Big Data. Unlock the potential of Big Data to transform your business.
Why are “Crossing the Chasm” and Big Data synonymous? Let’s visit Geoffrey Moore’s “Crossing the Chasm” principle.
Moore’s description has become the iconic phrase of what is required to beat the odds and turn your product from loss or breakeven into a world-class profit making product, returning value to all stakeholders.
Again, this principle is based on the well-understood Product Lifecycle model. Moore’s focus is on establishing bridgeheads and delighting a niche. This is fundamentally about providing the most valued features set to the specific target audience and setting the prioritisation around that. It’s keeping the key client or user group within the early majority as the strategic focus.
The reason for this is because of advocacy. In technology and high-end purchases, customers are orientated towards personal recommendation.
In terms of where Radtac can help, this is about ensuring that the concept of Cost of Delay is not just understood, but actively involved in prioritisation and decision making. Getting the right data on which of these decisions to make is going to be increasingly less dependent upon historical data, and more driven by real-time or recent data.
The Big Data Analytics model is the ability for companies to actually mine the current customer behaviour and feedback on their products, features or innovations, and build that into prioritised efforts of investment in delighting the customer with “customer driven requirements first”. Such prioritisation then has real data supporting the Cost of Delay decision associated with doing or not doing a product feature. This is not to say that product changes have no value if not prioritised; it just means that customers are telling you what the priority should be, otherwise they will not use the product as much, as widely or even at all.
Below is a simple diagram of how big data has evolved from something we were unable to use to a key strategy in prioritising customer focused development.
Historical data cannot not be ignored – but it needs to be contextualised. An example could be in the prediction of weather, or the likelihood of risk in the insurance market as relates to, say, flooding or natural disasters – then historical data wins the day as a predictive tool of what should happen in the future.
In customer driven decision making Big Data and near real-time response are key. As these decisions are behavioural and cultural, not data-driven, they are highly influenced by advocacy and peer group referral. The cycle time is not driven by historical data, but by personal and group preferential behaviour. This article covers many of those issues: e~Commerce and Omni-Channel tools in Howeware shopping.
From the article above we see a very specific reference to the issues that are faced by retailers. The excellent infographic provides real data on how mobile and mobile apps are influencing buying decisions, but can also provide real time feedback on which purchasers are looking at which products in which context. To maximise customer value, this data needs to be harvested and used to support the customer to make the best value decision for them.
Aviva have also used gamification and mobile apps to stratify risk and insurance products for different customers. Below is a screenshot from their website:
This is a simple example of how they can collect data, use it in real time to improve the customer experience, and help customers, while also helping themselves towards better risk management and business decisions. It is a great use of Big Data and Analytics that will bring great customer value while providing great Company value too.
To achieve this level of change in priority and data use, you need to adopt methods of working and an internal culture that accept this approach, that see the Internet of Things as a value creation opportunity supported through Big Data and Analytics.
Radtac has helped many clients over the years to inspect and adapt what they do, so that the business can adopt a better, customer-valued way of working.