We talk about the changes in the world of marketing here at Marketing Pilgrim. Kind of makes sense considering our name and all.
What is happening now in the world of marketing still has to do with demographics, psychographics, targeting, retargeting, paid search, organic search, email marketing etc etc. Until this time, though, most of these practices have occurred in a vacuum or in silos. As a result, the true effectiveness of these tactics and techniques has been held back to an extent. All that means is that there is so much more to the amount of data that is being produced by marketers today but the trouble lies in unlocking the true value of that data.
That’s why today is different. We live in the beginning days of the big data era. Anytime one lives in the early stages of a new paradigm there are gaps to be filled. The largest gap that is now presenting itself to marketers exists at the C-suite level. It’s between the CIO / CTO and the CMO. Marketers have a lot of data but there is, more often than not, no way to truly capitalize on it.
An article from CIO.com addresses this
Marketers overwhelmingly agree that big data analytics will become a major component of their business over the next several years—71 percent say they plan to implement big data analytics within the next two years—but most have a long way to go before they’re ready to untangle the “data hairball” they’re holding.
“The concept of marketing being data-driven is not new,” says Wes Moore, vice president at Teradata Applications. “That’s probably existed since the beginning of marketing. But the channels and the expectations of the consumer are changing. The need for marketers to be more data-driven is bubbling to the top.”
The following infographic shares the findings from the Teradata Data Driven marketing Survey 2013 and is an eye opener for marketers and technology professionals alike.
It’s becoming more and more clear as to what it will take for companies to separate themselves from their competition in the very near future. It’s how they handle the ‘data hairball’ of marketing. Are your marketing efforts going to choke or breathe easy?