SXSW Recap: Real Time Data

Fourth in a Series

Does Real Time Data Make Us Better Consumers?
Josh Reich - CEO, BankSimple

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I love data. It doesn't get the mainstream coverage like social media - until lately that is. For over two years I've been talking about how "...data is the only thing that matters..." much to the delight of those around me I'm sure. Now though...data, big data, and enterprise data are words that you read on blogs, in magazines, and hear about everywhere.  This session was basically made for me.

This was set up as what SXSW calls a 'Core Conversation' where the attendees are expected to help lead the session and guide the discussion.  In attendance was Felix Salmon from Reuters, he had some great input. Felix is probably one of the most well known finance bloggers. I had the opportunity to meet him last year at a session he was moderating on innovation (or lack of) in online banking.

The conversation kicked-off by yours-truly talking about real time data and its impact on the health and fitness industry.  New gadgets like Fitbit and the Nike Fuel Band now provide real time feedback in our search to be healthier. This was quite serendipitous, as Johan Voet from Foodzy was in attendance to discuss his platform and how they use real time data.

Other applications were discussed and services such as Chartbeat were talked about.  Chartbeat actually provides real time analytic data for multiple industries. Data visualization as a whole was briefly talked about and how it provides much needed context for often overloaded 'data consumers' - now that so much data is available.

Because so much data is available, and so many things can be measured, there was some lively talk about measuring the right things.  What is the impact on behavior with so much feedback? Are we effecting change on the correct behavior? Deep questions with only an hour to discuss.

There's no getting around it - there continues to be tremendous investment in data resources and I think the wave of start-ups focused on leveraging and finding new uses for data will grow exponentially.

"Data: it's the only thing that matters!" - Me

2012 SXSW Interactive Photos

Photos from SXSW have been posted!

Click here to check them out.

Understanding Data isn't an Option

Fantastic article from McKinsey Quarterly on Big Data and what it means for your business.  Understanding what data you have and how to put it to work for you is not a "nice to have" anymore.

Excerpt:

The top marketing executive at a sizable US retailer recently found herself perplexed by the sales reports she was getting. A major competitor was steadily gaining market share across a range of profitable segments. Despite a counterpunch that combined online promotions with merchandizing improvements, her company kept losing ground.

When the executive convened a group of senior leaders to dig into the competitor’s practices, they found that the challenge ran deeper than they had imagined. The competitor had made massive investments in its ability to collect, integrate, and analyze data...

Read the full article here.

Data Driven: Foursquare & Zagat

Social media sites don't always make it easy for advertisers to segment and market directly to consumers - and most users of these sites don't necessarily want to be marketed to while they're trying to have conversations with friends and family.

But sometimes there is just an application of marketing that makes sense...something that just feels perfect.  It's really the right message - at the right time. And, it usually involves understanding and leveraging data.

Back in October I was on a business trip in Seattle...and we walked from our hotel to meetings about six blocks away each day. One morning, while on the walk, and before we darted through the Occupy Seattle protest site we ducked into Andaluca, a little spot on the corner of Olive Way and Fourth Ave - just a few blocks away from the Pike Place Market.

In my travels, I always make a habit to check in on Foursquare - mostly because of the tips that people leave.  I've learned more about restaurants and dishes from those tips than I would learn in two or three trips to restaurant - if I had the time to go that often.

Upon my check in at Andaluca, I was 'rewarded' with the 'Foodie" badge.

The 'Foodie" badge is offered to users who have checked-in to five Zagat rated restaurants.  It also comes with a 50% off offer code for a premium membership to the Zagat website.

In this case, Zagat has successfully used its data from which restaurants they have reviewed and matched it with user behavior and check-in history data to offer a compelling offer code to those most likely to be interested in their product.

Instead of blasting out a 50% off offer code to everyone, regardless of their level of involvement with dining, they have been able to reach a very specific audience using actual user behavior - based on historical data.

Understanding your data and getting it in a place where you can use it can make all of the difference between a boring campaign to existing contacts and a powerful, targeted, lead-generation campaign that yields customer acquisitions.

Do you know where your data is?