BIG DATA, MARKETING AND LISTENING TO CUSTOMERS IN ORDER TO CREATE VALUE

 

MICHAEL GERMANO

ASSOCIATE LIBRARIAN/PROFESSOR

UNIVERSITY LIBRARY AND DEPARTMENT OF MARKETING

CALIFORNIA STATE UNIVERSITY, LOS ANGELES

 

CONTACT: EMAIL: MGERMAN@CALSTATELA.EDU TWITTER: @PROFMGERMANO

IN THE NEXT HOUR…

How did we get here

Digital revolutions and knowledge production

Marketing analytics 101

Value creation and why it matters

The information professional as thought leader in organizations that analyze

Privacy and ethics

BEFORE WE START…

Lets talk about the big picture…

HOW DID WE GET HERE?

Convergence between technological changes and massive data creation

Rise of Terms & Conditions

Post-September 11th world of privacy erosion

Data companies always existed prior but exploded in the last 10 years

DIGITAL REVOLUTIONS AND DATA CREATION

Automation

Web 2.0

Social Media

Internet of Things

All create massive amounts of data that can be used for a variety of things—especially marketing

MARKETING

American Marketing Association

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (Approved July 2013)

MARKETING ANALYTICS

Process oriented marketing activities that use data to support decisions

Customer data & segments

• Demographic• Geographic• Psychographic• Benefit segments (how a product is used or perceived)• Behavioral

SOURCES AND TYPE OF DATA

Structured and unstructured

Internal and external sources

Internal: POS data, CRM systems, call center data, website metrics, mobile metrics

External: Social media and the interactive web

DATA ANALYTICS AND “SEEING”

Analytics allow for a past, present and future view

Seeing the past and present is nice—predicting the future is the holy grail of marketing

See how customers behave over time

Customer lifecycle management

DATA ANALYTICS AND “LISTENING”

Gain insight into customer wants, needs and benefits

Understand and predict “value”

Value is the core of marketing activities

VALUE

Marketing that is successful creates value

Value is not the same as price (can be related)

Value is the meeting of stated needed with a unique offering

Value= (Desire + Need)/(Feature + Benefit)

Listening to understand value and need is critical to marketing processes in the past this was laborious and expensive…

INFORMATION PROFESSIONALS AND ANALYTICS

The important role of thought leader

Internal consulting and selling

Leadership

Innovation

Ethics

RETHINKING THE LIBRARIAN ROLE AND ORGANIZATIONAL CONTRIBUTIONSHow do you put this in action?

What does it look like to redefine ones role or move into another sphere?

Nest steps:

1. Inventory current role and its effectiveness

2. Identify organizational needs

3. Network—create a support team

4. Create a “test” project

5. Execute

6. Get feedback

7. Sell results/outcomes internally