10 Snake Themed Digital Marketing Predictions to Celebrate the Chinese Year of the Snake!
1) Venom: Big Data in the Hands of the Marketer
Big Data is still today, focused on transactional systems – sales data, booking data, phone usage data etc. There is a lot of high signal to noise ratio that these systems like, but they are still too slow and inflexible to allow a data query conversation:
>Do customers with a higher NPS spend more with us?
Wait a few days, to build a new cube and run through the data.
>Yes – promoters spend 25% more than detractors and neutrals.
>Ok – can you break down neutrals and detractors? Yes, 30% less and 20% less.
>How often do the promoters transact with us?
Before you know it, before you have something you can use – a month has gone by.
Then if you throw in marketing data – you are really in trouble. There is a high noise to signal ratio and many ‘Big Data’ solutions are not great at handling this.
In reality however, the combination is where the power is. Think of this example: Based on this loyal customer’s previous bookings, I should give him a promotion on flights to London in the lead up to Christmas. This is based on years of behavior shown on my frequent flyer program. But if, before logging in, the customer spent 5 minutes on my destination guide to Bali, and did some search for flights to Bali around Christmas time, that is a stronger indicator of intent.
Bringing the two sources of data together is critical, and customer insights departments are starting to see the value of behavior data (and of combining it with their Data Warehouses).
Big data will start to deliver insights that move the marketing needle.