Are You a ‘Data Driven’ Company?
Big data. It’s the buzzword for the sheer volume of data that larger companies are able to grab regarding just about any part of their business. Of course, here at Marketing Pilgrim we are interested in big data as it relates to, you guessed it, marketing.
eMarketer discussed the finding from a recent study by 33across looking at the impact big data has on ad spend. As with much research in areas of marketing and advertising there isn’t much to see as a general rule. Specific industries see things in their own special way. In other words, no silver bullets yet again!
The most curious piece of this data is the relatively low (as compared to the other sectors) interest that retail has in big data. Why is that?
When it comes to retail, Allie Kline, CMO of 33Across, pointed out that the big focus is on conversions. Using Big Data may only provide a small, incremental boost in conversions and may not necessarily be worth it to retailers who risk giving consumers the “creep-out” vibe when they implement Big Data and potentially show they know too much.
Wow. When we are at the point that businesses feel the need to hold back on letting everyone know exactly how much they know about you and your habits because it might creep you out, it does get a little weird.
On the other hand, however, it was found that all of that knowledge can often be a bit of a burden for those having it. Look at the following findings regarding some of the headaches that accompany big data acquisition.
The third reason on that list is likely to raise the most eyebrows. It’s almost like having a bumper crop of (insert favorite vegetable here) but then realizing that it’s more than you know what to do with in a practical sense. In big data, is there too much of a good thing? For some the answer apparently is yes.
So how does your organization handle all the data it collects? Does it do it well enough or are there areas for improvement? Should you even collect it if you can’t apply it?