What seems like a media or social media trend is now a necessity for companies on their way to digital transformation.
Jesús Fernandez
America Retail
September 6, 2021
Big Data, which will reach 260 billion dollars by 2022, is one of the key elements for decision making, building strategic models and undoubtedly for the creation of new marketing and sales strategies. However, it is still a poorly understood tool.
According to experts at Findasense, a global customer experience company, Big Data enables the processing of volumes of data quickly and accurately, answering questions quantitatively, focusing on what, how, when and where. While the data focuses on intrinsic responses to the activities of a consumer or a group of people, it does not answer the question that gives value and meaning to all those responses, the why.
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To understand the reasons why people buy one product and not the other, or why sales fell, it is necessary to talk about context, and that is where Thick Data comes in.
Thick Data fills the gaps that Big Data cannot fill, it is qualitative data that reveals consumer behaviour in the rational sense of the word, emotions, feelings, intentions. We know if they buy out of necessity or to join a trend that they like or that favours them", says Valeria Quintero Fadul, Findasense expert. The relevance of these two methodologies is such that it is already among the priorities of many companies, the global firm KPMG states that 75% of managers say that data analytics is one of the four most relevant emerging technologies or enablers used by companies to improve competitiveness.
According to Findasense, focusing on the customer experience is one of the priorities of companies for this and the following years. Integrating Big Data strategies (clicks, views, online shopping and form registration) with Thick Data (surveys, interviews, observation, focus groups, among others) will expand consumer knowledge through the identification of moments, trends, research, market, service, product, etc.
Today, in the face of new market demands and accelerated digitalisation, different industries are already investing in data generation and analysis of consumer behaviour with different ways of processing, consuming, analysing and interpreting information. Having a holistic approach to both Big Data and Thick Data technologies will allow us to have a complete picture of changing customer needs in order to explore different strategies.
"Choosing the right methodologies for projects, campaigns or business plans requires a thorough analysis of the state of the company and its needs. Valeria Quintero's analysis reinforces the need for comprehensive strategies in which companies have strategic allies who know how these types of tools work in order to be able to transform data into consumer experiences and understand them as users," said Mariano Russo, CX Client Success Business Strategy Lead, Innovation Leader at Findasense.