We're quite literally swimming in a sea of data. We have the ability to collect it from every consumer touch point we choose, whether it's website activity, cookies, socialgraph information, direct marketing database, in-store or using other third party tools.
There is no shortage of data, but what does your business do with it all? Is your brand using big data to enrich people's lives? Or is it just used for more "accurate" ad targeting?
It probably depends on how your business is structured and where you sit, or how you employ your agencies. Do you consider the entire consumer journey, and understand how your product and services enhance the lives of existing customers?
Or are you only concerned and targeted on achieving high advertising click-through rates and low cost per clicks?
There is a balance to be struck, and one of the biggest challenges facing brands and agencies today is to ensure they really do have the right intentions at heart. It is all too easy to fall into the trap of using all the insights derived from the various data sources to construct "relevant" marketing messages to interrupt people with the aim of persuading them to buy stuff.
This interruption, even if deemed relevant by the business, maybe unwelcome to the consumer and could tarnish your brand.
Read on, if you feel you, as a marketer, may be falling into such a trap.
Whilst the discussion was ripe with technical tongue twisters, the overall message was clear. Big Data, and its implications on Big Marketing, remains a mystery for many.
There is an endless stream of Big Data platform providers clamouring to prove that only they provide the most verifiable and cleanest solutions.
What is vital here is to not become fixated by promises but instead challenge the vendors’ capabilities to provide specific, applicable data which allows you to achieve the true purpose of engaging with data.
This purpose is to make more informed, Big Marketing decisions.
Data, data, data. It's the core of what good marketers are doing and it's fingers are reaching into every corner of the business. And with this data we are finally seeing the benefits of integrated campaigns, products and teams.
As part of the lead up to Integrated Marketing Week, we spoke to Seth Sarelson, RevTrax COO & co-founder, about how data is affecting what we are doing, how we can integrate and how these changes are affecting the retail market.
The big promise of big data for marketers is to be able to use all the data we have. By looking at all the information, big data allows us to explore minute details without the risk of blurriness.
in theory, sampling (which always lost detail because it is a proxy for the full data set) and guesswork go away, we can analyse all the data for every customer and prospect, and provide that customer experience nirvana of just the right offer at just the right time.
If that feels like a big change for you, then start small. Attribution, one of the most persistent of marketing challenges, can be a great area to apply big data for immediate results, and ROI.
It's how you use it. Big Data is today's marketing black, no doubt about it. But it's not as one pundit suggested "Big Data is just ordinary data with good PR" neither is it just the amount in your stash.
No, if you want to realise the massive/staggering/blinding difference data about your visitors can make to your marketing, business and profits you have to learn to wield it effectively.
So, having been given the opportunity to blog about data-driven marketing, data-privacy, and all things targeted, I should start by talking about what we mean by, and can do with, the Big Data bonanza that the online channel provides us...
Multichannel marketing means being able to deploy not only campaigns but content across channels in an integrated fashion.
It is recognized that to communicate effectively across channels, customer information must be also shared effectively within the organization.
Data sharing was the a topic at Econsultancy.com's recent Big Data Roundtable in London in February. What is less well-known and understood is how to get to a shared data repository as an organization.
This blog post discusses my research results on data sharing. For more on the topic, Econsultancy has a great report on how to achieve shared data in a corporation.
An innumerate marketer begs the new species of click-sniffer to make a bit of an effort and translate your undisputed brilliance into some language other than Klingon or Ithkuil.
If you believe the bloggers (and who doesn't?), marketing departments all over the world are clearing out the desks of their PR, advertising and 'corporate communications' dinosaurs to make room for the new breed of data geek.
On the whole, that’s good, but data is only useful if the lessons it provides can be communicated in terms that people can understand.
Nate Silver is one of very few people who is both public figure and statistician.
He started in baseball during its analytical revolution, but became famous in the U.S. for his highly accurate predictions of how Barak Obama would win the presidency in 2008, and accurately calling the outcome for all 50 states in 2012.
Silver spoke at SXSW in a session entitled "Is Intuitive Marketing Dead?"
In a world of buzzwords, perhaps the most over-used and under-explained term that marketers will be coming up against this year is “Big Data”.
Big data, as we’ve learned from actually working with the stuff is realistically only the first part of the jigsaw when it comes to upping your game and marketing in a more agile manner that’s responsive to the market you’re serving.
We believe that it takes Big Marketers to unlock big data. People who are willing and able to look beyond the now bygone era of a “campaign” that has a start and end point and realise that digital marketing has become about responding to the fast pace of the internet itself, with equally fast and relevant decision-making.
In this piece, we discuss the kind of attributes a marketer needs to take themselves to the next level and employ a big marketing strategy that will not only set them apart from their peers, but help them to build knowledgeof how to take the rough diamond that is rawdata, and transform it to work best for your brand.
Seeing an ad outdoors has a greater impact on us than one served to our laptop or phone. We come across it, 'discover it' if you want to be properly cheesy, we trust it more, and the creative is tied to a more unique and memorable set of circumstances.
This is of course debatable; there are lots of caveats, but I believe it to be true.
Bear with me on this post, there is going to be some pontificating on a Brian Cox-esque scale (for non UK readers, he's a TV broadcaster who gets very reflective about the universe).