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Big Data Can Make a Big Difference in Your Business Marketing

Lack of data or disconnected data can waste up to 40 percent of the half trillion dollar annual global expenditure on marketing. That's why the emergence of big data is exciting. Big data refers to very large data sets that can be analyzed to identify trends, patterns and linkages. Its ability to help us understand human behaviors and interactions is making it an indispensable tool for marketers.

NUMBERS DON'T USUALLY LIE, SO BASE YOUR MARKETING ON THEM

Once, marketing depended solely on the "big idea." Far smarter is today's dual reliance on big data combined with big ideas. Marketing strategies and plans are more effective when they have as their foundation the quantitative support huge data sets can provide. Big data is making it possible for marketers to sift through and glean actionable insights from countless disparate data points. That enables more accurate ROI estimates and numbers-based justifications for every marketing dollar spent.

We confirm the growing belief that big data is a big deal, explaining what big data is, how it works and why your company needs to use and understand it.

One expert concisely summed the sea change from the marketing of yesteryear to today's big data-driven marketing. "'Mad Men,' meet math men," he said.

BIG DATA OFFER INSIGHTS INTO ACTIONS THAT GET RESULTS

Your company's marketing strategy rests on many initiatives. You attend trade shows, launch email marketing campaigns, advance social media efforts, craft collateral pieces and more. Big data can spot crucial patterns in data to help pinpoint return from trade show participation, identify your most successful email and social media tactics, provide relevant leads to your sales team and reduce need for customer support on the back end of the sale.

Clearly, the comprehensive use of big data is becoming more and more critical. But at this early stage, few companies are making optimal use of big data. The following strategies can help give your company a competitive leg up.

• Determine the issues you want big data solutions to address. These are likely to include a mix of current problems and promising future opportunities.
• Decide how big data can help address these issues. Sykes Cottages, for instance, used big data to learn what led customers to book its short-stay cottages, helping Sykes harvest the greatest return from online marketing.
• Trust the data, not your intuition. The company Postcode Anywhere pulled together data from production, accounting and CRM to gauge customers' moods, realizing a happy customer was a prime target for upselling.
• Be proactive, not reactive. Hone data sources before rivals do. Hire data- savvy managers and numerically-literate staff. Embrace long-term vision for your big data initiative, but strive to show a series of short-term results..

Read The Big Data Driven Business: How to Use Big Data to Win Customers, Beat Competitors and Boost Profits, by Russell Glass and Sean Callahan.

Marketing campaigns, social media, websites, surveys and loyalty programs are just a few of the sources providing attitudinal, behavioral and purchasing data.

Email or call us at 708-246-4211 to gain a crucial head start on your competitors in using and benefiting from big data in business marketing.