Among B2B marketers some will call Big Data the “next hype” while others will simply revere it for being a demigod of the digital world. One thing is for sure: before too long terms like ‘predictive analysis’ will litter casual conversation around the office water cooler.
Organizations have caught on and are bolstering their Big Data spending in a bid to gain better insights into trends and to make informed decisions within the passing moment.
We’ve already noticed some growing pains, the downside of “data excess”. With so much consumer intelligence at our disposal why is it that companies fail to tap the potential of data collected in real time, and act on it?
Put simply, their databases are hold them back. Companies far too often focus across all information and fail to make the most of relevant information. Effective data analysis promises priceless insight into customer behavior, patterns and product sets. Understanding the patterns helps you eliminate potential failures while creating unparalleled consumer experience. Combine that with real-time marketing data and the doors to targeted consumer engagement swing wide open.
Imagine running like a well-oiled machine the data-driven digital marketing for a leading fitness equipment company. You have collected data on consumers’ exercise patterns and timings. By analyzing the data, it becomes clear that the targeted consumer begins his day at 5 am, checking his mail first thing. So you now have the opportunity to send personalized offers at the most personalized time dialed in to his fitness levels and delivered via his preferred device. Bingo!
While this strategy may seem like the holy grail of digital marketing, rest assured that none of it is possible without an effective database. Choose an area where data can help you make a difference rather than get lost in the sea of data. There is always time to re-evaluate and decide on collecting more or less data. Hoping Big Data fades away like a fad of the day is a business strategy you want to avoid.