Big data was the big thing, in 2010. The numerous challenges that face firms holding onto these Smaug level stockpiles of names, figures and sales have hampered any consistent results. One major hurdle that has been found is the over simplification of the analytics used to sort and interpret the absolutely monumental amount of information that just keeps growing, and now we’re throwing social media into the mix.
The ultimate goal is to completely understand customer life cycles, tailoring services and products to meet their needs and maximise the effectiveness of every dollar of marketing spend. Knowing what people want before they want it. Pretty straightforward.
But Nielsen believe 2 out of every 3 products is destined to fail, despite all the consumer data available through constant monitoring of google searches, blog posts, social media data, spending habits and more, companies still fail to even get 50% of products to succeed.
There are several reasons that businesses claim they haven’t been as successful as they could have been with the information they have so far, many list privacy concerns, challenges of getting IT and business people to cooperate, and finding individuals with the skills to actually do something useful with it.
Now if business is struggling to fully utilise big data, how much success do you think they will have an integrating social media and the whole new range of analytics that come with it? The growth in cross channel information and the combination of so many touch points between company and consumer is an exciting potential for marketers but also a very daunting challenge of wading through the digital clutter and desperately attempting to find the stuff that actually matters.
But in the real world, 71% of CMO’s feel unprepared for all this number crunching, with Facebook taking in 500 times more data than the New York Stock Exchange a day, scaling their storage up to 300 petabytes to handle the 600 terabytes a day, have we filled the ocean without first learning how to swim? As the new generation of marketers that are supposed to be as comfortable online as a fairy penguin in a hand knitted sweater, do you feel prepared to analyse and interpret the footprint of the 2.4 billion active net users?
Here’s a fun info graph to further overwhelm you.