Don’t waste time worrying about privacy issues and Big Data, let’s just focus on the end game for online marketing
I watched a documentary this week on how science fiction has inspired innovation and in particular George Lucas and his pioneering work through Industrial Light and Magic.
According to the documentary the Star Wars targeting computers were the inspiration for the head ups displays (HUDs) in most modern fighter planes, and more recently luxury sports cars.
Luke Skywalker’s robotic arm in Empire Strikes back sparked a wave of innovation in prosthetic limbs, which can now be hard wired to our brains to give feedback on touch and pressure. This is huge leap forward technology since the film was screened in 1980.
So what innovations will more recent Sci-Fi movies inspire?
I’m thinking Tom Cruise in Minority Report, and Jude Law in eXistenZ as two that spring to mind.
There’s been a lot of press coverage about how Big Data will change the world, and I believe it will as it has huge potential (but with a twist)
In a study by Mckinsey & Company they refer to Big Data as “The next frontier for innovation, competition, and productivity”
“The use of big data will underpin new waves of productivity growth and consumer surplus. For example, we estimate that a retailer using big data to the full has the potential to increase its operating margin by more than 60 percent.”
Online and permission based marketing
Invasion of privacy in the online word continues to generate controversy with Facebook, and other social media sites and online stores continually pushing the privacy envelope. The most recent response to this has been the EU’s cookie directive, which took effect on 26th May 2012.
The ultimate end game
From my perspective I believe there are huge benefits for the consumer and retailer by sharing perfect, personal information with a trusted third party and intermediary.
I’m thinking about using crowd funding to raise capital for my ultimate version of social media and online marketing, Facebuck.
With some simple integration of existing technologies, and some focussed R&D on some emerging ones, I believe we can cut to the chase and create the ultimate permission based marketing system, and avoid the expense and hassle of worrying about Big Data.
Bio Metric Integration
Facebuck’s point of difference is simple. Instead of worrying about the privacy and use of your social media and other personal information stored in thousands of CRM systems, you simply pop into one of our approved medical clinics and have a smart bio chip inserted under you skin.
A bit like the ones my dogs have, but with nano-technology that constantly samples bio metric and location information that transmits in real-time to Facebuck.
It’s all or nothing when it comes to accessing your personal data
There are no opt outs here. Its 100% of your data or 0%.
So now we have access to all of your information this is where the fun begins.
Instead of your pieces of your personal data being fragmented and duplicated billions of times in the cloud, and then analysed in real-time in an attempt to create the perfect advert for you, Facebuck simply uses its much smaller packet of perfect information to match its services to your state of mind, mood, location, financial circumstances, and permissions you have set.
Tired, stress, in a bad mood? (Facebucks facial and voice recognition systems, combined, with its heart rate bio-math and blood chemical analysis will already know this).
No point trying to sell you something if your not going to be receptive to it? Instead why not play some relaxing music and change your display to a range of images that will put you in a better state of mind? (Puppies, Kittens, Mountains or Beaches?)
Inbuilt safety and protection
Late night surfing after a few beers or glasses of wine? Facebuck will detect your raised blood alcohol levels and engage “safe” mode. This will prevent you from bidding online for things that you don’t need. I knew of someone who bid on and won a clapped out VW Camper Van after an extended trip to the pub.
Safe mode will also protect you from adding embarrassing posts that you might regret in the morning.
Huge cost savings for any company in the consumer or retail sector
What would it be worth to any retailer or consumer business if their conversion rates from online advertising ran close to 100%?
How much would they save if they outsourced their entire online advertising and marketing team to Facebuck, who would in turn create perfect “offers” for each one of their individual potential customers in real-time?
So, as a retailer, for a modest percentage (lets say 2.5%) of your ideal customer’s annual value, Facebuck will guarantee to increase your digital adverting conversion rates by 100%, or you pay nothing.
For the consumer it’s completely free, and you can cancel your subscription at anytime.
Don’t like the sound of Facebuck? My plan B is an online search engine and marketing tool called “Gaggle”
Gaggle offers a free search engine for its users, and pay as you go advertising service for retailers. Your initial costs might be lower but you have to fight it out with the hundreds of millions of other advertisers and marketeers all trying to second -guess their ideal customers emotional needs and buying patterns.
Oh and don’t forget to add in the time and cost for your Big Data strategy.
Ok, so I’m only trying to promote some discussion with these very much tongue in-cheek points of view, but I would love to hear your thoughts on where the worlds of social media and online marketing are heading?
Link to McKinsey & Company report http://bit.ly/MIbVfH
Link to Forbes article on EU cookie directive http://onforb.es/JtZntF
Link to Inspired By ‘Minority Report,’ Immersive Labs Raises $810K For Digital Display Recognition http://tcrn.ch/q`vW2U4