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Monday, May 07, 2012

Big Data - CRM by another name...?

The IT revolution has gathered steam with predictive data analytics (of  known customer data) catalyzing  enterprise fortune.  In came CRM with a lot of noise and indeed it was noise and not much.  People got frustrated as most marketing campaigns based on abstract data analytics misguided product launches and promotions religiously backfired, delivering lemons on their balance sheets. Company management lost interest besides money and CRM had its obituary written, for no fault of its own because it was the excessive expectation to blame. Not the concept itself because customer data is always valuable.

This is exactly what is being nicely clarified by Peter Fader, Professor at Wharton Business School while he says "There is a "data fetish" with every new trackable technology, from e-mail and Web browsing in the '90s all the way through mobile communications and geolocation services today. Too many people think that mobile is a "whole new world," offering stunning insights into behaviors that were inconceivable before. But many of the basic patterns are surprisingly consistent across these platforms. That doesn't make them uninteresting or unimportant. But the basic methods we can use in the mobile world to understand and forecast these behaviors (and thus the key data needed to accomplish these tasks) are not nearly as radical as many people suspect."

Superb elucidation... Hats off to Prof. Fader...!

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