As the “Big Data” market is set to grow to nearly $17 billion by 2015 (IDC via CIO Insight), prudent marketers will find ways to adapt the analytical power of 360-degree views of their customers. “If you look 5 or even 10 years down the road, you can envision a future in which data informs as much as 75% of all your marketing …,” Cory Treffiletti recently wrote in MediaPost‘s OnlineSPIN blog.
I couldn’t agree more. In fact, Fathom’s own VP of Sales & Marketing, Jeff L. Herrmann, is on record arguing that companies should make 100% of their marketing budgets accountable.
Thanks to a shortage of “Big Data” knowledge workers, many people today who have no previous analytics experience or training are going to be asked to maximize their companies’ marketing with it tomorrow. How does a traditional marketer even begin to go about this process? Treffiletti recently offered some helpful ideas:
- Select the right partner(s) for data-driven digital marketing.
- Get the partners involved with your company (attending meetings, educating staff with “lunch-and-learns”).
- Keep all discussions grounded in reality, i.e. the specific context of your business.
- Challenge your partner(s) to provide the best solutions.
To his ideas I’d add:
- Consider the opportunity cost of data mismanagement. For example, in email marketing, your reputation (along with your return) can be damaged when bounces, invalid addresses and inactive accounts destroy your message deliverability.
- Once you know who’s helping your company, cleaning up your big data should be priority #1.
- Extend your database with additional data to analyze and run through models. Use the new data to create optimum results from your customer/lead engagements (nurture vs. transaction).
- Make real-time adjustments to your messaging/campaigns to produce more conversions.
In Treffiletti’s words, “The age of the static ad network is officially over, and the world of data-driven marketing is here.” The sooner you welcome this world, the greater likelihood you will be able to bring your company more profitable revenue from digital than it has ever seen before.
Related reading: For more figures like the $17 billion near-future value of the “big data” market, check out our popular “Big Data Facts and Statistics That Will Shock You.”
Photo courtesy of Idaho National Laboratory via Flickr.