I’m working on some interesting stuff as it relates to both bigger businesses as well as small businesses. I’m interested in how better use of data could open up a whole big slice of not-yet-tapped economic value for companies (again both bigger and smaller). It’s times like this where I feel bad for people who think I’m the “social media guy.” I’m thinking about velocity as it applies to marketing. Meaning, if we knew something faster, could we add more value and help someone better?
Velocity as a Marketing Tool
I was in Atlanta the other day for 20 hours. During that time, the services that would have been of value to me might have been:
- limo service (that was covered, but just listing it).
- local gym
- grocery delivery to my hotel room (so I could eat off my plan, not the room service).
- potentially clothing (what if my shirt was stained?)
- local attraction (short visit).
- good restaurant (matching my criteria, not just Yelp).
On top of this, I want my hotel to know that plugs are more important than a view (in this case, I had both. My room had like 124,974,712 plugs). I want to know where the local Target and/or Staples are, in case I need something. Maybe a drug store, too.
All of this is doable. And I can search and do the work on all of that.
But can you see how cool it would be if you could capture some of those dollars? I’m forever looking at every guest in a hotel and thinking that it’s a pity they couldn’t be better monetized. And when I think that, I’m not thinking “milk these guests out of their money.” I’m thinking, “what might these people need to make their stay phenomenal and who could serve that need?”
That’s just one use case. But to me, there are TONS of ideas where VELOCITY of data will become important.
A Report is Yesterday’s News
When Rob and I are running a course registration (like we are for Earn More Customers right now), he messages me at every $500 or $1000 we earn. He also tells me open rate and click information. I get it in near-real-time during the week we’ve got a cart open for our business.
MOST people look at data in the abstract, or as some kind of “how’d we do last month?” experience. The opportunity, and it’s a bit tricky for us to grasp for our various business models, is how to capture the real time data more effectively, and deliver value to that market.
This Won’t Be For Everyone
Local businesses will often benefit from this velocity-driven marketing. The faster you know someone with dollars (rupis, marks, whatever) is sitting outside your shop, the sooner you will know whether there’s a match for what you offer.
But maybe if I’m Samsung and trying to sell my nifty new phone, a different approach will be necessary. I was just thinking about the value of motion sensor data, for instance. Imagine I’m BestBuy, or rather, the AT&T person inside BestBuy. What if every time one of the phones is picked up off the little display, a little tally is added to a list somewhere? And what if, related to that, the LONGER the phone is off the display bace, the more I can presume people were looking at it?
Set a threshold on some part of that data, like “if someone’s holding it for more than 30 seconds, buzz me,” and you could have a faster potential response to serve time.
That’s what I think is cool. Velocity into value.
There’s something for us to think about here. It’ll just take a little bit of time to make it make sense for our businesses, and how to implement it.