My talk follows on nicely from Helen’s and what I would like to do in the next seven minutes is build on the attribution story to give you more examples of how big data can help make more informed business decisions, particularly when building a customer-centric, onmi-channel marketing strategies
I thought we’d start by looking at the sources of Big Data and highlight a few of the challenges that go with extracting value from the data overload that we’re experiencing today. As we’ve heard traditional data sources such as purchase data is being added to with a plethora of new data streams driven by digital technology and this is presenting a huge challenge
Businesses are amassing tons of data from various sources, old and new, currently 2.5 exabytes of data are being created each day, to give you a comparison 5 exabytes is the equivalent of all the words ever spoken by humans in just 2 days!
But the quality of this data is big challenge ‘Dirty data’ refers to inaccurate, duplicate or incomplete data. In the US bad and dirty data is estimated to cost the country $3 trillion every year and as much as 50% of IT budgets are being spent on data rehabilitation
A few other challenges include, who owns the data piece in the organisation, there is a real tension between CMO and CIO on this point, both of them recognise the importance of data in developing customer centric strategies and they need to work together because in the future the CMO will spend more on IT than the CIO
And then there is the question of how various departments use the data you’re collecting. Everyone will have a different use for that data depending on their role in the company and each is working to a different timeline, some requiring immediate tactical intelligence vs. others who want to be able to identify long term trends – big data can deliver for all but only if structured in a helpful way
So big data is here to stay, there is no getting away from it. You can’t bury your head in the sand and hope it goes away, it won’t. It will become a bigger part of all our jobs so it pays to start learning how now. And here’s the good news, marketers that use data intelligently are increasingly influencing their organisations moving up the ladder
But where do you start, all this talk of big data can be overwhelming, well I’m pleased to tell you there is light at the end of the tunnel and no it’s not an oncoming train. Helen has suggested a helpful starting point for data usage in attribution modelling and I would like to suggest another – the use of social data. As we only have a very short time let’s take a high level view of the opportunity social data represents and how PeerIndex helps
CMOs all over the world are relying on social data more and more. There is a ton of important information and insight that can be gathered from the internet and social listening tools that is essential for understanding your customers needs, both articulated and unarticulated needs. Social data also helps with research, competitive intelligence and brand management to name just a few other benefits
CMOs are reporting that they are increasingly using social data to make informed business decisions and that social data is having a measurable impact on brand awareness, loyalty and sales. In a data rich, insight poor economy marketers are using social data to drive C-suite discussions to enhance and influence their position within the company
One form of social data that I’d like to talk about this morning is that coming from twitter. We believe that twitter will become a crucial platform for brands to interact with their customers and to keep their finger on the pulse of what promoters and detractors alike are saying about your product in real time.
Many brands are already using platforms like twitter to engage consumers by developing content strategies, as well as using the platform to monitor brand discussion and even as a customer service tool. Over the past 5 years many brands have built large follower bases and interact with consumers on a daily basis
The early days of social media though have been a bit of a gold rush. Brands have concentrated on growing follower numbers and only now are starting to realise the value of these communities for consumer insight and feedback. Marketers now want to know more about the people in those communities, going beyond the number of members or times the brand is spoken about, at the end of the day it’s all about the people
Fortunately like any new merging market the ecosystem evolves rapidly and the infrastructure that supports it is developing quickly with new technologies emerging to help businesses thrive - much in the way that the railroad opened up America bringing people and investment to the frontiers
Having spent the last few years digging for followers brands have amassed a huge pile of ‘ore rich dirt’ and PeerIndex is helping them sift through that to find the gold in this social data. We’re helping businesses create segments and sub communities, set goals for those communities and providing tactical tools to meet those goals
The gold that social data reveals includes what is being spoken about by your community within your community, who influences your community both within and outside of the group and how are people reacting to content created by me or by my community about my product.
This is what we do at PeerIndex, help companies sift through their social data to find the nuggets of gold that can help them make more informed business decisions. We do this by processing billions of social signals everyday, doing the dirty heavy lifting so you don’t have to, identifying the trends and insights that you can use to make better decisions.
Many of the uses for these insights are obvious, like following those must knows for starters, that’s a manageable task with instant returns and reacting quickly to emerging topic trends. And we work with companies to help them understand how best to use these insights in a practical way.
In summary, big data is a part of everyone’s job now, the rise of the digital CMO in organisations is well documented, those that experiment using data and hire digital natives empowering them to do what comes naturally sees influence within organisations increase. Social data is a good place to start, a quick win to get you on the right track.
Finding the gold in Big [social] data
Figaro 21 – Finding the gold in big data@philguesty from PeerIndex speaks at Figaro DigitalLondon, 18thApril 2013Share
NEW“OLD”So many data sources!YOURCOMPANYDATAYOURCOMPANYDATA.. .. .. ..@Share
exabytes of data createdevery single day2.5Share
“By 2017, a CMO will spendmore on IT than the CIO.”- Gartner GroupShare
tDifferent roles have different needsCMO: How do Iintegrate data intomy overall longterm strategy?Channel heads:What doessocial add to thechannel mix?Social Media lead:What’s happeningwith my campaignright now?c. 1-2yearsc. 1-2monthsc. 3-6months