What Can Big Data Tell Us that We Do Not Already Know?
Often this question is a snicker by marketers, supported by the trade press who seems to love reporting on CMO surveys that find big data falling short.
Yet, without big data, there would be no Facebook, no Google, no Amazon recommendation engines, no behavioral targeting of digital advertising, no Billy Beane revolutionizing baseball player selection via Moneyball.
So given the impressive impact on media businesses enabled by big data, I prefer to interpret this question as a call to action…what can big data tell us that we do not already now? How can we not know the answer to this question…we must find out.
Just like someone in most marketing research departments owns effective management of syndicated data because it is so different from survey data, research should create a team who owns big data…mastering high volume, unstructured and semi-structured data to enable high yield marketing actions.
How might a newly created big data team begin its work?
Create roadmaps for the 4 ways that big data makes its contribution to marketing:
Improve the productivity of marketing spending
Create stronger offerings and experiences
Provide insights and measurements about the brand and consumer that are unique
Allow us to sense early signals about the future
Identify data streams where you feel the organization is not currently taking full advantage...