Big Data. Just the sound of it is enough to send a shiver down any marketer’s spine, and rouse a groan that can be heard all the way to the IT department. Everyone’s talking about “big data”. The hyped-up buzzword gets thrown around in conferences and meeting rooms, in magazine articles, by commentators and agencies.
Beyond the buzzword
Buzzword aside, one thing is clear. Data – whatever its size – is emerging as many firms’ most precious asset. You only need to look at Woolworths and its purchase of a 50 per cent stake in the data analytics company, Quantium, in May 2013 to see that data should not be ignored. It’s how you can understand what the customer is doing, and how and when they engage with you. It can help you differentiate yourself in an increasingly globalised and cluttered market. Fail to harness your data and you risk falling further and further behind those that do.
Knowledge is power
If data is knowledge and knowledge is power, than many firms are still a long way from harnessing the power of the data they hold. Data is now at everyone’s fingertips, at every level of every business. Recent MGI research says that organisations are creating data at rates never seen before; the amount of data generated worldwide is doubling every 18 months. That’s data from customer transactions, web communities, smart devices – the works.
So collecting the data is not the problem. Chances are you have a multitude of data sources feeding into your firm. The challenge is using the data. Knowing which questions to ask; how to leverage it to drive customer insights; and how to use these insights to drive the right business actions. Research shows that very few firms, and marketers in particular, are harnessing the power of data by spending enough quality time to really look for valuable and actionable insights. Trends, patterns and real insights that will help drive your marketing and customer engagement to a whole new level.
So forget Big Data.
We’re simply going to talk about data. Any data. Big. Small. Whatever you have. We’re going to talk about how to tap into its potential, scrutinize it, so you can better understand your customers and make more informed, customer-centric decisions.
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