Move over yotta - show me the consumer!
Posted by Sankara Krishnan at 9:25 AM
So let's talk facts - 80% of the savings are in the western world and 80% of the growth is coming out of the eastern economies. The conservative eastern economies are still saving 30-35% while the splurging western mindset has borrowed heavily, some upto 200% of their GDP.
What this means is, suddenly, there are blue ocean markets and opportunities, massive ones, where growth is propelling spending. Spending of time on digital channels, buying of goods and services on commerce avenues, checking out on products etc.
All this frenzy is putting lot of data out there on the digital channels - FB, Twitter, FourSquare, PInterest, LinkedIn and many more. Data is growing at 48% YoY and is estimated at 3 zettabytes in 2012 (10 power 21 or 2 power 70). Expect several yottabytes (billion zetta) out there in a decade.
Now you are sitting up! This isn't a boring blog.
The brand manager, in order to run targeted campaigns, had to earlier contend with getting right data from brick n mortar, from directories, shops etc. Today, she has to overcome the digital data deluge and dig deeper, sift and sort and mine among the yottabytes, to find and understand consumers and their friends who are potential consumers. Every 'footprint in the sand' needs to be captured. Not every prospect and consumer is going to create a footfall in your ecosystem and hence every 'footprint in a foreign sand' also needs to be brought in - digital, analog, physical and every domains in-between.
My argument is that Digital platforms must have the ability to handle unstructured, semi-structured data in addition to the relational data across digital and physical channels and deliver the "real 360 view". This is one place where technology is behind the curve and this is one place where there is big opportunity today for the global corporations. "Real 360" is the answer to finding the consumer in this yotta.
What is your view on this zetta yotta thingie? Is all this relevant data? Is there a 'Real 360' possibility? Do you feel there is adequate technology today to support this? Are corporations and their ecosystems geared up to handle this? Tell us..