Big Data can provide marketers and customer experience professionals with a wealth of information about customers such as web pages they've visited, sentiments they've shared about brands on social media sites, and other information that can provide insights about customers' preferences, needs, and behaviors. But in some cases, opportunities to engage with a customer or to improve a customer's experience occur at a particular moment when marketers, customer care associates, and other customer-facing professionals require access to real-time customer data. This is where some companies are beginning to leverage the use of Fast Data to apply in-the-moment customer data to help create relevant and personalized experiences at critical points in the customer journey.Simply stated, Fast Data is data as it's being generated, such as click-stream data or sensor data. Many companies have has trouble acting on real-time data, including unstructured data such as audio files, largely because they lacked the tools to do so.
The recent emergence of Fast Data tools are making it possible for marketers and other customer experience professionals to instantly analyze and act on customer data as it's being created. For instance, let's say a loyal customer is viewing web pages for golf equipment on the website for a sporting goods retailer. This behavior can be combined with the customer's transaction history along with insights about offers that have been sent to customers with similar characteristics to instantaneously extend a personalized and relevant offer.
Fast Data can also enable customer-facing employees to more quickly identify a customer who's at risk of churning based on keywords a customer has shared in a customer service interaction or in comments posted on a social media site. That information can then be used to take actionable steps to help retain a customer before it's too late.
There are numerous ways for companies to respond to in-the-moment opportunities with customers. This will only rise with the advancement of wearable technologies and as customers continue to increase their use of digital channels.