By Barton Goldenberg, Founder & President, ISM
Big Data is going through a similar phase that CRM went through in its heyday in the late 1990s when it meant different things to different people.
Big Data has been described as everything from “as powerful as a tsunami, but a deluge that can be controlled” to “just another name for the same old data marketers have always used.” I view Big Data as information from both traditional and new digital sources that can be leveraged to help you understand your customers while profitably and proactively managing the acquire-grow-retain customer lifecycle. We now know much more than we have ever before about what customers are buying, what they “like”, and what’s important to them. However, this information is only useful if it is actionable, which is why “insight-driven management” is essential in today’s highly competitive and challenging environment.
We’re seeing only the tip of the iceberg when it comes to Big Data analytics and insight. While there is no shortage of data analytics opportunities, — e.g., segmentation profiling, customer engagement, propensity to purchase, next best offer – we have just begun to receive data from the ‘Internet of Everything’, where connected devices, homes, wearables, health and commerce will be churning out customer data by the gigabyte.
Now is the time for the ‘creative’ marketer and the ‘technical’ marketer to collaborate. On the one hand, the creative marketer needs to determine how to secure more read-time data coming from brand loyal customers sensitive to privacy issues. On the other hand, the technical marketer needs to harness more real-time data coming from external sources to deliver smarter, insight-drive decision making.
Want to learn more? Attend ISM’s Big Data & Insight webinar on March 11th at 1:00 p.m. EST. For more information and to register, click here