December 4, 2012
Kate Middleton and husband William are expecting their first child and the world is breathless! Will this save us from the fiscal cliff, as one homeless person’s cardboard sign stated in New York City? Will the future king or queen be able to remove that darn sword in the stone? And what, pray tell, does this have to do with Social CRM / Big Data? As it turns out, plenty.
First, it boggles the mind how seemingly normal, sedate and supposedly sensible people – especially journalists – get positively giddy when there is even a tiny morsel of news about the British monarchy. However, when this news concerns a royal baby, exclamation points come by the dozen and even Kim Kardashian, well-known for her subtle intelligence, had an articulate comment (“Aw! A baby! So cute!”).
In a story reporting the impending visit from the royal stork, the Associated Press offered a trenchant observation about the weird fascination that Americans have about the family that maintains their position in society the old fashion way – by Divine Right. “When Americans proudly declared their independence, they swore off sovereign kings and queens forever, yet several centuries later they find themselves drawn to the royals’ pomp and pageantry, embracing the more colorful aspects of a system whose substance they had eagerly overthrown.”
The Situation is Pregnant with Opportunity – For Marketers
In the context of this impending blessed event for Kate and William, it’s a good time to consider what Social CRM / Big Data can mean for the multibillion dollar market surrounding new mommies. The diversity of products and services that are impacted by a new baby in a family is much greater than baby bottles, blankets and strollers.
There are literally dozens of industries that benefit from families adding a new child or two to the brood and each of them should consider the advantages of use Social CRM / Big Data to understand and benefit from this market. Companies that manufacture and sell baby product are obvious, but what about financial services? Kate‘s not worried about paying for her baby’s college education, but ever other normal parent is.
How about real estate companies (this old house is too small), do-it-yourself retailers such as Home Depot and Lowes (let’s turn that garage into a nursery), automotive retailers (time for a more sensible car or even one of those soccer mom vans), health and fitness products and services (how’s mom going to get back into shape), pharmaceuticals (the baby’s sick) and the list goes on and on. Each of these industries has a stake in the health and well-being of new moms and growing families. So, what should they be doing to take advantage of this opportunity?
What Can Be Learned From Amazon
For many years, online retailer Amazon has tapped into Big Data to power its recommendation engine. Billions of dollars of profit have been earned by this retail behemoth because it understands that Big Data informs buying decisions. Collecting, storing and synthesizing Social CRM / Big Data in one repository allows data to become actionable information and it allows any industry – whether it targets new moms or heavy machinery buyers – to listen to their customers, effectively message these prospects and (with enough data) predict consumer behavior.
As evidence of the power of Social CRM / Big Data, BMO Capital Markets recently announced that companies will spend $50 billion on advanced, Big Data analytics platforms this year. This financial group understands that Big Data can transform business, but only when it is simplified (via analytics) and strategically employed in all phases of the enterprise.
New moms are especially sensitive to the social, mobile and digital channels tracked by Social CRM / Big Data. There are several good reasons for this.
Because she is a “new” mom, she is eager to do the right things in caring for this cuddly but vulnerable infant. This is an archetype of a consumer who will search out digital solutions about pre-natal information and post birth care. She’s also busy, so the convenience of mobile channels is of great benefit. Plus, she has a beautiful new child and who doesn’t want to share pictures and experiences about this little bundle of joy on social networks such as Facebook?
Marketing management of the industries noted above, can use Social CRM / Big Data to help new mothers successfully transverse the labyrinth of care giving and social sharing. One important part of this endeavor involves the proper gathering, storage and synthesizing of this data from thousands or millions of new mothers and then building strategies that predict what future moms might be interested in. Data that can enable companies to predict behavior is the holy grail of Social CRM / Big Data.
Place Your Bets
Whether you think the news about the royal baby is fascinating or foolish, we all wish the best for the couple and their new addition. They seem to be reasonably nice young people and at the very least, this pregnancy has taught those of us who never attended medical school the meaning of hyperemesis gravidarum.
Not only that, but this event has given the supermarket tabloids a much-needed shot in the headlines and given gamblers something else to do. As is often the case in Great Britain when there is some doubt about pending circumstances – outcomes of soccer games or whether the sun will rise tomorrow – there is a wagering line on the gender and potential name of the royal babe.
I like Arthur if it’s a boy and Diana if it’s a girl.
- Art Young, Client Development