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We’re excited to release the findings of BMC’s latest Big Data survey in a new report. The results suggest five key questions that retail leaders who see value in big data should be asking themselves in order to capture competitive advantage.
1. How is your market changing?
How far have your customers moved online, and what does this say about what they’re looking for and not getting today?
2. Where are your biggest opportunities to win business?
It's important to bring a strategic focus to the decision of where a company applies big data. Don't forget to ask the big questions first.
3. Which communications channel will have the greatest impact?
While omnichannel customers want to communicate in multiple ways, some channels will have a greater impact than others. Find out which channels your customers are using, then use test and learn to put the right tactics in place.
4. How do you tap the creativity and power of your larger community?
Open up! One way to get the maximum value from big data is to share it with all who can add some value, from store employees and suppliers to customers. This will speed up identification and implementation of innovative strategies and tactics.
5. What’s the best way for your company to capture the benefits of big data?
Here’s the dilemma: The retailer who moves first will capture the majority of the competitive advantage, but most retailers don’t have the capability to be first-movers. Partnering with innovative providers is a potential path, but it also requires balancing possible rewards with increased risk.
Check out the report below or download a copy. What do you see as the main messages for retailers coming from this latest research? Are these five questions useful? What else needs to be asked?
- CPGs leverage customer retail analytics
- The RIGHT big data reveals the true influencers
- Former Tesco CEO on the economics of data
- What's needed for retail to realize the full potential of Big Data & Retail Analytics (blog)