The hype around big data

bigdatahypeThe hype machine is on high when it comes to big data.  So called analysts, who are actually journalists and have little or no actual marketing experience, are trying to convince marketers that they have to have big data.  That is a pure canard.

According to Business Insider there are many problems with the assumptions behind the “big data”  being pushed, primarily, by consultants and IT firmsthat want to sell businesses the next big thing. Fortunately, honest practitioners of big data—aka data scientists—are by nature highly skeptical, and they’ve provided us with a litany of reasons to be weary of many of the claims made for this field. 

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Data, in any form is only valuable if it’s actionable and provides insights into the minds of prospects and customers.

When companies start using big data, they are wading into the deep end of a number of tough disciplines—statistics, data quality, and everything else that comprises “data science.” Just as in the kind of science that is published every day—and as often, ignored, revised, or never verified—the pitfalls are many.

However, what companies really are missing are people who can look at your data, such as web analytics, and clearly explain what it means and more importantly how it can be used to drive brand objectives.

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iMedia connection makes a great point about big data for sure, keen understanding is a good thing. But hard data and insights alone will only get you so far. What really counts is figuring out how to translate this new knowledge into higher sales and better conversions. In a sense, nothing much matters unless brands can use all of that Big Data to actually attract, delight and retain their customers. So how does this “delight” factor really help brands? The more you give people what they want, the more rewards you’ll see on your websites – think full shopping carts, more reservations, positive customer reviews, and eventually more repeat business. All of that means one thing for brands – more revenue.

In summary;

1ne: Data can be useful, but only if it provides actionable insights into your customers’ behavior.

2wo: Don’t fall into  the trap of big data so IT and consultants can get more money.

3hree: Understanding data is not enough; you need to streamline the organization to act on insights.  Time is a competitive advantage.

4our: The people who can best interrupt big data are people who have marketing backgrounds and understand your consumer psyschographics.

5ive: For goodness sake, stop purchasing reports from so called analysts who are actually journalists.  Have they actually worked in your industry and more importantly, what have they done to demonstrate past successes?

 

 

About richmeyer

Rich is a passionate marketer who is able to quickly understand what turns a prospect into a customer. He challenges the status quo and always asks "what can we do better"? He knows how to take analytics and turn them into opportunities and he is a great communicator.

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