Next year is the year of relevant retail. And that means brands building relevant experiences around what consumers actually want. “That’s hard work, but it’s better than the status quo,” says Richard Vincent, head of consumer at Jack Morton in London, in the agency’s 2014: 10 Things that will Matter for Brands report. “Last year there was a lot of talk about ‘showrooming’ and other presumably negative consumer behaviours that were seriously troubling to retailers. This year, the brands that are growing are the ones that embrace consumer needs, for example promoting their in-store experience as mobile-friendly.”
KPMG is looking to invest up to $100 million in big data and data analytics outfits in Europe via the KPMG Capital fund in London.
Big Data is changing the marketing function according to marketers – over half of them say it is now ‘very important’ with 62% saying their job had already changed as a result, according to a UK survey conducted by GfK for The Guardian. Marketers also believe that, as they get access to more Big Data, consumers will be expecting marketing messaging to be more targeted to their needs. However, just 30% consider marketers are well qualified to handle the challenges of Big Data. ‘How many marketers currently even know what an algorithm is – let alone how it can determine product development, placement, price etc?’ asks one respondent.
Wednesday’s metric. Half of brands using big data for their marketing have exceeded their goals, according to a survey of US senior marketers conducted by Forbes and Rocket Fuel.
The future holds exciting opportunities for consumers and brands alike, as we found in The Digital Trends, research conducted by Microsoft, Future Laboratory and IPG Mediabrands, says Andy Hart*. The aim of the research was to help brands understand the future of digital behaviour and technology through the eyes of consumers. The results tell a fascinating story of changing expectations, desires, behaviours and attitudes towards devices, platforms, brands and services.
IBM recently worked with a major movie studio to build a box office prediction model based on online audience behaviours. The goal was to determine if there was a predictive relationship between social data and ‘Opening Weekend Box Office’ (OWBO). IBM also needed to determine which variables are the strongest predictors, how accurately box office performance can be forecast, and what kinds of film have a higher or lower forecast accuracy. “Movie marketing’s most critical KPI is OWBO, but until now marketers had yet to find an approach to correlate audience behaviour with box office outcome,” writes Graeme Noseworthy, strategic messaging director for big data for marketing, media and entertainment at IBM.
IBM has rolled out the Accelerated Discovery Lab aimed at helping clients discover unknown relationships from disparate data sets.
As data analysis becomes more cost-efficient, the science becomes more sophisticated and consumers generate more measurable data than ever, so retailers will increasingly be able to predict customer behaviour, needs or wants, and precisely tailor offers and communications, says JWT in its Retail Rebooted report. The mobile web, a key source of data, gets more than 200 new users a minute. And smartphones are laden with tools that help owners navigate the world, like geo‐location apps, which feed back info on a user’s travels. And apps collect user data for their providers. And the phone’s evolution into a mobile wallet and hub for digitised versions of the likes of tickets and coupons will deliver floods of data on consumer behaviours.