Most discussions involving big data focus on the needs of Big Sport, Big Businesses and Big Political parties, even though some of us find it difficult to see the difference between them. We all read about the big data technologies and methods deployed for the benefit of marketing organizations. Sometimes that was done to the detriment of consumers’ privacy and caused calls for additional regulation.
However, the advances in big data methods and technologies can directly benefit multiple constituencies, including consumers, and without infringing on their rights to privacy. Here are some examples:
Deep analysis of online customer reviews in conjunction with pricing information can help consumers to find an outstanding value as illustrated in the example below. You can find the details by clicking on the link to the article. All the relevant data came from publicly available sources and was supplied voluntarily by the guests of the concerned hotels.
Deeper analysis and mining of the same data can help hotel managers to get a better understanding of what differentiates their property, in the guests’ perception, from other properties in that area. Such mining reveals root causes behind NPS numbers. The traditional, not involving big data, methods of uncovering such intelligence require series of relationship and transactional surveys. Correlation of such findings with occupancy rate patterns will likely to produce actions that result in gaining competitive advantage. Below is an example of intelligence that can be produced by such mining of opinions.
The attributes in the table above are listed in order of frequency with which the guests have mentioned them in their reviews.
Similar analysis can be performed
- to reduce retail merchandise product returns which aggravate consumers and diminish margins
- to increase advertising effectiveness by focusing on attributes that are most important to consumers (most frequently opined on),
- to create innovative products
In summary, big data is not about a size and number of data sets, it is not about mega technology investments or invasion of consumer privacy. It is about using more than one source of internal or external data to answer legitimate, real and practical questions that benefit your customers and your business.