home page, many people are flocking to websites such as Consumer Essentials, which gathers Big Data from a number of online sites and then uses its own algorithm to rank different products. Unbiased sources such as this one are proving very effective at empowering customers to make an informed decision, which is why it is becoming the new norm for people to view them before making an online purchase.

#4. Focusing on the Most Loyal Customers

Forbes recently reported on a study showing that it costs at least six times as much money to obtain a new customer as it does to hold onto an existing one. As such, companies are increasingly relying on data to determine members of their most loyal customer base so that they can target promotions accordingly. Businesses understand that loyal customers are more likely to promote their products on social media and through word-of-mouth advertising, so those who regularly visit an establishment are now seeing more perks for doing so than ever before.

#5. Taking Control of the Sale

Consumers are no longer satisfied with simply submitting an online order and waiting patiently for delivery. They are now using all the tools in their arsenal to negotiate prices and shipping terms. According to Internet Retailer, approximately 58% of all online shoppers are engaging in showrooming, the process of looking for products in stores and then using a smart phone to compare online deals. The fact that people are able to compare prices and features in real time means that consumers now have more leverage when it comes to asking for a better deal, particularly if they are someone who has been deemed a “loyal customer.”

Smart shoppers know where to find data and how to use it in order to find the best deals. This means that business owners must be ever vigilant in analyzing data if they are to see things from the eye of the consumer, who is now better informed than at any time in history.

William is also blogger at  www.onemansbrand.com

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Book Review: Automate This

April 4, 2016 by · Leave a Comment
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Automate-ThisAutomate This is a journey into the world of anything that can be automated, from stock picking to medical diagnosis. The author, Christopher Steiner, excels in telling stories and bringing interesting anecdotes to the reader. Although focused on the trading world, the book explores topics such as automated music creation, geopolitical analysis and poker playing.

Automate This is about the… Continue reading...

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IoT and Analytics

March 6, 2016 by · 2 Comments
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IoT and Analytics, April 13th, Lausanne. Event organized by the Swiss Association for Analytics. More information and free subscription at http://meetu.ps/e/Bl61H/mgXJj/d… Continue reading... | 2 Comments

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How Big Data Can Help the Little Guy Become the Big Wig

February 25, 2016 by · 2 Comments
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This is a guest post by Jeremy Sutter.

bdguest

Sometimes, technically minded people feel they are not good candidates for leadership positions. Sometimes, they feel like leadership requires more people skills than they have. However, in the era of big companies and big data, that may be changing. It may be the person with the best information and the best… Continue reading... | 2 Comments

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Data Science Book Review: The Master Algorithm

February 6, 2016 by · 3 Comments
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MasterAlgoI recently received a copy of The Master Algorithm, written by Pedro Domingos, to review. While I was reading the back cover, my first impression was skepticism. Indeed, Domingos main idea in this book, is the (future) existence of a so called “Master Algorithm” which will outperform any other algorithms for any kind of tasks.

I can see you… Continue reading... | 3 Comments

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Unusual Big Data Use Cases (guest post)

December 26, 2015 by · 4 Comments
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This is a guest post by Khushbu Shah from DeZyre.com.

Internet today as a collective agency is creating 2.5 quintillion bytes of date on a daily basis and nearly 90% of all of our global data has emerged in the past 2 years.

Looking from an outsider’s perspective Big Data sounds like a good thing, which it is if we can manage to effectively handle it. For… Continue reading... | 4 Comments

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Data Mining Book Review: Machine Learning

November 4, 2015 by · Leave a Comment
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FlachIf you need a ML book as a teacher, Machine Learning – The art and science of algorithms that make sense of data, is definitely the one you need. It covers most ML algorithms, divided by genre (tree, rule, ensemble, etc.). From a teaching point of view, the book is quite comprehensive. From a practical point of view, some chapters… Continue reading...

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