You may have heard a term being thrown around referring to the significant amount of data that is being produced most often called “Big Data”. Here is a loose excerpt from the recent Future of Digital conference that explains the concept of big data pretty well:
“The explosion of data or ‘Big Data’ will give marketers the potential to mine data, discover new trends and learn more about the behaviour in their target market. If you took all the data in the world, cut them onto DVDs and stacked them on top of each other, you could reach the moon and back. This storage capacity equates to 14 Exabytes, where if you captured all the words ever spoken and digitized them into text, this would only occupy 1 Exabyte!
Labels on products will soon be talking over the internet as more sophisticated labels are attached or embedded into products. This could give business more insight into how and where their products are consumed. Big Data is about to get even bigger.”
The days of marketing via web, mobile and social by “gut feel” is over. It’s not a matter of what you think your customer might like, it has to be what your customer is telling you they want, individually. To stay competitive, Marketers need to begin adapting their marketing systems and their departments to include marketing analytics across every aspect. Consider this: in order to make an offer (web, mobile or social could be display, search or even your very own web page) to a prospect, a marketer would take into account previous web visits to my site, recent posts made socially, checkins via mobile social and recent web surfing patterns before they visited you site. From all that activity plus appending demographic and geographic information based on the IP address that is attached to the digital prospect, the new digital marketer will determine within milli-seconds what you should see when you come to my website. For instance: A web prospect visited the product pages of my site last week. After leaving my site, they went to two other competitive sites to their product pages. On Twitter, they ask they network which is the best stereo system (you sell stereo systems) and then they come back to your website again. This time you recognize their IP address from last week, append their geographic information (Manhattan) and adjust your homepage on the fly that compares your stereo favorably to the industry and has a big buy button on right on the first page. Conversion goes up 120% and you start to gain significant ground on the web compared to your comeptitors.
This scenario is not fictional. It is happening everyday, in real-time. It’s not happening a lot right now but it is happening and will happen much more in the near future. How does your marketing stack up? To learn more about this topic we brought in the VP, Group Director at Digitas, Ken Burbary to work through this conversation. Ken is a long time industry expert and thought leader in the emergence of marketing analytics. The conversation this week will follow the following topic and related questions.
Topic: Welcome to the Big Data Era, How do Marketers Cope?
Q1: What types of data (digital, social, mobile) do marketers need to capture, track and analyze to effectively understand consumers in this era?
Q2: Who (which group/function) should be responsible for the planning, collection and analysis of consumer data?
Q3: How long will companies and organizations have to wait for the “big data” phenomenon to kick in and realize the benefits?
Please join us in this online chat on Tuesday, July 26 at noon ET. Follow #sm120 from your favorite Twitter client or simply go to our LIVE page at www.hashtagsocialmedia.com/live. The format will stay the same with the first question starting at noon and a new question coming every 20 minutes at 12:20 and 12:40.