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Ed Wolf, Head of Sales, and Abhi Yadav, CEO of Zylotech, discussed big data and the digital landscape ahead.
What are some of the most common mistakes you see clients/brands making in terms of big data?
Some mistakes we see usually have to do with brands not having a plan for how to make the massive volumes of data they have useful and insightful for their business. While most brands these days are good at collecting the data from their various channels (online, in store, mobile, email, etc..), they are less successful at identifying and unifying the customer across these sources of data, thus making it difficult to get a true view of their customers. Without this “360” customer view, even the best loyalty campaigns will fall short. – Ed Wolf, Head of Sales, Zylotech
One of the biggest issues we hear is brands not knowing which data is important and which is not applicable. How can brands sift through the “mess,” to figure out what’s most important/relevant to their needs?
This is one of the potential drawbacks to brands having so much customer data—without a strong analytics platform in place (or an army of expensive data scientists) to study behavioral patterns and draw relevant conclusions, it is very difficult to glean actionable insight from the data. Brands can mitigate against this in a few ways—deep “micro-segmentation” of their customers to study niche groups and see how they behave, A/B testing or test vs control campaigns of offers and promotions to see what moves the needle, and a system in place to accurately report and measure on this. – Ed Wolf, Head of Sales, Zylotech
Where do you see the digital data landscape trending towards in the coming years?
Digital data continues to grow not only from each consumer but by the increasing variety of devices. In particular as IOT picks up and goes mainstream, it expands the avenues from which marketeers can access behavior and usage data that is valuable for analytics and personalization. Similarly, AI is moving rapidly from newbie to mainstream as everyone from kids to seniors are using Alexa, Siri, Google or Jibo, contributing to the embedded chat-bot space. Lastly, given this massive data set, consumption remains a challenge and it may be that conversational UI will help. However, the digital data landscape is not just growing, but continuing to evolve, and embedded AI is becoming a new normal. – Abhi Yadav, CEO & Co-Founder of Zylotech
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