The digital fingerprints and footprints all of us create as we live our online lives are well-understood as major drivers of the Internet economy. Simply put, your data gets transformed into dollars as the collectors sell your profile to companies interested in acquiring more customers like you.
This dynamic partly explains the $3 trillion market capitalization of the so-called FAANG group of high-performing consumer-oriented tech stocks (Facebook, Amazon, Apple, Google, Netflix), each of which has amassed vast amounts of information about the consumers that use their products and services (and of the approximately 4 billion people in the world with Internet access today, if Alibaba is added to the mix the FAAANG usage is likely close to 100%.)
None of this should come as new news to anyone reading this blog, which only exists online, so ipso facto you’re a connected consumer. But all of us also lead offline lives, and those activities and interactions are far more difficult to capture systematically. You are more than the sum of your Instagram likes or Google searches or Amazon purchases or Netflix binge-watches, and even if all those digital personalities were consolidated, the picture of you would still be incomplete.
As we like to say at Cerebri AI, you are not a number. Each of has a unique set of experiences in life, and all those factual events collectively inform our feelings. Time plays a major role in this equation also, with the net result that, like the proverbial snowflake, no two customer journeys are alike. Are there similarities across journeys? Absolutely, but looking at the potential pool of customers from a top-down perspective is a blunt instrument incapable of capturing the nuances of the individual. And those nuances are often the difference between winning and losing a sale.
The FAANG gang have their disparate sets of detailed facts about you, and those facts are indisputably valuable (hence the $4 trillion market cap). But what about the rest of the Fortune 500? (The Fortune 495 to be precise.)
In the race to be more “customer-centric” than your competitors, large enterprises with millions of customers have something FAANG does not: potentially billions of data points encompassing years of transactions and interactions spanning sales, marketing, service and support — and importantly, not just from the digital engagements. All that’s required is that analog events, for example a call-center contact, a direct-mail postcard or a test drive at a car dealership, gets logged in the corporate IT systems.
In the age of AI, unifying all this individual data into truly comprehensive, unique customer journeys has the potential to drive massive value for the Fortune 495, if for no other reason than these “internal” journeys are both unique and proprietary. This is the critical first step of every Cerebri AI engagement — building one comprehensive journey per customer, at scale, so that every silo sees the same view.
It may be time to retire the “big data” buzzword in favor of “best data” as the latter term reflects the Cerebri AI view that in the pursuit of increased brand commitment, higher revenue and lower operating costs, quality (including factors such as relevancy, provenance, inclusion of offline events, and full historical view) matters as much, if not more than the quantity of data third-party FAANG insights can provide.