In early December, Neolane partnered with Epsilon to host an in-person event titled “Demystifying Big Data: How to Harness Customer Insight to Generate Stellar Marketing Results.” This event helped give marketers a better understanding of big data and how to apply it to generate customer insight that can be used to deliver more relevant cross-channel experiences.
As big data has emerged as a big digital marketing buzzword, there have been many assumptions about its importance, tools, and value to marketers. In this post, we’ll use material from this informative event to debunk three big data myths.
3 Big Data Myths DebunkedMyth #1: You have to know Hadoop to understand big data
Most people believe in an “understand Hadoop or bust” approach when it comes to big data marketing. Hadoop is an open-source Apache software program, and it’s frequently discussed as it relates to big data. However, a deep working knowledge of Hadoop is not required to be able to understand and leverage customer data to improve ROI as well as the overall customer experience.
Instead, what’s important to understand is what to do with the available customer data, and how to create a plan to apply it to be more timely, relevant, and personalized with your marketing messages. The data being stored is only a fraction of the battle; the real value lies in the ability to interpret this data and understand how it can be used to create a better overall customer experience.
Myth #2: The more data you have, the more valuable it is
Our next myth brings us back to an old saying: it’s quality, not quantity. While it’s nice to have all kinds of data available, it will only serve as an obstacle if it’s not put to good use. So, in other words, these large quantities of data are virtually useless if you don’t have a system in place to efficiently access and interpret data for beneficial use toward marketing activities.
When quality data is organized to create a customer profile and track the customer’s journey, meaningful results can be seen, as the targeted customer will receive messages he/she is more likely to interact with. Remember, however much data is gathered, it needs to be organized and interpreted properly to return the desired results.
Myth #3: Brands are content with the way they currently use and understand customer data
The statistics on this myth will back up our claim that this statement is exactly that: a myth. Survey results show 91% of senior corporate marketers believe that successful brands use customer data to drive marketing decisions. [tweet] However, just 39% say their own company’s data is collected too infrequently to put it to good use.
Just a fraction of the available data on the web is being analyzed, indicating marketers have a massive opportunity to gather more information. After the data has been gathered, it’s up to marketers to analyze it and put it to use in real time.
Marketers willing to take the plunge into the world of big data could see positive results. The most important factor for marketers is to collect quality data that is constantly being analyzed to create a personalized customer experience. While these myths abound, hopefully we helped clear them up and ultimately give marketers a better understanding of how to use big data as a powerful marketing tool.
Want to learn more about what big data means for marketers? Download our whitepaper, “Big Data: A Marketing Perspective.”
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