Why marketers need to go big with Big Data
Businesses need to consider the nature of their marketing analytics and decide if big data can help them meet their requirements.
Consider this typical marketing analytics situation:-
Transaction log data is getting captured from the core systems
From website the visitor data is getting captured.
From PoS, customer purchase data (limited) are getting captured
As a digitally strong brand, voice of customer data on social media is spiralling.
Let’s add some more complication to this data equation, with the fact that:-
Transaction data is at an individual customer level
Social Media data is at a segment level (with / without customer identifiable information depending on source)
Customer footfall data is at channel level
PoS data is at store level
While each of these data sources gets independently processed and analyzed either for simple MIS/reporting purposes or using predictive and descriptive models to power business actions, the true challenge lies in aggregating and deriving insights from marketing analytics. The need to aggregate can hardly be overemphasized since significant cross product/service holding is prevalent on your customer base.
While it may be possible to correlate a few customers’ interaction data, however setting up a structure to do this on a partly or fully automated basis is a huge challenge. This is so, given the heterogeneity of the data, and the fact that different sources have different structures (or no structure). So, creating some kind of homogeneity to the data is a determinant of success.
And to truly leverage this data beast Big Data is the only solution that marketers need to embrace.