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Analytics and Dynamic Customer Strategy. Big Profits from Big Data. Edition No. 1

  • ID: 2766402
  • Book
  • August 2014
  • 256 Pages
  • John Wiley and Sons Ltd
Key decisions determine the success of big data strategy

Dynamic Customer Strategy: Big Profits from Big Data is a comprehensive guide to exploiting big data for both business-to-consumer and business-to-business marketing. This complete guide provides a process for rigorous decision making in navigating the data-driven industry shift, informing marketing practice, and aiding businesses in early adoption. Using data from a five-year study to illustrate important concepts and scenarios along the way, the author speaks directly to marketing and operations professionals who may not necessarily be big data savvy. With expert insight and clear analysis, the book helps eliminate paralysis-by-analysis and optimize decision making for marketing performance.

Nearly seventy-five percent of marketers plan to adopt a big data analytics solution within two years, but many are likely to fail. Despite intensive planning, generous spending, and the best intentions, these initiatives will not succeed without a manager at the helm who is capable of handling the nuances of big data projects. This requires a new way of marketing, and a new approach to data. It means applying new models and metrics to brand new consumer behaviors. Dynamic Customer Strategy clarifies the situation, and highlights the key decisions that have the greatest impact on a company's big data plan. Topics include:

  • Applying the elements of Dynamic Customer Strategy
  • Acquiring, mining, and analyzing data
  • Metrics and models for big data utilization
  • Shifting perspective from model to customer

Big data is a tremendous opportunity for marketers and may just be the only factor that will allow marketers to keep pace with the changing consumer and thus keep brands relevant at a time of unprecedented choice. But like any tool, it must be wielded with skill and precision. Dynamic Customer Strategy: Big Profits from Big Data helps marketers shape a strategy that works.

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Foreword xi

Preface xv

Acknowledgments xvii

Part One: Big Data and Dynamic Customer Strategy

Chapter 1: Big Strategy for Big Data 3

Beyond the Hype 4

The Value of Accelerated Learning 6

Introducing Dynamic Customer Strategy 7

DCS Complements Design School 19

Barriers to Big Data and DCS 20

Summary 24

Notes 24

Chapter 2: Mapping Dynamic Customer Strategy 27

Theory as Strategy 28

Concepts 29

Relationships 31

Establishing Causality through Control 34

Conditions 39

Making the Model Operational 40

Target’s Behavioral Loyalty Model 40

Simple versus Complex Models 42

Summary 43

Notes 43

Chapter 3: Operationalizing Strategy 45

Conceptual to Operational 45

Operational Definitions 48

From Strategy to Action 53

Microsoft’s DCS and Fail-Fast Mentality 53

Experiments and Decisions 54

Managing Decision Risk 57

Using Big Data Effectively 59

Summary 63

Notes 64

Part Two: Big Data Strategy

Chapter 4: Creating a Big Data Strategy 69

Avoiding Data Traps 70

An Airline Falls into a Data Trap 71

Creating the Data Strategy 73

Summary 83

Notes 83

Chapter 5: Big Data Acquisition 85

Measurement Quality 88

The Truth and Big Data 89

Acquiring Big Data 90

Making Good Choices 98

The Special Challenge of Salespeople 99

Summary 100

Notes 101

Chapter 6: Streaming Insight 103

The Model Cycle 103

Applications of Statistical Models 108

Types of Data - Types of Analytics 112

Matching Data to Models 113

Summary 118

Chapter 7: Turning Models into Customers 119

Mac’s Avoids Mindless Discounting 120

Decision Mapping 121

Conversations and Big Data 123

Cascading Campaigns 127

Cascading Campaigns Accelerate Learning 130

Accelerating the Process with Multifactorial Experimental Design 131

Summary 133

Notes 133

Chapter 8: Big Data and Lots of Marketing Buzzwords 135

Customer Experience Management 136

Value and Performance 138

Performance, Value, and Propensity to Relate 140

Responsiveness 142

Citibank MasterCard Responds at Market Level 143

Transparency 144

Community 146

Cabela’s Journey to Customer Experience 147

Summary 149

Notes 150

Chapter 9: Big Data Metrics for Big Performance 151

The Big Data of Metrics 152

Variation and Performance 154

Creating a Tolerance Range 156

Visualization 158

Creating the Right Metrics 164

Summary 170

Notes 170

Part Three: Big Data Culture

Chapter 10: The Near-Simultaneous Adoption of Multiple Innovations 173

Building Absorptive Capacity 176

People, Process, and Tools 177

Managing the Change 183

Empowering Your Entrepreneurs 188

Konica-Minolta’s Awesome Results 190

One Result: Customer Knowledge Competence 191

Global Implementation 193

Summary 194

Notes 195

Chapter 11: Leading (in) the Dynamic Customer Culture 197

Leadership, Big Data, and Dynamic Customer Strategy 198

Leadership and Culture 203

Movements 207

Exploiting Strategic Experimentation 212

Big Data, Big Decisions, Big Results 213

Notes 213

Afterword 215

Additional Readings 219

About the Author 221

Index 223

Note: Product cover images may vary from those shown
John F. Tanner, Jr.
Note: Product cover images may vary from those shown