As the biggest thing in marketing since analytics, big data has drawn attention from all industries. But what is it, what do you do with it, and why do you need it?
We take a look at Teradata’s infographic for some insight into what opportunities big data presents to innovative marketers.
What is big data?
It is all the data collected from online and offline sources both in and outside your business. It is constantly generated by everything around you, and arrives at a velocity and volume that often overwhelms those trying to capture it. It is the latest obsession of analytics-focussed marketers and the reason many businesses are beefing up their processing power.
In their infographic, Teradata seeks to debunk some of the myths about big data while stressing certain truths. The most noteworthy of these is that big data is not unstructured and too hard to use. This perception has prevailed because in the past many marketers didn’t have the processes to handle big data. Things have progressed since then, and today many businesses have learned to leverage it for greater market agility.
My point is that big data is a raw resource, and your success with it is determined by what you do with it.
What do you do with it?
Improve efficiencies, boost ROI, and predict future trends. That sounds like a bold claim, but big data can do all these for those who know how to use it. First, to understand how big data does this, let’s take a look at what marketers do with data.
Marketing is about understanding your customers and coming up with strategies to reach them while ensuring the greatest ROI. It relies heavily on analytics to ensure that every marketing pound or dollar spent has the greatest impact. And it assumes that a more thorough understanding of your audience will give your messages greater relevance and impact.
It’s clear that such activities require data, but how do marketers use it to reach their objectives? One, they use it to better profile their audiences, which results in greater message relevance and higher engagement rates. And two, they use it to determine what’s working and what’s not. By constantly measuring and tweaking their campaigns for better performance, they can achieve ROI that no stab-in-the-dark approach ever will.
Big data is just the next evolutionary step in analytics. It provides a clearer picture of your audience, better segmentation, and greater message relevance. And it allows you an even more in-depth look at the elements driving your campaigns.
How do you get big data?
No two businesses have the same data requirements. Big data is whatever data you need to meet your objectives, and so your methods of collection will also vary. Your first step in using big data is to determine exactly what types and fields of data you need to help solve your marketing challenges.
Performance metrics are generated the likes of Google Analytics over the course of a campaign, but for customer data you will have to rely on you database or third party data. If you are going to buy marketing data, you need to be aware that there is more to quality data than just accuracy. To deliver the greatest ROI, you data also has to be relevant to your objectives
Before supplementing your current data, first identify what data you need to meet your objectives. If you want to be able to segment your audience more accurately, you are probably going to need additional data fields. Buy marketing data that includes these and ignore the kind of inflated data that promise reach without the relevance. Also, only buy from reputable vendors who can advise you on the best data solution for your purposes.
Do you really need big data?
Consider this next time you buy marketing data. According to Teradata. 73% of marketers plan to start using big data in the next two years. Given the competitive edge it can give businesses, it really could become a case of adopt or die. You need to decide now if you can really afford to be left behind.
As a telemarketing and data business with 26 years experience in the industry, we are all about enriched data. To ensure that our clients have the most relevant data possible, we design bespoke specifically for their needs. If you’re looking to buy marketing data that will give you big data capabilities, visit our page on data enhancement or download our data guide for more information
The infographic was sourced from Teradata.
Image Credit: business2community, GorgiaTech
