For some strange reason, I have been fascinated by data led marketing long before it became sexy! Over the last 2 decades, I have practiced as a CMO & then as an advisor to CMO's.
Over the last decade, customer data has exploded into the business world & created opportunities for multi-billion dollar companies. And now with over 15 to 20 billion connected devices, we have a brewing industry called IoT. The Internet of Things has the potential to fundamentally shift the way we interact with our surroundings. Every second, 80 new objects connect to the internet for the first time.The ability to monitor and manage objects in the physical world electronically makes it possible to bring data-driven decision making to Businesses, Citizens & Society at large.Companies who are able to develop what we call CustomerIQ will win in this data soaked future.
This blog is a collection of my musings & thoughts! Hope you find them useful & worthy of some thought & action!
Subscriptions are becoming more commonplace….we are beginning to see this trend across industry, even Fashion & Automobiles. Services like Stitch Fix (which went public in Q4’17) and Trunk Club (acquired by Nordstrom Q3’14) ship product assortments to members on a monthly basis. Clients can purchase the items they want to keep and send back the ones they don’t.As subscribers interact with styles online, share information about their preferences, and give feedback on items they do or don’t want to buy, the recommendation algorithms improve over time — like Netflix suggestions for your wardrobe. Over the course of the last year, a growing number of automakers including Volvo, Ford, Cadillac, Porsche, BMW and Mercedes-Benz have either launched or announced plans to launch car subscription models. Assurant and Liberty Mutual are among the insurers forging partnerships with automakers and startups developing car subscription programs.
IOT & digital businesses will produce an unprecedented amount of location-referenced data, particularly as 25 billion devices become connected by 2020, according to Gartner estimates. IoT will produce massive changes in all kinds of new data that organizations will start to get. And the Internet giants will be constantly mastering this space to sell you more media.
A look at the evolution of the fashion industry and where technology is taking it next, from AR/VR dressing rooms to temperature-changing fabrics and beyond. Stitch Fix has gone public in 2017 & True Fit, for example, just closed a $55M Series C round to bring its funding to $102M. The company’s big data platform facilitates capabilities like AI-powered fashion discovery and exact-fit clothing and shoe recommendations.With over 56 million registered users, the platform uses transaction data to determine customer preferences that “better personalize all touchpoints of the consumer journey” for brands, according True Fit CEO William R. Adler