Happy New Year! We are feeling retrospective and decided to take a look back at where we have been with big data in B2B marketing. This compiled collection of articles hone in on the relevance of big data: why we should care, how to use big data, and what lies ahead this year.
Why Big Data?
BusinessInsider showed us why we should pay attention to big data stating that it would help marketers unlock $200B and improve their bottom line.
According to data in the article “big data leaders have, on average, 5% higher productivity and 6% higher profits than other companies.” Alison Griswold illustrated these points and more with a nifty infographic.
Forbes called big data “the biggest game changing opportunity for marketing and sales” stating that big data helped identify opportunities, understand the consumer decision journey, and automate the sales and marketing approach. These are areas that show us why big data cannot be ignored since this feeds directly into marketing and sale deliverables.
How to Use Big Data
eConsultancy addressed how marketing directors should use big data and shared five useful ways to help marketing teams get started.
The five tips listed were: make your digital marketing team a data driven one, be clear about what you want your big data to enable you to do, don’t just look back-look ahead, integrate your data storage to gain holistic insights from structured and unstructured data, and remember that old-style marketing fundamentals remain the same, they are just delivered in a new way.
Putting these five insights into practice and integrating these efforts into your current marketing efforts gives a fuller picture of customer interests than was possible before.
Another great resource is John Conley, who wrote a piece on CMO.com about the use case of big data to drive insights for personalization. Conley’s examples are concrete and relatable in his illustrations of how to unite offline and online customer data and associate it with individual profiles, how to create personalized messages on a one-to-one level and then deliver them across devices at scale, and how to create a “best next” personalized communications stream. This is a great resource for all marketing managers curious about big data.
The Future of Big Data
There has been some controversy about the current and future dangers of business and government access to consumer data as more and more data becomes available. The Huffington Post addressed some of these concerns in their post, especially in light of some criticism of the NSA’s data collection program. Chad Pollitt pointed out that data collection from businesses is not just being used for targeted display ads, but also used for helpful contextual marketing. The post sites Netflix and Amazon as examples of big data done right because these companies have been able to use big data to deliver the proper content to the best person at the right time.
“When executed properly, it’s marketing that pleases consumers because it adds value to their lives,” said Pollitt.
Similarly, eMarketer assessed survey data on what kind of data marketers are looking for . In their survey, predictive analytics and social data came up on top of the list, showing that many marketers understands that there will be tools that will make sense of big data because data itself is not as useful as understanding. Understanding motivations will allow marketers to predict social and buying behaviors which will be key in the targeted re-targeted marketing in the future.
The value of predictive analytics were also mentioned in Louis Columbus’ Forbes piece. Read about the leading industries with the highest adoption rates of predictive analytics, the impacts of the integration with the enterprise, and the types of data delivered.
These are just some memorable big data pieces. Let us know if you have any big data stories that you’d like to share!