Taking heed to being named “The sleeping beast“, Telly began to look deeper into his business in order to get an understanding of what he might have been missing all this time. He found that his business could be looked at as multiple businesses that could each be viable independently. Voice and telephony was his dinosaur, data connectivity, his brightest star and, infrastructure, his bread and butter.
Telly began to realise that his business had the potential to generate new streams of revenue if he paid attention to the right things. At the height of his curiosity was the information he stored and collected about his customers and the opportunities that could be unlocked by taking the time to understand it at a deeper level. He had previously been using this information to sell more of his product offering but what if there was more to it?
“What is all this data, what information does it give me, how can I turn it into revenue”, he asked?
Telly decided to look under the hood and this is where he realised the treasure that had been buried in his backyard all along. Telly was both excited and overwhelmed by the sheer volume of data he had. What he discovered had the potential to bring his business to new heights!
Telly was now aware that:
- He knows who his customers are,
- He knows who they contact,
- He knows when they contact each other,
- He knows where they contact each other from,
- He knows what they contact each other about,
- He knows where they are, all the time,
- He knows how much time they spend at certain locations,
- He knows how many of them are at the same location at any given time,
- He can infer who they spend their time with using their contact and location information,
- He knows which websites they visit,
- He knows when they visit those websites,
- He knows where they are where they visit those websites,
- He knows how much they earn,
- He knows where they work and live,
This was mind-blowing for Telly, he started getting more questions than ideas. What could this mean for marketing? What could this mean for safety? What could this mean for humanity as a whole?
An excerpt from Telly’s thoughts….
How does one order some stuff online, have it packed by a robot and delivered by a drone? You can mine data now? You can teach a program to do complex stuff that only humans could do, and they can do it better? You don’t need to go out and market things on the streets all the time, you can just do it online and sit as it seamlessly follows people everywhere and adapts the more you learn about them. You can track your sleep patterns…while you sleep? This is a feat for humanity! Human life can really be improved. We really need to learn how to do this stuff.
If you fail to plan, you plan to fail. Telly understood this, so he began to structure how he would go about doing things. He came up with the following:
His mission was: “To generate revenue from customer data, while abiding by the law and doing right by his customers“.
Telly decided that he would:
- Generate ideas for how data could be used i.e. location based marketing
- Understand the regulatory, legal and ethical implications of using that data for certain purposes i.e. using data without a customer’s permission
- Extract meaning out of the data i.e. When customer A is at a place, customer B is likely to be there too
- Present the data in a way that is fit for purpose i.e. Customer A is at location C, x hours a week, between x and y time
- Make decisions out of data i.e. Should we market present and future events and specials around location C during the time they are there?
- Track the impact of the decision(s) made i.e. is Customer A buying the products or attending the events?
- Take steps to refine process i.e. Gain more information about the customer’s interests
This process would allow Telly to dig into the anatomy of this beast and de-construct it piece by piece, each time gaining small increments of value.
The best place to start?
When the beast lifts it head!