Big data isn’t the future, it’s the present. A company can find and target literally any group of people anywhere in the world and position its product specifically to appeal to it. There are those who choose to disregard the information available to them, perhaps because the sheer volume of data is intimidating and properly assessing it is difficult to the untrained eye.
That’s no excuse, because your competition won’t.
You got no time for the messenger
Got no regard for the thing that you don’t understand
You got no fear of the underdog
That’s why you will not survive
Ignoring the signs is one thing; having the data to make a move but sitting it out due to fear or adherence to tradition is negligence.
You have to change the game.
You should constantly be reevaluating your brand value and how it compares to the competition. You can and will be overtaken if you allow yourself to stagnate – Big Data more than gives you the opportunity to evolve and expand responsibly and responsively.
As Stephen Shapiro writes in Best Practices are Stupid, your differentiating capability should be different from your leading competitors.
“When you are playing catch-up, changing the rules is critical. It is hard to beat someone at their game.”
According to Bill Stolte, Executive Director at Merck, the key is linking “analytics to specific, measurable outcomes.”
Proper use of data should not be a knee-jerk reaction; if you’re going by the numbers, you have to respect the numbers and not attempt to spin them to achieve a certain result or confirm a bias.
With a wealth of information at your disposal, it’s tempting to misuse it.
Accenture Director Jim Golden argued that “economic conditions, notably shrinking budgets, along with politics, healthcare systems, changing information technology, talent shortages, and medical advances will force big data experiments. Big data and data analytics experiments will be pushed by both the private and public sector as changing patient needs and new regulation drive fundamental change.”
Changing factors and a rise in new competition will force you to both learn to read the big data tea leaves and adjust to meet the needs of the people you’re trying to reach.
That’s the heart of innovation – better serving existing customers and making strides in directions that expand the value of your business to new markets.
Numbers can be misleading and used to mislead – but trusting only gut instinct when is foolish when the tools exist to make informed decisions and tailoring your brand to connect with people your target audience possible. marketing can help you appeal to those desired groups – sometimes, even repositioning your existing product in a new light can make it seem shiny and new.
Maybe what you’re doing is good – you just need to change people’s perception of it and draw more attention?
Either way, the measures exist!