BIG DATA and Marketing

BIG DATA AND Marketing OF BUSINESS EXECUTIVES ARE UNFAMILIAR WITH THE TERM 63% BIG DATA WHAT IS BIG DATA? Data so large and complex that you cannot process It using regular database management tools. .... There's no specific limit on data size to qualify It as "big". Dependent on the organizatlon managing the data set's capabllitles. BIG DATA CAN COME FROM MANY SOURCES Internal and external, Including but not limited to: Ш purchase transactions online sharing sensors digital pictures and videos post to social media MP3's Cell phone records MODELS AND METRICS CAN OFFER ACTIONABLE INSIGHT MODELS METRICS Represent reality, decide a Monitor a situation, and course of action diagnose problems How to apply Marketing Analytics? REVENUE DONATIONS GAIN |00A0O FOR PROFIT COMPANIES: NOT-FOR-PROFIT ORGANIZATIONS ACADEMIC INSTITUTIONS Prive donations and other results Gain insight on complex přoblems Prive revenye and profit results ADVANTAGES OF ADOPTING (MARKETING) ANALYTICS REMOVING DOUBT Big Data Analytics is great for marketers who need to show ENCOURAGE EXPERIMENTATION precisely what kind of impact their work is having. Test multiple scenarios to see what is best DRIVE REVENUE DECREASE EFFECT OF POLITICS Profit center when analytics and marketing work together Show impact of marketing SAVE MONEY Predict outcomes, no more guesswork Analytics PERSUADE EXECUTIVES Focus of revenue brought on by marketing ANALYSIS IS PROVING TO BE INVALUABLE WHEN IT COMES TO HELPING DRIVE BUSINESS DECISIONS ACROSS VARIOUS ORGANIZATIONS AND IMPROVING ROI. Marketers capitalize on unmet Value of information transparency, Ability to create an optimized needs in key market segments making insights from data more and personalized marketing accessible and usable for marketers. and can facilitate real-time ROI strategy. measurements. CASE STUDIES H&R BLOCK: Has learned in the weeks prior to April 15th, Mulm every question that is not answered immediately is a loss. and answered The effort secured 1,500,000 1,000,000 unique visitors questions for a 15% lift in business versus the prior year when there was no social media in the marketing mix. Tax preparation is a highly seasonal business. H&R Block had a heavy paid media scheduled but they also used Facebook and Twitter to provide immediate access to a tax professional for Q&A in the "Get It Right" social media campaign. T-Mobile USA has integrated Big Data across multiple IT systems to combine customer transaction and interactions data By leveraging social media data (Big Data) along with transaction data from CRM and Billing systems, T-Mobile USA has been able to "cut customer defections in half in a single quarter". HARDSHIPS OF INTERPRETING DATA Data is of no value unless it is put to use. These results reveal that almost one fourth 24% of the organizations surveyed perceive that no one is using marketing analytics data being collected. Less than 10% of companies are currently using their data effectively GREATEST CHALLENGES 33% 30 27% 25 20 15 10 FOR LARGE COMPANIES FOR SMALL COMPANIES 33% having the system and 27% having the time to infrastructure to measure and get it done track analytics A FRAMEWORK FOR UNDERSTANDING BIG DATA TEXT MUSIC VIDEO PHOTO VOLUME VELOCITY VARIETY Is the most challenging dimen- sion, referring to the broad range of data types. Refers to the sheer amount of Refers to the pace of data flowing in and out of an organization. data being collected. HOW TO FIND THE RIGHT PEOPLE: INSIGHTFUL TECHNICAL the ability to understand what the analysis means proficiency retrieving data and using analysis tools. and what to do about it. A+B BLA 3MM 0-B-C BLA ACM MATHEMATICAL COMMUNICATIONS skills to build and work with skills to share results data sets and models. and make conclusions accessible. SOURCES http://www.demandmetric.com/content/workshop-learning-love-analytics http://www.demandmetric.com/content/workshop-barriers-big-data-adoption http://www.demandmetric.com/content/value-using-big-data http://barnraisersllc.com/2012/12/6-big-data-case-studies/ Become More strateg DEMAND MEtriC Demand Metric is a marketing advisory firm that provides consulting methodologies, how-to guides, advisory services, online training and a library of over 500 marketing tools and templates. These premium resources are available to a membership community of over 30,000 marketing professionals and consultants in 75 countries. Using Demand Metric Resources, members complete marketing projects more quickly and with greater confidence, boosting respect for the marketing team and making it easier to justify needed resources. Members range from start-ups to consulting firms to members of the Global 1000. Visit us at: www.demandmetric.com --------- DO000L