What's the Big Deal with Big Data?Posted on January 19th, 2022 by Jake Gould
Big Data in Marketing & Sales
Not to sound like a public service announcement, but the more you know about, well, everything, the better your strategy will be. Data has long been the best way to gain knowledge on these things, and as recent events suddenly and rapidly accelerated the digital transformation of the world, they simultaneously increased the amount of data that’s available in the same abrupt manner. With more data available than ever, the matter of Big Data has become bigger and more relevant to the success of marketing and sales teams.
What is Big Data?
In the context of marketing and sales, Big Data is all the raw data related to your buyers, performance, competitors, markets, etc. that’s drawn from various sources and compiled into a large, complicated aggregate, that must be analyzed and refined to be more accessible.
On a general scale, Big Data is often defined by several ‘Vs’. The original Vs being Volume, Variety, and Velocity, and the additional Vs being, Veracity, Value, and Variability – the significance of which are all pretty straightforward and well summed up in this graphic from TechTarget:
Benefits of Big Data in Marketing & Sales
There are many benefits to receive from the use of Big Data. However, the key to receiving any of the benefits of Big Data is knowing that your business has the reasons and resources to manage, support, and maintain a Big Data strategy. Those who have that certainty have the potential to receive the following benefits.
More engaging buyer touchpoints
Big Data offers better knowledge and understanding of buyer preferences and behaviors that can be utilized to make each buyer touchpoint in the buying journey more engaging by
- increasing content relevancy and personalization
- enhancing ad targeting and re-targeting
- improving selection of campaign delivery channels
Enhanced strategic effectiveness
Big Data provides current and actionable industry and market information that’s essential to conceptualize and drive effective, coordinated, and cooperative strategies. Create strategies that are
- more proactive and preemptive
- better differentiated from competitors
- more adaptable to new & changing trend
Improved marketing and sale process efficiencies
Big data can supply the insight necessary for marketing and sales to increase engagement while simultaneously scaling and improving process efficiencies by identifying optimization opportunities such as
- channels with poor engagement
- underutilized, unnecessary, or unavailable content
- other potential causes of friction or delay
Big Data, Big Benefits, Big Commitment
Big Data has the potential to offer great benefits, however, not all businesses are equipped to manage such massive amounts of data. Businesses that aren’t absolutely certain they have the technology, analysts, or capital to support such an initiative should make calculated investments in data by determining which data has the potential to yield the greatest benefits for their specific business goals.
Businesses that have firmly established their ability to maintain Big Data should consider whether the strategy is fit to help their business progress towards the goals and objectives that are important and critical for their specific business.
Big Data—and data in general—will be required for businesses to continue to reach growth milestones and present a competitive front. How your business employs data and whether it produces the desired effect are entirely dependent on a substantial amount of situational awareness, but the potential is there.