Companies today are raising the stakes on big data. The growing relevance is apparent in the fact that big data and analytics were used to collect individual votes and analyze voter behavior in President Obama’s campaign!
Dan Wagner, Targeting Director of Democratic National Committee (DNC), who was responsible for assisting the committee connect with voters through phone and direct mail; used raw data to analyze voters’ preferences and attitudes.
While his predictions may have slightly off, Organizing for America’s Director, Mitch Stewart, made a point that is very relevant to the essence of big data and how it is applied. He said, “…It is a proof point for a lot of people who don’t understand the math behind it but understand the value of what that math produces.”
Majority of marketers (68%) are now going beyond simple data collection and increasing investment in data analytics and application, according to MarketingProfs. At the Forrester Research eBusiness Forum and DMA2012 Annual Conference in 2012, more than 700 marketers were interviewed. The survey produced interesting stats on how big data provides insights that are used in digital marketing initiatives, the increasing usage of data analytics and real time data.
While big data provides the big picture, staying focused on individual customer interactions and transactions should be the underlying objective. The power of big data needs to be harnessed, without getting distracted with the volume of information. It is evident that the availability of more data makes it more challenging to understand how to use it and what it signifies.
One of the best ways to begin tackling big data is to begin small. Rather than focusing on the number of data points and the complexity of metrics, emphasis should be given to the fact that big data relates to individual customer data.
With the use of big data analytics and real-time data, marketers can improve KPIs, increase revenues and gain returns on ad spends (ROAS).