Kimberly Whitler writes on the Forbes CMO Network “What Can Marketers Do To Manage And Leverage Big Data?”
I like this article. Ms Whitler interviewed Tim Suther, the Chief Marketing and Strategy Officer for Acxiom, about why Big Data is significant for marketers. Why should marketers care about Big Data? So they can prove the value of marketing. The collection and analysis of Big Data can make all sorts of marketing attribution more feasible.
Half the money I spend on advertising is wasted; the trouble is I don’t know which half.
Ms. Whitler’s article cites half a trillion dollars get spent each year on marketing, with 40% wasted. Wow, that’s a lot of money being spent ineffectively. Big Data can be used for more precise campaign targeting, to empower data mining in order to understand the customer better, and to even be leveraged as a new product offering or feature. The major companies in internet, retail, and finance have already been using Big Data for transforming how marketing gets done and making marketing dollars be more measurably productive.
Marketers need to realize that Big Data will turn marketing into more of a science. More math skills are needed, as well as the usual social and psychological skills to influence people. Marketers might not necessarily need to learn how to use Hadoop or R directly, but they do need to understand the process of how data get collected, cleansed, and aggregated and how statistical models can crunch the massive data into actionable insights. Scaling out the ability to predict how each customer will respond will be invaluable to the marketer’s mission to understand the customer and thereby optimizing the business for it.
CMO’s and marketers are well positioned to take the lead in helping their companies use Big Data strategically.