Data is big… and it is sexy!
Data and Scorpios have a lot in common. They are both intense and mysterious; complex and private. In today’s competitive channel marketing ecosystem, if you aren’t able to read its body language, you won’t be able to compete with other suitors.
Global management consulting firm Bain & Company reports that companies with the most advanced data analytics capabilities vastly outperform the competition. These companies are twice as likely to be in the top quartile of financial performance within their industries, five times as likely to make decisions faster than market peers and three times as likely to execute decisions as intended.
Big-data-driven business intelligence (BI) is becoming a critical tool that helps companies outperform the competition and create new growth opportunities. Yet many balk at the idea. True. Old habits die hard and it’s difficult to completely embrace data analytics if you’re not sure how they can benefit your company.
First, let’s take some of the mystery out of big data. Big data is data sets so large that they can’t be exploited using traditional data processing. However, when combined with data analytics, they have the power to create completely new business opportunities.
Companies have long used internal-data-driven BI to acquire insight into resellers’ buying behavior and preferences so that they can encourage channel partners to increase purchases. But internal data was limited to answering questions companies knew they needed to ask according to pre-defined business parameters. For instance, creating highly specific segmentations according to the buying habits of their channel partners.
Used in combination with a loyalty program, this traditional form of BI can identify a partner’s sales strategy and deficits, map relevant channel incentives that will drive the wanted behavior, and provide customer-tailored calls to action.
Moving forward, BI using big data allows companies to access third-party data – including that of competitors. That’s where BI gets really interesting. Given the proper data analytics, big data can be used to identify existing resellers who also represent the competition, find new resellers that cater to your end-customer base, identify new resellers that only work with defined competitors, and design partner attack campaigns to win over new partners.
Big data is fundamentally changing the way companies compete and do business. Puzzling and unique, companies willing to invest in big data and learn its language will create new operational efficiencies, new revenue streams, a differentiated competive advantage and entirely new business models. So don’t you think it is about time to ask big data out?