The modern brand faces many challenges. In today’s world consumers exist in multiple locations, across many devices and they have different expectations of what a brand should be. That sets the bar pretty high for most brands forcing them to keep up with a consumer’s fast-changing needs and desires. From personalization to the user interface, the consumer has demanded that brands adapt and communicate with them on an individual level. Big data is helping to meet these needs and create a new kind of brand. In this way, data is becoming the new brand.
Most brands understand that data is important to the success of their business. But the brands that are really at the forefront of the digital revolution are the ones that have learned how to make the most of this data. Placing data at the center of business strategy is more important than ever. As the competition gets smarter, those that can find a way to utilize the data that is generated from this fast-changing world will be the ones that win.
Those brands know exactly what their customers want. They know when they want it. They know how they want it. And lastly, they know how customers prefer to receive it. This isn’t guesswork. Today, big data and personalized messaging form part of any successful brand strategy and brands have developed methods of generating data from their customers. They are effective in managing this data and are efficient in using it to understand customer success. Data-driven personalization is being utilized by more and more brands and involves using consumer-generated data to understand behavior and deliver engaging and personal experiences.
It has also begun to inform product development. Brands that get product development right are using data in product rollouts and to determine how new features are used to inform future product development. It’s not just about when and how much the customer interacts with the brand. It’s now about looking at where and why customers use a product or interact with your brand. For example, extra datasets, such as location can give far more insights into how your product is being used.
Lastly, data is helping brands to become predictive instead of reactive to consumer trends. The leading brands don’t just understand what their customers want they can identify these needs earlier than ever before and help brand management plan intelligently. Big data can help brands understand what consumers want and help find where these customers will be in the future; even predict where to open new stores.
At Kognitiv, we believe that the best platform for data capture and analysis resides in loyalty. In that construct, brands can develop comprehensive customer ID’s and begin to not only better understand purchase history, but understand a consumer’s aspirations, hobbies, personal passions and more. That data can expedite predictive planning and refine personalization in ways that was never before possible.
If you want to be a smart brand that can understand and predicts what the consumer wants you need data. To deliver that in a personal and engaging way you also need data. Loyalty programs can help brands ramp new protocols and drive results more quickly. That’s why data is the new brand and loyalty is its best accelerator.
