What Big Data Doesn't Reveal About Consumers

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Feb. 27 (Bloomberg) -- Red Associates Founder and Partner Christian Madsbjerg discusses how businesses study human behaviour on Bloomberg Television's "In The Loop." (Source: Bloomberg)

Here.

The way i think about it is you look at more crowd sourcing, but you call it sends making.

It is trying to get deeper into the understanding of who people are and how we make our decisions.

The promise of big data and statistics is that you can cast a very broad net.

We go deep and try to understand, what are the reasons why we do the things we do?

What are the ways that we do them?

Most of that happens below the threshold of awareness.

It happens in dealing with the world.

If a company wanted to use sense making to help their business, what does that step look like?

Do i have people living in my home?

Yes, you do.

If you want to understand how we engage with tvs, then you immerse yourself in that world to understand how they live.

If you're an executive in a big company, would probably do not live like consumers.

You do not live like consumers in other countries.

If you want your -- to enter china or another market, you need to understand what is meaningful them and how they live their life.

I mentioned hasbro.

What is a company that you've noticed that has made this transition?

The story behind samsung -- there are many to that success.

They are the ones that go deepest in understanding.

They need to understand americans in order to sell us phones, tvs, and equipment in general.

They are very advanced in terms of understanding what is important to us.

You mentioned tvs.

Some look at tvs like electronics.

What is the samsung difference?

They used to look at tvs like electronics.

They were sold like electronics.

Now, they look at families and how they deal with tvs.

Even though the father would say, i make the choices, it was really the mother that made the decisions.

It became more like fashion or furniture.

Furniture.

What was important to her was not the pixel length, but whether it fits into the home.

And that is called the tiebreaker of the tv industry.

What is the cost associated with it.

It is vastly more costly not to do it.

Longer-term.

Of course.

If you do not understand the customers and you cannot read the data that you have, particularly in other geographies, that is going to be very costly.

Of course, it is time-consuming

This text has been automatically generated. It may not be 100% accurate.

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