A 4-point CMO test to find out if you really need Big Data solution
While there’s so much buzz on Big Data these days, and experts going overboard about how marketers need to ’embrace or die’ kind of statements, one starts wondering if this is real or overrated. Personally, I think the value Big Data offers in terms of marketing analytics is indisputable and the concept has existed for over a decade now. Ever since multi-channel marketing showed up on the marketers’ radar, the concept of a unified customer view has gained prominence.
Fundamentally this is real data and only multi-channel, media, and multi-device offers real clarity. This includes the actual behaviors and action-response patterns of customers. It also includes the relative responsiveness to changes in plans, campaigns and product feature modifications. Smart marketers have been leveraging all the data streams and data tools available to them to understand the impact of how each of their strategic and tactical marketing operations affect customer behavior. Recent developments and strides in technology today however has made it easier to derive customer insights from data, in the form of Big Data solution.
First things first, as a marketer you need to understand if a Big Data solution is really needed for your brand. And given below is a 4 point easy test that you can readily use:-
1.VOLUME:-On volume and scale count, if the answer to any of the following questions is
affirmative then you certainly need a Big Data solution:-
- Data exceeding physical limits of vertical scalability
- Millions of customers or thousands of customers going on board rapidly
- Millions of transactions
- Terabytes of Data being created on short frequencies like a few days or week etc
2. VELOCITY:-The speed at which your data footprint increases, be it brand generated or consumer generated when:-
- Decision window small when compared to data change rate
- Millions, or tens of thousands of transactions happening every minute
- Source data updated daily / real-time
3. VARIETY:-If your marketing programs are generating outputs in multiple data formats being generated across multiple products, channels, systems, transactions etc. and the different formats of data make integration expensive, then you certainly need a Big Data solution
4. VARIABILITY:- If your data streams from your customer facing programs are inconsistent or erratic, and require neural logic to construct into a meaningful format; then you’re not alone. Large multi-line, multi-channel brands suffer from this problem, where many options or variable interpretations confound analysis. And variable data from diverse security models, metadata schemas, application interfaces etc. create a futile data cut. Faced with such a challenge you certainly need a Big Data solution.
Trust this helps in establishing whether you need to spend more mind time or not. If you do want to read more on what options are available today to a marketer when it comes to Big Data, check this post: What CMOs need to know when it comes to Big Data?