With the explosion of big data, marketers are faced with immense opportunities for mining this information to enhance strategies and devise more intelligent campaigns. However, without the support of database experts, big data projects may fail to fulfill objectives.
Forbes because successful strategies are increasingly dependent on an ability to derive insight from mass volumes of information, big data will continue to transform the marketer's role and responsibilities. The source interviewed Tim Suther, the chief marketing and strategy officer for Acxiom, on the significance of the big data impact.
Suther explained that having a "big idea" based on intuition is no longer adequate. Marketing is becoming more rooted in the "big data goldmine," which involves better analytic segmenting and targeted efforts. According to Suther, marketing has become somewhat of a science due to big data, relying on testing and measuring the effectiveness of campaign results. He cited Rex Briggs' research that while a half trillion dollars is spent on marketing around the world, nearly 40 percent of it is wasted.
"A substantial reason is due to a lack of data or disconnected data that inhibits insight and measurement. Not only does data enable marketers to be more effective and efficient, but it provides the platform to be able to prove it," Suther told Forbes. "Data is the missing link between marketing actions and results."
Need for expertise
One of the reasons for wasted marketing investments, according to Suther, is considerable incompetence in dealing with big data. He explained that marketers aren't fully leveraging information due to challenges in managing and understanding data while generating actionable analytics. Forbes reported that according to a McKinsey forecast, there is a shortage of 1.5 million data savvy marketing managers. By utilizing database experts, firms can ensure a higher ROI from big data initiatives. Suther explained that in his observations, the most successful big data strategies are strongly supported by an external partner for a more mature analytics model.
Computing reported that other analysts are predicting that big data will play an increasing role in marketing budgets. Oracle President Mark Hurd told the news source that by automating big data analysis for both structured and unstructured information through DBA services, marketers can come to more accurate conclusions. Observing consumers' "digital body language" through big data can also facilitate the strategizing process by capitalizing on insight when it is most valuable.
With proper support for real-time analytics, big data projects can empower marketers to design more relevant campaigns, promoting a competitive advantage.
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