Big data. Do you know what this is? Sure, it sounds like a new fast-food meal, but it’s actually a term that 63% of business executives are unaware of – and maybe you happen to be one of them.
Simply put, big data describes figures that are so complicated, conventional database management tools can’t even comprehend it. Big data is limitless. From purchases and mobile phone records, to digital and social media, sensors and online sharing, big data helps us make decisions, monitor cases and even pinpoint problems.
So what does big data have to do with marketing? According to an infographic by Demand Metric, big data is crucial for marketing analytics. For example, for-profit organizations utilize big data to boost revenue; not-for-profits use it to increase donations; and academics use big data to scrutinize problems.
To understand why B2B leaders like yourself must care about big data, here are some facts and stats to consider:
6 Reasons Why You Should Embrace Marketing Analytics
Marketing analytics provide a myriad of advantages. In particular, you can conduct real-time ROI calculations; data can be made accessible among marketers; and analytics can be personalized for marketing campaigns. Other advantages are as follows:
- You can prove the impact marketing has on your business.
- You can test multiple ideas to see which will work best.
- You can use revenue figures to influence decisions.
- Helps you save cash by forecasting outcomes.
- Analytics and marketing combined can drive profit.
- Eliminates doubt, which proves the impact of your work performance.
Corporate Examples To Consider
The company intertwined big data through their IT structures, which led to pooling data together for customer transactions and interactions. Then, by leveraging big data with CRM and billing system transaction data, T-Mobile USA has reportedly “cut customer defections in half in a single quarter.”
The company yearned to answer online visitor questions to help boost sales. Through an intense media agenda and Facebook and Twitter campaign, they gave visitors access to having their queries answered by a tax expert. Out of 1,500,000 visitors, H&R Block responded to a total of 1,000,000 questions. Because of this marketing mission, business was increased by 15% compared to the previous year.
The Challenges of Understanding Data
For many companies, it’s easier said than done to sit down and unravel the data collected. According to survey results reported by Demand Metric, 24% of respondents admit they’re not putting marketing analytics into great use. Meanwhile, less than 10% of respondents are implementing what they’ve learned form marketing analytics.
It’s safe to say that both large and small companies are hit with obstacles in understanding big data. Consider these statistics:
- 33% of large companies struggle to implement a system for calculating analytics.
- 27% of small companies claim they have no time to interpret data.
Know The Three V’s of Big Data
To better understand big data, familiarize yourself with these terms:
- Variety (data types such as photos, video, music, etc.)
- Volume (quantity of data)
- Velocity (speed at which data flows to and from a company)
Who Should Handle Your Big Data?
According to Demand Metric, if you want the most appropriate staff handling your big data, they should have these qualities:
- Insight: Should know what to do with the results.
- Math skills: Must know how to create data.
- Technical: Needs to be proficient in the tools used for analysis.
- Good communication: Ability to summarize data and share with others.
Please see the full infographic below: