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Using Big Data to Support Marketing Performance Management
 

Using Big Data to Support Marketing Performance Management

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Instructed by Laura Patterson.

Instructed by Laura Patterson.

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    Using Big Data to Support Marketing Performance Management Using Big Data to Support Marketing Performance Management Document Transcript

    • 6/19/2013 Using Big Data to Support Marketing Performance Management Laura Patterson President Twitter:@LauraVEM LinkedIn: http://www.linkedin.com/pub/vision-edge-marketing/19/531/108 Facebook: http://www.facebook.com/VEMarketing Every day, there are more than a billion posts and 3.2 billion likes and comments on Facebook, and 175 million tweets on Twitter. “Data is big, getting bigger, and more complex (and expensive) to manage.“ – Stephanie Miller, VP of member relations at the Direct Marketing Association 1
    • 6/19/2013 About VisionEdge Marketing – Experienced Practitioners Founded in 1999, headquartered in Austin, TX, VisionEdge Marketing, Inc. serves more than 100 customers, and counting. • About Me VisionEdge Marketing, Inc. is a data-driven and metrics-focused marketing firm that enables organizations to accelerate revenue by leveraging data, analytics, processes, and alignment to foster fact-based strategic decisions. Services Include:  Marketing accountability, measurement, effectiveness  Marketing performance management and reporting  Marketing processes, alignment and assessment  Marketing analytics Why You Should Care About This Topic • “Firms that emphasize decisionmaking based on data and analytics perform 5-6% better than firms that rely on intuition and experience.” – Economic Intelligence Unit, 2012 2
    • 6/19/2013 Today You Will Learn • What Is Big Data • Which Data Sets are Important • How to Turn Your Data into Insights • How to Convert Your Findings into a Business Story Structured and Unstructured Data • Need both structured and unstructured data • Big Data: “the voluminous unstructured data that is collected from nontraditional sources such as blogs, social media, email, sensors, photographs, video footage, etc.” 3
    • 6/19/2013 Key Challenge: Unlocking the Value of Data 85% of study participants “the biggest hurdle to unlocking value from data was not grappling with the sheer volume, but analyzing and acting on it” – A survey of 600 executives by the Economist Intelligence Unit Top 6 Most Important Data Sets 1. Business Activity • To get the most Data (mostly structured) out data "you need to know 2. Social what you want to Media/Comments/Reviews know.“ (mostly unstructured) – Bernard Marr, Advanced Performance Institute 3. Transactional data 4. Website data 5. Telecom/Call Center data 6. Images/Graphics 4
    • 6/19/2013 Looking for Patterns • Data that doesn't help you see isn't useful. • 58% of respondents agree that moving from data to insight is a major challenge – 5th annual Digital IQ Survey, Pricewaterhouse Coopers (PwC) How to Turn Your Data into Insights • • • • • • Synthesize: Synthesis is where we begin to see the patterns. Not all patterns are germane. – Take the time to review and discuss each pattern and its potential implications. – Talk about why you think each pattern is important and what it means. In one simple statement, articulate the insight that emerged – track each insight and see the "big picture" that may be emerging as we go. Incubate the insights. – Give yourself and your team at least a day away from the "board." Do the insights resonate? The point of this step is to decide if the insights resonate and are compelling enough to make or affect key decisions. Decide on the ACTIONs to be taken. 5
    • 6/19/2013 Case Study Strategic Insights: • • • Who is most likely to purchase? B customers in 3 Life Stage Groups most likely to purchase. Where are they? L, F, P counties have large populations of these prospective buyers. What they are most likely to purchase? Midlife Highlife, Bargain Lovers and Family Fortunes most likely to buy product X. How to Convert Your Findings into a Business Story • Data visualization – Presents analytical results visually – Enables you to more easily see what's relevant among all the variables, capture and communicate important patterns, and even support predictive models. – Exposes trends and patterns that you might not have otherwise noticed 6
    • 6/19/2013 Move The Needle First Things First Managing data starts with knowing what data you have and understanding the format you need. You may be amazed at what data is available (or not). - Create a Data Inventory for Marketing - What are all the market, customer, competitive, business, program, product data currently captured? Which systems are they in? How frequently is the data updated and by whom? Who in marketing has access or should have access? What data do you wish you had that’s not on the list and why it is important (what business questions will it help answer?) Prioritize your data wish list Move The Needle 7
    • 6/19/2013 Key Takeaways 1. 2. 3. 4. 5. You need to know what you want to know Collect, organize, analyze, synthesize Look for “actionable” patterns Incubate insights Develop a plan of action Thank You! Learn more at www.onlinemarketinginstitute.org www.visionedgemarketing.com 8