{"id":502,"date":"2016-09-27T16:51:25","date_gmt":"2016-09-27T13:51:25","guid":{"rendered":"http:\/\/kusuaks7\/?p=107"},"modified":"2025-03-24T17:16:23","modified_gmt":"2025-03-24T17:16:23","slug":"big-data-driven-marketing-analytics-invades-enterprise","status":"publish","type":"post","link":"https:\/\/www.experfy.com\/blog\/ai-ml\/big-data-driven-marketing-analytics-invades-enterprise\/","title":{"rendered":"Big Data Driven Marketing Analytics Invades the Enterprise"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\tAccording to McKinsey, a comfortable 20% of marketing budgets can actually be redirected to other necessary expenditure without the risk of losing marketing ROI, which amounts to about $200 billion of global marketing budget. This view has been further supported by many worldwide analysts.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIn the present data economy, where is enterprise marketing headed with big data? What may be considered a necessary marketing expenditure?<\/em>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tOur\u00a0research attests that\u00a0big-data technology enabled marketing teams are becoming an unchallenged value addition in any enterprise. Increasingly\u00a0marketers need to extend the traditional marketing mix to a more data-technology oriented marketing strategy. Big data has proven its worth to enterprise marketing.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tWhile research-data sample size indicates the technology penetration has not happened as widely as forecasted, today’s marketing departments have seriously started reconsidering redistributing their budgets to include smart analytics at every facet of marketing. Two recent trends in technology have reinforced the technology enabled marketing mix concept more convincingly: the availability of high-quality data, and the emergence of powerful analysis tools.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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What big data means to marketers<\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tIndustry sectors, large or small, have all tasted the power of big data in varying degrees. While most industry leaders understand that the benefits of this catch-all technology will not be realized overnight, they recognize the urgent need to move forward from the past practice of simply exploring probable definitions of this complex term.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tFatemeh Khatibloo, a senior Forrester Analyst, feels this is the right time to explore big-data technologies as many vendors are aggressively pushing their analytics platforms which claim to magically solve any and every marketing problem.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\tAs Ms. Khatibloo rightly points out, big-data is not simply a conglomeration of technologies, tools, high-velocity data, and high-volume data. Big data, according to her is a journey that every enterprise must undertake to to\u00a0close the gap between the data that’s available to them, and the business insights they’re deriving from that data. During her research with her colleague on the visible opportunities and challenges of big data, she discovered several important issues, such as:\n
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  1. The immense potential of business data to disrupt the existing models of business for positive transformation.<\/li>\n \t
  2. The risks and unknown threats associated with the application of this technology, such as privacy issues, legal violations, and ethical concerns arising from possible misuse of classified data.<\/li>\n \t
  3. From the last five years of defining, now it’s time to move onto the hows and whys of big data, which includes changing the organizational\u00a0culture, nurturing the right\u00a0talent, and gradually building the big-data infrastructure to transform business results.<\/li>\n \t
  4. Marketing departments have to serve as advisors to their technology peers, and step up activities to bridge this yawning gap between marketing goals and objectives and available technological solutions.<\/li>\n<\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\t\u00a0<\/em>Jonathan Gordon,\u00a0Jesko Perrey, and\u00a0<\/em>Dennis Spillecke, Partners <\/em>at\u00a0<\/em>McKinsey & Company, and the co-authors of Big Data, Analytics, and the Future of Marketing & Sales<\/em><\/a>, feel that big-data is possibly the biggest game-changer for marketing and sales ever since the Internet penetrated the mainstream society about 20 years ago.\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    In their e-book, these authors attempt to explain how the recent data explosion and emerging data technologies together present rare opportunities to study customer behavior. \u00a0While most organizations are inundated with vast amounts of data on one hand\u0097the changing customer behavior on the other hand\u0097provides unique challenges to compete in the current competitive market. The highest impact of this present wave has been felt in the rapidly surfacing, digital marketing channels and platforms.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    \n\t\t\t\t\t\t\t\t\tAccording to this McKinsey research report, companies that aggressively use data-technology driven marketing and sales decisions stand a chance to improve their marketing\u00a0return on investment\u00a0(MROI) by 15 -20 percent.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tIt may be of interest to note that this 15-20 percent MROI translates to about $150-$200 billion of value-add, considering the global annual marketing spend of an estimated $1 trillion.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tMcKinsey’s Tim McGuire on three key challenges of making data analytics work<\/em>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    Transforming marketing through smart analytics<\/strong><\/h3><\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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    \n\t\t\t\t\t\t\t\t\tThe popular belief in the industry is that data, by itself, cannot transform business unless it is aided by decision-making, analytical tools. This argument holds true for marketing analytics as well. Marketing data, however high-volume and high-velocity, will deliver no value unless that data have been processed by insightful analytical tools.\n