Big Data will be huge in 2017 and Korean companies and startups need to analyze it properly to get the maximum benefit from it. Collecting user data is easier than ever. Korean companies have already started doing this but they don’t know how to use this information they have obtained. The key to big data is looking for patterns in human interactions. Once a pattern is found, marketing strategies can form based on these patterns. Creating content that users are looking for is key and big data will show you the blueprint of what users want. I could be possible to create content for certain users allowing for a more personal experience. Also companies need to analyze what their users type in their search bar. Having this knowledge can show what users are looking for and improve existing products, articles, and information.
Big Data will also show that most users have stopped going to websites for updates and now rely mainly on text messages. Companies need to focus less on websites and forums and more on up to date text messages that don’t come across as spammy. How knows with the advancement of AI, those text messages could come with an AI customer service bots to answer the users needs/questions.
After hearing from users it is crucial for Korean startups and companies to be able to pivot. They might learn something about a certain group of people visiting their site or certain recommendations to their existing service or product. This is vital information that needs to be addressed, even if that means pivoting the whole company itself. Korean companies can be too stubborn at times thinking that they know what users want instead of listening to the users themselves.
Big Data can also show when a user is at their peak engagement. This is the point where users are more likely to buy which is why companies need to take advantage of these moments. Big Data based on purchase records and frequency of these purchases can give a detailed forecast of when a particular user likes to buy during the year. Then markets can target these users at the right time based on the data. The possibilities for Big Data implementation is limitless and it will be crucial for Korean companies to use these data points to their advantage. As technology changes information will be of great value and those that can interpret the information will be the ones that rise to the top.