Big Data in marketing
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big_data_marketing531.docx
CMOs across the country are turning to Big Data and business analytics in an unprecedented drive to improve the outcomes of their marketing efforts and lower costs. ICC , a nationally recognized enterprise technology leader that provides business-critical application development, digital and Big Data analytic solutions to its Fortune 1000 national and global clients, has identified five steps for marketers to get started using Big Data.
Big Data analytics holds out the promise to change everything about marketing. From next-best-offer to cross-sell and upsell, the insights gleaned from Big Data and Big Data analytics will allow chief marketing officers (CMOs) to back up long years of experience and gut instinct with data-driven decision making that will lower costs and improve outcomes on every dollar spent.
“We are just starting to see the results among early adopters, and they are very positive” says Jim Gallo, a Big Data expert at ICC. “Big Data is giving these marketers an edge over their competition because they are able to reach their customers in ways that are more meaningful and timely with the right offers at the right time.”
For most CMOs, however, Big Data is two words on a page, and what matters is what it can do for their organizations. Do they want to improve their customer experience and engagement? Improve loyalty? How about leveraging existing customers to turn prospects into clients? What about growing the top line, increasing share of wallet or entering new markets? Big Data can help to do that and much more.
Big Data analytics allows marketers to segment their prospects and customers into micro-targeted groups based on behavior, not just demographics or transaction histories. Sentiment analysis from social media can combine with CRM data, for example, to create a more holistic view of customer lifetime value and improve cross-sell and upsell opportunities.
“While off-the-shelf solutions from vendors like IBM, Oracle or SAP look very complete, they still require integration before they can work in a specific environment,” says Gallo. “The good news is, no one has to reinvent how to do Big Data from a technology point of view. It just requires a commitment to get the work done.”
Five Steps to Improve Marketing Effectiveness with Big Data
Be Strategic:
Figure out the business case. What is it marketers want to know that they don’t know today? What are the goals they want to achieve? Improve customer experience? Increase customer retention? Gain more visibility into customer behavior? Understand the analysis of their marketing campaigns? All of these are solid Big Data use cases
Get Tactical:
Figure out what questions need to be asked in order to address these issues. Where are the pain points that, if alleviated, will allow a marketer to achieve strategic objectives?
Understand where the data will come from:
Do you just need to break down internal data silos or do you need to bring in outside sources like weather or sentiment data to achieve your objectives? Is the data from the marketing applications integrated with other systems? Finding the right data is key to any Big Data initiative because the old IT expression “garbage in, garbage out” still holds true, often on a much larger scale.
Get Executive buy in:
Without backing from the highest levels of the organization, any Big Data initiative will struggle against a vast pool of competing projects and priorities. Marketers can argue effectively today that their Big Data initiatives should become a top priority. Find the use cases to back up your position. They exist.
Locate the right people:
This is perhaps the most challenging of all: finding the people inside and outside of the organization who can help pull together the resources to deploy a proof-of-concept project for Big Data. If need be, you can leverage infrastructure available in the cloud, but you must understand how to bring together all of the various elements that make up a Big Data solution and this takes talent that is increasingly hard to find these days.
http://mashable.com/2013/05/06/cmo-data/
When you consider the vastness of data sets like Google searches, commercial transactions, social networks, GPS and the connected fitness trend, it's not hard to believe that as a society, we log about 2.5 quintillion bytes of data every day.
Research from 360i found that consumers spend almost $300,000 a minute shopping online; brands garner 350,000 Likes per minute on Facebook; and Twitter users send more than 600,000 tweets per hour. The magnitude and specificity of this information has given rise to the term Big Data. But unlike a lot of the buzzwords in our 30 Days of Buzzwords series, this term is here to stay, and we're happy about it.
Below, we've rounded up eight CMOs and CEOs who are doing data right, and growing their companies thanks to data-driven insights.
Open the source
http://blogs.salesforce.com/company/2014/11/5-ways-marketers-can-actually-use-big-data-gp.html
5 Ways Marketers Can Actually Use Big Data
Marketers look into this vat of data bug-eyed and frothing at the mouth.
Why? Because Big Data holds the potentially to describe target customers with an accuracy and level of detail unfathomable only a decade ago. While old-school marketing efforts were limited to things like tracking returns on direct mail campaigns, or number of subscribers to newsletters,modern marketers can have data on people’s exercise habits, digital clicking behavior, time spent on various sites, purchasing history, personal preferences based on social media postings, time awake, time spent in the car, caloric intake, and almost anything else you can imagine.
So it makes sense that marketers would be chomping at the Big Data bit. While they used to know their customers like this:
Big Data reveals a defined buyer in real, dynamic time — like this:
But how should marketers leverage this new quantified customer landscape in the best way? And how does Big Data translate to revenue?
Here are five ways to pull Big Data into your marketing strategy:
1. Monitor Google Trends to Inform Your Global/Local Strategy
2. Use Digital Information to More Clearly Define Your ICP
3. Create Real-Time Personalization to Buyers
4. Identify the Specific Content that Moves Buyers Down the Sales Funnel
5. Integrate Predictive Analytics Into Your Lead Scoring Strategy
Look at the details on the website
October 14 , 2013
See the Application of Big Data to the Future of Marketing
Look at the details on the website
The Big Data Market: 2014 - 2020 - Opportunities, Challenges, Strategies, Industry Verticals and Forecasts
Look at the details on the website (from the report buy.com)
The Big Data-Driven Business : How to Use Big Data to Win Customers, Beat Competitors, and Boost Profits
The Citation:
Glass, Russell; Callahan, Sean (2014). The Big Data-Driven Business: How to Use Big Data to Win Customers, Beat Competitors, and Boost Profits. Retrieved from http://www.eblib.com
http://www.clickz.com/clickz/column/2353618/just-how-big-is-the-big-data-market
Based off various reports and analytics, here is a deep dive into the Big Data marketplace and a look at what analysts are predicting for the future.
There is a very high level of interest and hype surrounding "analytics," "Big Data," and business intelligence (BI) that is leading to a slew of market projections and forecasts. Vendors and buyers alike are confronted with a dizzying array of choices and data that all hopes to define these markets and provide solutions.
But, one of the biggest issues still remains - a clear definition of terms. Some reports estimate that there are at least 1,000 marketing technology vendors. At Efectyv Digital, along with Incisive Media (publisher of this site), we've created our own Convergence Analytics Report 3.0 (free download) to help define the market and the terms.
In addition, a number of other leading publications, vendors, and analyst firms have created materials on the topic. Presented below is a compilation of recent forecasts and market estimates that are useful for buyers and vendors alike.
Analysts Predict Strong BI Software and Services Growth
A.T. Kearney forecasts global spending on Big Data hardware, software, and services will grow at a compound annual growth rate (CAGR) of 30 percent through 2018, reaching a total market size of $114 billion. The average business expects to spend $8 million on Big Data-related initiatives this year. Source:Beyond Big: The Analytically Powered Organization.
Cloud-based BI is projected to grow from $0.75 billion in 2013 to $2.94 billion in 2018, attaining a CAGR of 31 percent. Redwood Capital's recent Sector Report on Business Intelligence (free, no opt-in) provides a great analysis of the current and future direction of BI. Redwood Capital segments the BI market into traditional, mobile, cloud, and social business intelligence.
A.T. Kearney and CMU contend that enterprises getting the most value out of analytics and BI have leaders that concentrate more on collaboration, building team confidence, and creating an active analytics community, while laggards focus on technology alone. They recently surveyed 430 companies globally, representing a wide range of geographies and industries, for the inaugural Leadership Excellence in Analytic Practices (LEAP) study.
Here's another big number- Big Data is projected to be a $28.5 billion market in 2014, growing to $50.1 billion in 2015 according to Wikkbon. The report, Big Data Vendor Revenue and Market Forecast 2013-2017, is outstanding in its accuracy and depth of analysis.
SAP, IBM, SAS, Microsoft, Oracle, Information Builders, MicroStrategy, and Actuate are market leaders in BI according to Forrester's latest Wave analysis of BI platforms. Their report, The Forrester Wave: Enterprise Business Intelligence Platforms, Q4 2013 (free PDF, no opt-in, courtesy of SAS) provides a thorough analysis of 11 different BI software providers using the research firm's 72-criteria evaluation methodology.
Amazon Web Services, Cloudera, Hortonworks, IBM, MapR Technologies, Pivotal Software, and Teradata are Big Data Hadoop market leaders according to Forrester's latest Wave analysis of Hadoop Solutions. Their report, The Forrester Wave: Big Data Hadoop Solutions, Q1 2014 (free PDF, no opt-in, courtesy of MapR Technologies) provides a detailed analysis of nine different Big Data Hadoop software providers using the research firm's 32-criteria evaluation methodology. It's an interesting read.
Global Big Data technology and services revenue will grow from $14.26 billion in 2014 to $23.76 billion in 2016, attaining a compound annual growth rate of 18.55 percent. These figures and a complete market analysis are available in IDC's Worldwide Big Data Technology and Services 2012 - 2016 Forecast. You can download the full report here (free, no opt-in): Worldwide Big Data Technology and Services 2012 - 2016 Forecast.
Big Data technology and services will grow from $1.95 billion in 2013 to $9.83 billion in 2020, attaining a CAGR of 26 percent. These and other market forecasts and projections are in a report Huawei sponsored titled Big Data & Advanced Analytics in Telecom: A Multi-Billion-Dollar Revenue Opportunity.
Easy-to-Use Features Fuel Predictive Analytic Growth
The advanced and predictive analytics (APA) software market is projected from grow from $2.2 billion in 2013 to $3.4 billion in 2018, attaining a 9.9 percent CAGR in the forecast period. The top three vendors in 2013 based on worldwide revenue were SAS SAS ($768.3M MMM +0.12 percent, 35.4 percent market share), IBM IBM +1.19 percent ($370.3M, 17.1 percent market share) and Microsoft MSFT -0.36 percent ($64.9M, 3 percent market share). It is somewhat important to note that IDC says that simplified APA tools that provide less flexibility than standalone statistical models tools, yet have more intuitive graphical user interfaces and easier-to-use features are fueling business analysts' adoption. Source here.
The bottom line? No one knows for sure about the size, but everyone knows that it's moving very quickly and growing very large!
http://link.springer.com/chapter/10.1007%2F978-3-319-08976-8_16
Big Data Analytics: A Literature Review Paper
$16.1 Billion Big Data Market: 2014 Predictions From IDC And IIA
IDC predicts that the market for big data will reach $16.1 billion in 2014, growing 6 times faster than the overall IT market. IDC includes in this figure Infrastructure (servers, storage, etc., the largest and fastest growing segment at 45% of the market), services (29%) and software (24%). IDC commented that the benefits of big data are not always clear today (indeed, BNY Mellon recently asked its 50,000 employees “for ideas about how to harness the power of Big Data”). IIA predicted that companies will want to see demonstrable value in 2014 and will focus on embedding big data analytics in business processes to drive process improvement.
Introduction:
Big data used to be a technical problem but now it's a business opportunity. The exploding volume, complexity, diversity and velocity of big data have forced organizations to reconsider their approach to data management and re-evaluate their entire analytic portfolios. High performance analytics is specifically designed to support big data initiatives which includes in-memory, in-database, and grid computing.
Intro.
https://www.marketingtechblog.com/benefits-of-big-data/
WHAT IS BIG DATA?
Big data is a term used to describe the collection, processing and availability of huge volumes of streaming data in real-time. The three V’s are volume, velocity and variety with credit to Doug Laney ). Companies are combining marketing, sales, customer data, transactional data, social conversations and even external data like stock prices, weather and news to identify correlation and causation statistically valid models to help them make more accurate decisions.
WHY IS BIG DATA DIFFERENT?
In the old days… you know… a few years ago, we would utilize systems to extract, transform and load data (ETL) into giant data warehouses that had business intelligence solutions built over them for reporting. Periodically, all the systems would backup and combine the data into a database where reports could be run and everyone could get insight into what was going on.
The problem was that the database technology simply couldn’t handle multiple, continuous streams of data. It couldn’t handle the volume of data. It couldn’t modify the incoming data in real-time. And reporting tools were lacking that couldn’t handle anything but a relational query on the back-end. Big Data solutions offer cloud hosting, highly indexed and optimized data structures, automatic archival and extraction capabilities, and reporting interfaces have been designed to provide more accurate analyses that enable businesses to make better decisions.
Better business decisions means that companies can reduce the risk of their decisions, and make better decisions that reduce costs and increase marketing and sales effectiveness.
WHAT ARE THE BENEFITS OF BIG DATA?
This infographic from Informatica walks through the risks and opportunities associated with leveraging big data in corporations.
· Big Data is Timely – 60% of each workday, knowledge workers spend attempting to find and manage data.
· Big Data is Accessible – Half of senior executives report that accessing the right data is difficult.
· Big Data is Holistic – Information is currently kept in silos within the organization. Marketing data, for example, might be found in web analytics, mobile analytics, social analytics, CRMs, A/B Testing tools, email marketing systems, and more… each with focus on its silo.
· Big Data is Trustworthy – 29% of companies measure the monetary cost of poor data quality. Things as simple as monitoring multiple systems for customer contact information updates can save millions of dollars.
· Big Data is Relevant – 43% of companies are dissatisfied with their tools ability to filter out irrelevant data. Something as simple as filtering customers from your web analytics can provide a ton of insight into your acquisition efforts.
· Big Data is Secure – The average data security breach costs $214 per customer. The secure infrastructures being built by big data hosting and technology partners can save the average company 1.6% of annual revenues.
· Big Data is Authoritive – 80% of organizations struggle with multiple versions of the truth depending on the source of their data. By combining multiple, vetted sources, more companies can produce highly accurate intelligence sources.
· Big Data is Actionable – Outdated or bad data results in 46% of companies making bad decisions that can cost billions.
Big Data Analytics a Big Benefit for Marketing Departments
Today's companies collect a lot of customer data. Much of it sits on servers. Here's how firms in a variety of sectors can mine that data and turn it into increased revenue (and how IT departments can help).
Ebook: Strategic Guide to Big Data Analytics
To that end, today's marketing departments face many challenges. Organizations are still identifying methods to make their products more customer- and market-driven, while businesses are pressured to drive more qualified leads to their sales teams and to work with product development to ensure they're delivering the products and services clients are asking for.
Perfect
Tips: 6 Ways CIOs Can Make Peace with CMOs
It's safe to say that businesses of all sizes have access to platforms that in turn provide access to data and analysis. While in some cases internal systems may not have all the transactional and historical data regarding operations, customer purchasing habits and marketing performance, many of today's systems do provide an easy, cost-effective way to get a head start on big data, as there are numerous open source big data technologies available for firms to use. For large data sets, there are several scalable pay-as-you-go services that can process and host data.
How-To: Big Data Analytics Today Lets Businesses Play Moneyball
While in some cases it is far easier to focus on using data to increase market exposure and discover insight, it won't be uncommon to see firms using data they have collected from clients over the years to sell access and insight they have gained from their data. For example, the data that manufacturers collect on faulty products can be sold, as it offers insight into how a component may behave under certain conditions. This information can easily provide a value-added service for a manufacturer, not to mention a new revenue stream.
Finally, telecommunication firms, free Wi-Fi providers and mobile carriers all retain information regarding customer's Web browsing habits. This information has tremendous value and can potentially be deidentified and sold—or, if the fine print states that information can be shared, then a consumer's information may be used and sold to telemarketers.
Big Data, Big Competitive Advantage
The value that big data offers marketing executives, combined with the competition that drives businesses to seek market advantage, means we should expect to see increased investment in digital infrastructures. As discussed, such technology can help retailers optimize and narrow the gap between what their clients want and what they actually receive. Financial services, healthcare and many other sectors will seek the opportunities and benefits that big data offers as well.
http://xerxes.calstate.edu/fullerton/books/record?id=b2618157
http://xerxes.calstate.edu/fullerton/worldcat/record?source=regional&id=858626272
http://xerxes.calstate.edu/fullerton/worldcat/record?source=regional&id=868157010
