The term ‘Big Data’ has been buzzing around for a while now. It refers to the masses of data flowing around us. IBM estimates that every day 2.5 quintillion bytes of data are created – so much that 90% of the data in the world today has been created in the last two years. Analysing this data is driving both big and small business decisions. Data is coming in the form of Traditional databases and analytics, Call centre logs, Social Media insights and scores, AdWord search results, analytics dashboards and email just to name a few.
In our digital communication world companies can use analytical insight to better target influencers with focused marketing and retention efforts, making better decisions about which offers to make to which customers. Entire marketing budgets are now being based on this type of analytical insight.
In traditional business, data-driven decision making is defined not only by collecting data, but also by how it is used — or not — in making crucial decisions, like whether to create a new product or service. Shifting slightly now is the blend of ‘data and analysis’ and ‘gut feeling and experience’.
New businesses are being created solely around helping customers analyze and manage all this data they now have access to. I would like to finish this short post with a quote from a great blog piece written here by David Karnstedt after attending this years DMEXCO Conference:
“What ties it all together and brings marketing to life across both offline and online channels. As I’ve mentioned, we are seeing the smartest marketers engage in true data activation. This is much more than just a look backwards at what has happened. Data activation uses data in real time to influence future outcomes — driving meaningful business change and has the power to forecast future outcomes. It takes the guesswork out of Media Mix decision-making so marketers can focus on creative experiences and innovation.
With attribution and forecasting, digital and traditional are coming together. We can see how they tie together and how they work. And most importantly, we can see how marketing will most likely impact the bottom line of the business tomorrow. As we shift our thinking around actionable data insights, we will continue to see marketers earn and own their seat in the boardroom, but, more importantly, we will see the human side of brands reach out and connect with individuals beyond anything we are seeing today.”
This post was written by Chris Ongarello, Managing Director of Digital Whiteboard.
Digital Whiteboard was established to help businesses and brands understand and leverage the power of the digital landscape. Focusing on concept and strategy to deliver measurable (ROI). Digital Whiteboard achieve this by working with enthusiastic people who share a common goal to create amazing innovative solutions to challenges.
Like Truly Deeply, Digital Whiteboard are part of E3, the global network of independent branding, marketing and digital agencies. As the official E3 agency for Liechtenstein, Digital Whiteboard has direct access to over 500 international specialists. They get unique know-how and global insights from different markets, sectors and disciplines. Depending on need they integrate E3 international specialists into their projects.