Moneyball Meets Marketing: Leveraging Big Data Analytics to Improve Results
My guess is that you’ve seen the 2011 film Moneyball. (and my second guess is that like me, you loved it.)
Essentially, it was the story of data-driven strategies being fully leveraged for success. And it’s a phenomenon that’s moved beyond baseball—these days, many more types of sports teams are hiring analytics pros, statisticians and data crunchers to gain a competitive advantage.
Now, we’re just starting to see a similar trend at work with best-in-class CMOs, digital marketers, ad tech firms, marketing service providers and retail operations as they all work to gain an enhanced 360o view of the customer.
So, why now?
Consider for a moment the vast amounts of information generated by customers who use social media, receive or respond to digital campaigns, browse and buy online, or use mobile devices to interact with companies. There's practically nothing we do as consumers, whether for business or for our personal lives, that can't be captured and measured – both on and offline. Although that might sound a bit “creepy,” it’s actually quite “cool” as marketers work to give us what we want, when and where we want it.
The fact is that all of this valuable information can be privately and securely captured, analyzed and used strategically to deliver profitable results for marketers who make the transition to dynamic, behavior-based segmentation, targeting and real-time offer management.
So what is it, exactly, that’s preventing a majority of marketers from taking advantage of big data analytics to power their efforts—especially in digital channels such as the web, mobile and social media?
Take a look at the results of the 2013 Big Data for Marketing survey from Trip Kucera, Senior Research Analyst at the Aberdeen Group, to get some insights:
- Information overload: This is the biggest reason… 35% of organizations say that integrating multiple data sources is a challenge.
- The benefits aren’t obvious: It seems that 30% of those surveyed are still having a hard time understanding how, exactly, marketing analytics could be used in their companies.
- A lack of (human) resources: It takes the right team—and 30% of organizations are having problems finding the right people with the right kind of knowledge of marketing analytics to get the job done.
So what’s keeping you from leveraging big data? And what could you be doing in order to achieve results of those from best-in-class organizations?
Here’s your chance to find out. I’ll be joining Trip Kucera, along with Akin Arikan, Evangelist for Digital Analytics and Marketing Optimization Solutions at IBM, for a webcast featuring more results from the survey.
Please register for the webcast and join us to find out about the challenges, successes, and future plans of leading businesses for incorporating data analytics into marketing programs.
Stay tuned to the IBM Big Data Hub after the event as we will be releasing an eBook of Aberdeen's 2013 Big Data for Marketing Study and an infographic that is sure to be a conversation starter!