But the problem is how to digest it and decipher the trove of information.
This is one of the takeaways from the research ‘Data Rich and Poor Insight’ held with more than 700 marketing professionals in the US at the end of last year. Almost half said analyzing data to be the biggest data-related challenge in 2013.
The majority use insights from customer data to drive campaigns across the channels such as websites (83 per cent), e-mail (72 per cent), and social media (59 per cent).
The research implies that correct implementation of software measurement is only the starting point. Analyze and apply this data in a way that makes sense to the business strategy is the key challenge for 45 per cent of managers.
Most marketers also plan to create data-related positions, with the greatest need being in the area of analytics and strategy.
By 2018, according to McKinsey Global Institute, the US alone could face a shortage of 140,000 to 190,000 people with deep analytical skills as well as 1.5 million managers and analysts with the know-how to use big data to make effective decisions.
The dominant channels for generating customer data are website analytics (49 per cent), e-mail interaction (19 per cent) and social media (12 per cent). Traditional channels such as direct mail (8 per cent), tele-marketing (8 per cent), and print (1 per cent) have taken a backseat. The reason is digital channels make it much easier to collect and apply customer data, and measure results at a much lower cost.
An article - ‘Why IT fumbles analytics’ - in the Harvard Business Review, says implementation of a tech infrastructure is not enough for a company to take advantage of the Big Data. It is important to understand how people create and use information.
In a team project it is necessary to have experts in engineering and computer science, but members versed in the cognitive and behavioral sciences. This is why many companies struggle to achieve worthwhile returns.
Brands get on the Vine: Brands are going beyond just experimenting with Vines to using them as actual ads on Twitter.
Wheat Thins, GE and the candy brand Red Vines have all run promoted Tweets with Vine videos attached. In Wheat Thins’ case, the brand spelled out the hashtag “musthavewheatthins”. The hashtag ties in with a pre-game Super Bowl spot the brand purchased.
New York restaurants cracks down: The practice of ‘foodstagramming’ - photographing meals to share on social networks - has been troubling chefs and restaurant owners. In New York, it reached such an extreme that many restaurants have banned the use of cellphones during meals to prevent other customers being inconvenienced by flashes and tripod mounts. But they allow taking shots of the dish in the kitchen.
Venezuela threatens to sue El País: The Venezuelan government has said it will sue a leading Spanish newspaper for running a fake picture on its front page of Hugo Chávez undergoing surgery.
Ernesto Villegas, the minister of information, said the use of the image was “as grotesque as it was false” and claimed it formed part of a smear campaign to create instability in the country.
The newspaper promptly issued an apology to its readers, but the Venezuelan government said it had failed to extend the apology to the Chávez family. “The damage is not repaired with the apologies from this Spanish newspaper,” Villegas said.
(Source: The Guardian)