Big Data is one of the hottest topics these days. Target made news last month when the NY Times published an article showing how Target identified and targeted pregnant women. Other retailers have been scrambling to figure out the best ways to use their rich data as well – including previous purchase history, web browsing behavior, social media, customer service interactions with the company, and activity resulting from marketing in different channels.
Companies are using Big Data for marketing attribution, optimizing across channels, and triggered marketing programs as well as for ad hoc analysis to run their businesses.
Shik N. Lyttle, spokesperson for leading retailer Poultry Barn, indicated that unlike previous studies, a recent ad hoc analysis using Big Data concluded that the sky is actually not falling. This is a huge development for the retailer and forces the company to quickly pivot and make strategic long term decisions. “We had been working under the assumption that there would be a finite amount of time and were prepared to go out with a bang. Now we need to rethink our mission and how to execute a long term strategy. Without fantastic business partners at UpStream, we may not have realized this change until too late,” said Lyttle.
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