It’s hard to look back and remember a time when we didn’t have a limitless online world at our fingertips. Years of technological advancements have led us to where we are today – a place where we can actually find out, in real time, consumers’ preferences, tendencies, demographics, and so much more… all through two magical words known as ‘big data’.
Even Disney (you’ve heard of them, right?) is beginning to collect big data in regards to their guests’ experience and activities while in their amusement parks, retail stores, and resorts to leverage and feed it back into their business. Big data is challenging everything we knew about marketing. It simultaneously erodes the effectiveness of traditional marketing while creating massive new opportunities for businesses to build a competitive advantage through better segmenting, targeting, and promotion.
To put things in perspective, marketing used to be a little more art than science. Now, science is an essential foundation and basis for deriving insight. The insight has to be harvested which is where the artistry often comes in. “The era of college students entering marketing to avoid math is gone,” said Tim Suther, Chief Marketing and Strategy Officer for Acxiom.
In the past, nearly 40% of marketing dollars have been wasted around the world. A major cause of this is data, or a lack thereof. Bad data, missing data, and disconnected data have inhibited insight and measurement. Big data enables marketers to be more effective and efficient, but it also provides the platform to be able to prove outcomes.
Still not sure why marketers like us should care about big data? Big data has the power to shape just about every aspect of business operations. Data can be seen as the missing link between marketing actions and results.
When the proof is in the pudding, it’s important to have actual pudding to reference as the end product.
In this brave new world of limitless possibilities, we feel it is essential for our team to take the lead in figuring out how to generate, understand, and leverage data. We’re dedicated to making sure the end product we provide our clients is the tastiest pudding around, with perhaps a hint of citrus flavor to it.