In recent years, companies have bowed down to big data and hailed it as the next game-changer. But even as big data keeps getting bigger, its promises somehow seem smaller. It’s a common sentiment. Even marketers and executives at sophisticated Fortune 500 companies are struggling to wrap their arms around big data and mine it for unique, actionable insights.
It’s true that leading companies now understand their consumers better than ever before. The trouble is, their competitors have access to the same data. And as a result, when marketers are asked how their knowledge differs from that of their competition, many are left scratching their heads. The answer is, it’s probably not different. Everyone in the fast-moving consumer goods industry is looking at the same behavioral, demographic, transactional and share data, which offers only a rearview mirror view of a category’s dynamics.
Author: Chris Fosdick