More Reasons Why Big Data Matters

Patti RennerMarketers are on the threshold of a new age – the age of “Big Data.” New technology enables the unification of data sources to automate the ability to understand what’s really going on with your customers. For marketers who embrace these new capabilities, data and analytics offer a key differentiator between themselves and the competition. As tempting as it is to take a “wait and see” approach, like most things digital it’s better to at least get started so you don’t get left behind.
Here are a few good reasons to get you off the fence and into the flow:

Data protects the bottom line: Companies who choose not to aggressively plan to manage and exploit their accessible data report that they’re losing an average of $71.2 million each year as a result. (Can your company afford to do that? And is it already because you’re resisting adoption and investment?)

Find the needles of ROI in your data haystacks: Companies may be gathering volumes of data but you probably have gaps between types of information and what you can currently do with it. It’s important to find a partner to help fill those gaps, to help you develop strategy to harvest the gems that will impact ROI. Someone recently compared this to searching for needles in a haystack; I like to think of them as needles of gold.

Your strategy deserves confirmation based on facts: Using data and having that unified view of the customer, allows you to move from “hunches” to actual evidence of potential areas of gain. In fact, when used well, it can minimize delays of A/B testing since you have a clearer idea of how your audience might respond based on your data prowess. This means you can be nimble in your to-market approach and get to market faster with greater confidence.

Spend smarter when it comes to cross-channel investment: Making use of Big Data allows you to wisely optimize the areas of greatest value, but without the data, you may not know what those areas may be. With the increased complexity of advertising and direct digital marketing, putting your spend and energy to areas of greatest impact – and being able to measure and achieve returns on marketing investment – can offer a significant advantage in a tight market.

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