October 1, 2018

Big Data's Impact on Consumer Research and Strategy

Customer Identity Strategy Blog Post

When it comes to the dynamic nature of marketing and advertising climates, stagnancy is rarely recommended.

 

That’s why it may seem unfathomable that consumer research tactics have seldom adapted since the folks at Arm & Hammer discovered that their customers were putting baking soda in their refrigerators to keep them fresh.

 

But now, marketers are no longer confined to surveys, interviews, and focus groups. Consumer research is finally following the lead of Arm & Hammer’s customers and freshening things up big-time.

 

Data scientists and smart data-led marketers today are creating methods that improve and expand upon the insights coming from traditional qualitative and quantitative research. As a result, consumer research as a whole is embracing a new wave of audience understanding thanks to the help of Big Data.

 

That’s right — Big Data just so happens to be the next big thing for consumer research.

 

By layering in Big Data, brands can develop a comprehensive Consumer Identity Strategy (CIS): an authentic and evolving portrait of a consumer and their purchasing journey informed through persistent evaluation of online and offline behavior coupled with demographics and psychographics.

 

The idea of observing people’s actions, habits and behaviors may not seem all that groundbreaking. But being able to observe consumers at scale and use data models based on behavior is, in fact, disruptive for marketers and is rapidly becoming the core of every identity strategy.

 

By augmenting self-reported surveys, behavioral data analysis builds a picture of a consumer based on their actual behaviors. These behaviors can range from what they purchase online and offline to behaviors as specific as what time of day they like to shop or how often they actually go to the gym.

 

To see how Big Data and CIS play out in real-life scenarios, just look at Netflix — a company who learned early on in its life cycle that actions speak much louder than words.

 

 

>> Read more about how this streaming giant succeeded in using Big Data-driven consumer identity strategy by downloading our complete white paper here.

 

 

Netflix grew their business by using behavioral data that showed true consumer behavior. On top of that, this data helps reveal counterintuitive results that may go against what society or individuals believe to be true.

 

When this behavioral data is layered onto more traditional methods of qualitative and quantitative analysis, brands are then able to truly identify their consumer in ways traditional research methods had not made possible before Big Data came into play.

 

Now’s the time to be bold and lead with the best tools available.Get a deeper look into the power of behavioral analysis and AMP Agency here by downloading the white paper, or visit AMP’s website: www.ampagency.com.

Topics: Consumer Insights, Consumer Research, Consumer Behavior, Lookalike Modeling

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