Big data always represents a challenge to CMOs. On one hand, the insights that can be gained are invaluable. On the other hand, if you’re not using effective tools, it can takes a lot of time and effort to manage huge amounts of data. CMOs must establish and follow clear processes to stay on top of the marketing insights big data can provide. This week, I’ve collected some articles about big data’s role in marketing and the best practices CMOs should follow.
The Big Data Challenge: Generating Actionable Insight. Forbes: “CMOs need to make sure that all marketing decision makers access data and run routine analysis at least weekly. It would allow marketers to keep their skills current, practice incorporating data into their decision making process, and help improve marketers’ data investigative skills.”
How Brands Can Squeeze More ROI From Big Data. Branding Magazine: “In order to fully harvest the benefits of Big Data, the future CMO will have to invest in technology and tools that not only integrate various data sources but also squeeze efficiencies and maximize ROI throughout the brand building process. With the help of Big Data, brands can now pre-predict customer needs, target segments that provide the most value, scale pricing, create a one-on-one dialogue, identify bubbling trends, be thrifty yet targeted with media spend, and create intrinsic value that generates brand loyalty. Thus, Big Data has the power to create value throughout the brand building process and, in turn, create competitive advantage.”
Why Businesses Should Focus on Wide Data, Not Big Data. CIO: “CIOs can find themselves in a such a situation because they tend to be technology-oriented, says Dane Atkinson, CEO of cross-platform marketing analytics specialist SumAll. They want to build a data infrastructure that will allow the business to ask any question it can conceive and get an answer. But this ‘boil the ocean’ approach is ponderous at best, and in the meantime executives like the CMO are going around the CIO to access the tools they need.
‘It’s the role of the CIO to not only be a technologist, but to be an active driver of using data to improve the business,’ Atkinson says.”
Big Data, Customer Privacy Top Challenges for Marketers. Eweek: “According to a survey of more than 600 companies worldwide by Econsultancy and Ensighten, data overload is one of the most pervasive issues marketers face today. Nearly two-thirds (62 percent) often feel overwhelmed by the volume of incoming data, and a staggering 85 percent are unable to extract the full value from the data sources to which they have access. Just three percent of businesses claim they have a strong capability when it comes to using cross-channel or cross-device data for either real-time website or mobile app personalization.”
The Big (Data) Tension between Marketing and Privacy. Multichannel Merchant: “As the amount of customer behavior data available skyrockets and analytic methods become more sophisticated, opportunities of a new order of magnitude become available to those who take advantage of it. The value and quality of these insights increases with the specificity of data. However, every time data gets filtered, its analytic value diminishes. Thus, businesses that want to increase the reliability of their predictive conclusions often seek to maintain and use as many dimensions of the data as possible to keep it more specific, rather than filtering it.”