It’s called big data for a reason
While big data still baffles many marketers, a step-by-step approach can yield highly valuable results
Overwhelmed by the size and complexity of big data, too many marketers don’t even know where to start to harness its power. In fact, our recent Marketing Flab to Fab study found that fully one-third of marketers are feeling big data exhaustion. More concerning, one in five have given up on it entirely.
There’s hope. With a methodical, rigorous strategy, and realistic goals, incremental improvements—sooner than later—are achievable. Here are four keys to successful implementation:
Take a phased approach. First, clearly define your business objectives. Do you want to increase in-store footfall, boost sales, increase average order size? Setting a specific goal will tell you what data you’ll need, where you’ll have to go to get it, how much, and how often. As time goes on, of course, you can increase the complexity of your big data strategy for even better results.
Set reasonable expectations. Results don’t appear overnight. Small to mid-size companies should expect a minimum of six months to actually see big data delivering.For enterprises, it can take twelve months or more. That time frame is actually pretty reasonable given the tasks of data consolidation from disparate sources, clean up, resolving integrity issues, and defining the attributes that really matter.
Select the right technology. It’s a fact of life: you’ll have to make an investment in technology to make the most of your data. To invest wisely, assess your current infrastructure’s capability to process data and report in real time. Taking into account your unique business needs, you’ll also want to evaluate big data platforms, SQL vs. NoSQL databases, analytical tools, and integration solutions.
Measure and improve continuously. Regularly, step back and analyze the results of your data-driven marketing campaigns and adjust strategy as needed to maximize results. You may identify new data collection points, implement progressive customer profiling, and take another look at what data you really need to drive the best results. You simply can’t know these things up front, so testing and iteration are critical.
So if big data has done a number on you, just remember, big data done right can yield new and deeper business insights, the value of which increases over time. With the right strategy and plan of action in place, big data can open up completely new and exciting opportunities for sales and data monetization.
For more on overcoming big data fatigue, check out our Marketing Flab to Fab Big Data Workout Plan, a 21-day fix for addressing common big data issues.
The Resulticks Marketing Flab to Fab Team
To take a deeper dive into crafting your big data strategy, contact Resulticks.