160329-data-literacy-lg

Having a Data-Driven Marketing Program Helps You Crush the Competition

Having a Data-Driven Marketing Program Helps You Crush the Competition

Most companies and marketers are just now learning "data literacy."

A survey by Kentico Software found that Big Data was the third highest priority for US digital marketers in 2015. Moreover, a recent Teradata study stated that just two in five companies report generating revenues from using their data aggressively, and an Economist Intelligence Unit survey of 530 executives found that 89% didn't believe they were significantly better than their peers at using data.

In other words, most marketers are feeling pretty data illiterate at this point.

So, you have time to put a plan in place.

Becoming data literate takes understanding where the data is coming from and how it's used to sell products.

Big Data has been around for decades, but it's getting attention now because of the advent of the data collected by social and search channels.

The volume of what data aggregators can now collect astounds us. Every day, people around the world post 230 million tweets on Twitter and "like" 2.7 billion posts on Facebook. Those actions, along with user profiles, reveal each individual's interests, shopping plans, actions, and more.

Read Also:
Artificial intelligence swarms Silicon Valley on wings and wheels

Social data, however, is just one kind of data that provides insights into customer behavior and trends. "Machine data" also comes from the sensors and even Web logs that monitor machine user behavior.

Used in industrial settings until recently, this "Internet of Things" is coming to a refrigerator near you! Our everyday household devices will increasingly be embedded with sensors and network connectivity, alerting manufacturers to when parts are wearing out or supplies running low. (Imagine Hewlett Packard giving you a call to say your printer ink is low and asking whether it can ship a new cartridge to you today.)

Machines aren't the only data-collection devices. Large companies and many B2B entities collect product IDs, prices, payment information, distributor data, and more. Called "transactional data," that information is used by companies to understand their customers and better run their supply chain.

Collected data is worthless without the analytics applied to it that help businesses determine trends, personas, and pricing. Raw data must be analyzed to gain insights into customers and trends.

Read Also:
Forget Data Scientists

With "data" as the new buzzword, however, new companies like InsightSquared, Cloudera, and Sumo Logic have joined the ranks. There will be plenty of business for math geniuses who can apply formulas to data points to determine your ideal customer's email marketing preferences, the products they need currently, the likelihood of recommending a company, and so much more.

Recently companies have used Big Data and Big Math to:

Big Data and Big Math can provide the most specific recommendations based, not on guesswork or even best-practices (which may have nothing to do with your industry) but on concrete, data-driven insights based on your very own operations and audiences.

Here's a story of a CMO who took a nationwide company from zero data to Big Data.

In 2014, Pep Boys Chief Marketing Officer Ron Stoupa moved to Sports Authority to take over the same role there.;



Data Science Congress 2017

5
Jun
2017
Data Science Congress 2017

20% off with code 7wdata_DSC2017

Read Also:
The Product Roadmap vs. the Project Roadmap
Read Also:
Big data vs. smart data: Dun & Bradstreet chief data scientist breaks it down

AI Paris

6
Jun
2017
AI Paris

20% off with code AIP17-7WDATA-20

Read Also:
3 Enterprise Business Intelligence Trends That Can Benefit Your Business

Chief Data Officer Summit San Francisco

7
Jun
2017
Chief Data Officer Summit San Francisco

$200 off with code DATA200

Read Also:
Everything Publishers Need to Know About Business Intelligence

Customer Analytics Innovation Summit Chicago

7
Jun
2017
Customer Analytics Innovation Summit Chicago

$200 off with code DATA200

Read Also:
Your marketing data Is overrated

HR & Workforce Analytics Innovation Summit 2017 London

12
Jun
2017
HR & Workforce Analytics Innovation Summit 2017 London

$200 off with code DATA200

Read Also:
Data, attention and value for digital media

Leave a Reply

Your email address will not be published. Required fields are marked *