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How data will impact businesses in 2014
Data collection and analysis has matured over the past two years. Businesses are now using data to enhance not only traditional ad spending but native and programmatic spending as well. Even more, brands are using cloud-based data collection and analysis tools, giving them more control over what is collected and how that data is used. How will data impact 2014?
"[One] profoundly important trend can be found at the intersection of cloud services and big data tools and techniques. This trend is making analytics far more powerful, accessible, and affordable. Another key trend is the growing awareness for the importance of data governance (especially data quality). Without a strategic and sustained focus on data governance, big data collection can become a very risky and expensive endeavor," said Peter O'Kelly, Chief Data Officer, Shop Advisor.
Looking at 2014, O'Kelly believes more businesses will integrate the Chief Data Officer (CDO) role so that they can improve the collection and performance of their data across traditional and online ad spaces.
"I expect brands will use data to help drive customer affinity - an idea that goes beyond customer loyalty. If brands can use data to create unique, personal, and valuable shopping experiences, they will be able to develop and nurture long-term relationships that are rarely broken. Think Apple, or even Starbucks: higher prices and even occasional service disruptions aren't enough to stop customers from coming back. Consumers still value the brand's products and the experiences they reap when engaging across each of the brand's channels, because they enjoy more personalized and productive shopping experiences," said O'Kelly.
Customer affinity insights and related predictive analytics, says O'Kelly, have transformational impact potential, and I believe proper use and analysis of data are the only ways brands will be able to achieve the affinity-based insights and analytics, moving forward.
Image via Shutterstock
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