13 Mar Marketing’s Big Data Challenge – “Small Data”
Brands suffer no shortage of data measurement today.
Impressions. Interactions. Engagement. Views. Visitors. Leads. Qualified leads. Lift. Frequency. Reach. Amplification. Share. Shares. Likes. Comments. Tweets. Recall. Recognition. Awareness. Spend. Purchase. Loyalty. Consideration. Conversion. Favorability. Share of voice. CPA. ROI. P/E. Growth. Influence. Sentiment. NPS. Click Throughs. Uniques. Time. Intent. Rank. Traffic. Reputation. Advocacy. Usage. Earned. Earnings. Exposure. Pages. Logins. Affinity. Retention. LTV. CAC. Reputation. Participation. Value.
And this list doesn’t even begin to touch on the pre-go-to-market research inputs informing targeting, segmentation, audience, competition, etc.
This isn’t a “big data” problem. It’s a “big pile of small data” opportunity. Big data has been defined based on at least three “V”’s (some prognosticators go up to six):
The insights below demonstrate this relationship nicely:
Source: Diya Soubra
Taken individually, many of the standard marketing metrics have become or are creeping into big data territory. However, too much of this data is silo-ed across internal departments or spread across a roster of specialized agencies. So, who’s doing the “knitting?” How should the business and marketing strategy be organized to actually leverage the power of big data?
The answer lies in a fourth “V”: Value. The disparate sources of data measurement must be restructured under a holistic architecture that provides real “Value” for better decision making by CMO’s and the rest of the executive suite – only then can the pile of small data be transformed into useful Big Data.
The funny thing is – consumers don’t think or act according to these terms. The industry’s metrics are a proxy for measuring and influencing human behavior. In our view at Trade, what’s needed is a framework that focuses on what’s really happening in people’s lives. Put simply, people are either living a story or telling one. So listen to and identify these narratives first. Plan second. Then execute to add value to the personal narratives. Measure, rinse and repeat.
To learn more about how Trade can assist your organization, contact 312-909-2800
To contact the author
Jeff Mikes, Partner