We’ve all heard the term ‘big data’ tossed about quite a bit in the last year. But what does big data really mean and how can marketers take advantage of it? Today. we speak with a true authority in the space, Martin Doettling, CMO of Webtrends. In the past, we have spoken about how a marketer could spend the bulk of the budget on a major TV buy and reach most of the target audience, but in today’s ever-more fragmenting world such a thing is impossible. Moreover, the CREATIVE used to lead the charge on how a campaign unfolded and how that spend was divided across mediums.
So how can a brand marketer connect with the audience and ultimately deliver REVENUE? Martin shares this nugget:
“The consumer is driving the charge. You can’t rely on creative and national campaigns alone anymore. Creative is still important, but the case can be made where data that provides actionable insights drives the creative.”
Think about that sentence again - data provides actionable insights. So what does that really mean? CPG companies, for example, have always had a ton of data at their disposals, zip codes and certain demographics like age groups. This type of data, while important, is not enough to provide real, actionable insights. According to Martin, companies who used this data were basically just “spraying and praying,” an expression which I love and which I think applies to more marketing than any of us care to admit.
So now brands are able to turn to companies like Webtrends (Keep in mind, I’m not advocating one solution over the other. There are many players in this field.) who can dig into the data, both offline and online and turn it into compelling content for the consumer. How and where does your consumer interact with you? How do they like to experience your brand? So take this data and apply it. Martin gives an example of a high end luxury goods company that brought an online, showcasing video experience into one of their flagship stores, so when a customer picks up an item (in-store!) the video screen shifts to that product and its particular features of craftsmanship. Wow – very powerful.
In my mind, the most important thing that Martin touches on is that the Consumer is in Charge, so brands need to not only recognize that, but finds ways to take advantage of it. Let’s be honest, if a consumer can’t find something they are looking for, they will move on. How many times have you hopped to a new website because you weren’t happy with the results? And how long did you stay on the first website? 10 seconds? 5 seconds? The answer is probably less. In a year where we saw Black Friday/Cyber Monday sales up 30% and more online transactions than ever in history (!), marketers have to looking at data to help them drive marketing treatments and get the most bang on their buck.
Martin also makes a few predictions of what is coming next that I will leave to the audio. Tune in below, grab it off of iTunes (Hey, and leave us a review while you are there!), or subscribe to us on Stitcher (no syncing required!).
[Lead Image from Tom Fishburne - The Marketoonist]