Ben Morris owns a company which sells psychographic data to large corporations. He explains what it is and how it can be valuable to even smaller companies.
Ben’s comments:
I have worked for all of these different businesses using big data and it works with every business to consumer product or service. The reason why is very simple. It is not about what you’re selling, it is about the people who are buying what you are selling. If you understand the people psychographically you can sell them whatever you want to. You can even craft products you do not have based on what they want. And I always joke that I have worked for everything from mobile homes to funeral homes. It is really true.
And it works for any type of business to consumer. Because think about it. Who comes down and buys a mobile home from Mars, then goes back and doesn’t do anything else? No. People have regular, ongoing habits and they may buy a home. They may buy a vacation. Then you start to see patterns. And that allows you to sell people other things beside just in your niche. The applications are for paid search, direct mail, email, copy, upsells, customer retention. Those are just a few. And, like I said, it is about the person buying the product or service. I’m going to tell you some practical applications because it is happening every day, and it is happening in some of the most…this is to me odd but Wal-Mart does big data analytics to determine, based on the store, how many of a particular waist size of a particular style of jean are going into a particular store.
Now, if you think about it, that makes sense. Because if you have a bunch of people, if you ship a bunch of 44 inch waist jeans to a store in rural somewhere and there’s nobody that is 44 inches, you’re going to have to do something. You are going to have to mark them down. You are going to have to send them to where the 44-inch waists are. And that kind of predictive analysis allows you to be a more efficient retailer.
Top companies use big data every day to grow market share. Knowing what to do with the share and being able to take this big information that is out there, like all the people who visit your website they all have browsers, they all have screen resolution. They all have certain types of…are they coming in off of mobile? All of that creates millions of data points if you are able to make them make sense within your own buying you can realize if someone is coming to the site and they have a certain kind of browser that they have a high probability of being able to buy a certain type of product.
And we do that with our clients.
For more information about the Action Seminar, go to http://www.actionseminar.com/
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