Are You Ignoring Big INSIGHT in lieu of BigData? A question that every CMO should ask before letting free the troops to conquer the Big Data tug-of-war. Recently I came across some very interesting and fresh perspective on “Big Data” or “Big” data or its fallacies as Scott Brinker puts in his blog The big data bubble in marketing — but a bigger future. What intrigued me the most was the acknowledgement that this is to a great extent that shiny disco ball that every big organization and every “C” level executive wants their teams to adopt and bring home, often ignoring what it would take to utilize the “shine”. I really liked Scott’s analogy about this being a journey that does not end at DATA ACQUISITION & COLLECTION, that is probably the easiest of all, it needs to flow throw “Big Test” and finally “Big Experience”. Now while that is an absolute must, this is not just bringing technology & personnel in house, similar to the adoption of a broader Marketing Technology perspective, this remits a Behavioral & Cultural Change that converts the organization’s very thinking to be “Data Driven”.
A question that I would ask any CMO or marketers is if the Big Data or Small Data strategy a sub-part of their overall Digital Strategy or is it a service and a stream that analyzes the past, present and future of all digital executions. The difference is subtle but still essential.
While the journey through testing & learning leading to that most optimized experience is really the desired end state, I think where most of the organizations struggle today is in STAGE # 1 — an excessive focus on Big Data but a lack of “BIG INSIGHT” — which is the engine that will move the car in any direction. An interesting infographic & blog on getElastic How Marketers Use Actionable Data. by Linda Bustos, highlights some of the gaps and challenges:
Whomever said it first, many marketers may concur that half of their marketing efforts are wasted, they just don’t know which half.
In 2013, we’ve never been so data rich, but why are we often so insight poor? This week’s infographic from Monetate The Marketers Guide to Actionable Data examines what data marketers are collecting, where they struggle to use data effectively, the biggest obstacles to actionable data and tips for mastering it.