Big Data and Why its #fail for CMOs who just hang-out with their creative agencies!
90% of the data in the world has been created in the last 2 years alone!
What does that mean?
That most of our knowledge of the world, and consumers is very new and it’s a dynamic view, given the pace of knowledge creation in such a short period.
This huge pile of data, streams from various sources like social media platforms, video and image sharing platforms, telecom CRM systems, commerce and transaction data, consumption data etc.- and this is the big data.
According to McKinsey: large pool of data that can be captured, communicated, aggregated, stored and analyzed is big data.
Organizations that want to win today, need to look at data closely. The days of the CMOs who just hang out with creative agencies, attend paid junkets and churn out new TV ads every quarter are numbered!
The Big Data is a rapid stream of information, and allows a real time insight into the business. Think about companies like LinkedIn, Naukri, ebay or Craigslist and what they can do with the big data!
Big data for example can predict for a travel agent that which sector can become more profitable in the next few hours thereby giving him an opportunity to offer further discounts for a specific time period and hence can help him garner even better volumes than before.
Big data could predict for an online retailer which items can go out of stock in the next few hours and can recommend users to substitute with a better offer on a complimentary product in real time.
Big data can tell craigslist about any correlation between product category & distance between buyers and product’s selling place and can in real time recommend products that have the best chance of being sold by virtue of the optimal distance. Not just that- craigslist can show better traction (and this is applicable also for all classifieds platform that are busy spending money on creating TV ads), lower the bounce and raise valuation by using big data to understand what % of people consume which segment of content and if there is any discrepancy in their content spread.
This is not all, a car company could potentially look at big data coming from millions of it’s cars and predict any malfunction in any specific model or series of cars. Big data can also let them understand, for e.g. the correlation between average pressure applied on brakes, hurdle distance & time taken to stop and perhaps help them develop better braking systems.
So big data is everywhere, the need of the hour is for the CMTO to focus and make sense of it.
The data is going to become even bigger in future- it’s only coming from humans today, but will go on to stream data from machines (our ACs, Refrigerators, TVs and Cars) and then it will be really exciting to assimilate and analyze this comprehensive set of data to develop better products, and serve consumers much more effectively.
The Chief Marketing Technology Officers need to just focus on their core objectives and see how best that can leverage technology and data to gain better insights to solve a real pain and create value for users else their organization will be leapfrogged by the new entrants.
We will talk more on big-data in the upcoming post. In the meanwhile here is an interesting Big Data Analytics process vision by Deloitte
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