Data is Eating Marketing: Digital, Social and Mobile in 2015

tables

Data. It’s out there. And there is plenty of it. We create data with every status update, photo shared or website viewed. Each search we make is being monitored, sorted, indexed and analysed. Every purchase we make is being correlated, cross-matched and fed into supply chain systems. And every phone call we make is being logged, kept, passed on for “security purposes”.

There are so many kinds of data that it is hard to keep up with it all. There is the data that we know about – the digital items we intentionally create. There are digital items that are published – like books, websites and so on. There is email which creates its own little fiefdom of data.

There is also the data about data – metadata – which describes the data that we create. Take, for example, a simple Tweet. It is restricted to 140 characters. That is the “data” part. But the metadata attached to EACH and EVERY tweet includes information like:

  • Your location at the time of tweeting (ie latitude and longitude)
  • The device you used to send the tweet (eg phone, PC etc)
  • The time of your tweet
  • The unique ID of the tweet.

But wait, there’s more. From the Twitter API, you can also find out a whole lot more, including:

  • Link details contained within the tweet
  • Hashtags used
  • Mini-profiles of anyone that you mention in your tweet
  • Direct link information to any photos shared in your tweet

There will also be information related to:

  • You
  • Your bio / profile
  • Your avatar, banner and Twitter home page
  • Your location
  • Your last tweet.

There is more. But the point really is not about Twitter. It is the fact that a seemingly innocuous act is generating far more data than you might assume. The same metadata rules apply to other social networks. It could be Facebook. Or LinkedIn. It applies to every website you visit, each transaction you make. Every cake you bake. Every night you stay (you see where I am going, right?)

For marketers, this data abundance is brilliant, but also a distraction. We could, quite possibly, spend all our time looking at data and not talking to customers. Would this be a bad thing? I’d like to think so.

The question we must ask ourselves is “who is eating whom?”.

In the meantime, for those who must have the latest stats – We Are Social, Singapore’s massive compendium is just what you need. Binge away.

From Big Data Science to Big Data Action

BrandWatchUSelection.jpg

From the dawn of civilisation through to the year 2003, Google calculates that humans have produced 5 exabytes of data. That’s a lot of stone tablets. But with the explosion of mobile devices, 3G and 4G networks and social networks, we now produce 5 exabytes of data every two days. That means that every photo you upload to Flickr or Facebook, every video you share with friends on YouTube or Vimeo and every one of the billions of tweets broadcast on Twitter is contributing to the avalanche of data.

But add to this the fact that each of these items comes with contextual data. At the same time that you update your profile or publish a photo, you may also be sharing your geolocation, your likes and preferences, your upstream and downstream behaviours, and your attitude to topics (based on sentiment). You may also be sharing your trust network of on and offline friends.

And this is just the tip of the big data iceberg.

The rise of big data is a blessing and a curse for CMOs

While analytics have been available to businesses for decades, but it has largely been the domain of business analysts and researchers. The rise of big data now places analytics firmly in the marketers court. Earlier in the year, a CMO Council and SAS report indicated that only 26% of marketers leverage customer data and analytics to improve decisions, targeting and personalisation.

The blessing of big data is that it is readily available to most organisations in the form of structured business data and the publicly available unstructured data coming from social networks. The curse is that in-house skills and experience with big data is scarce – with a number of marketers now looking to bolster their teams with big data scientists and data analysts.

Marketers don’t need data they need action

It’s not data scientists that marketers need, however. Already we are seeing software vendors emerging who are able to tap structured and unstructured data sources to produce business-ready dashboards. Mapped to best practice business processes, these dashboards and analytic tools promise to release marketers from the fear-inducing data tsunami that looms on the horizon.

Platform players such as Anametrix, for example, transform the science of data into actionable business knowledge for key business processes. This means you can spend less time and resources understanding the data and its various relationships, and focus instead on making decisions that impact the top and bottom lines of your business.

A great example of what can be achieved is the BrandWatch US Electoral Compass. Drawing on Twitter data and press discussion generated since July 2012, the compass matches structured information (location, policies and dates) with unstructured information (tweets, sentiment etc) to reveal the topics that are important to American voters. Now, this is not data from focus groups – it’s stated intention as revealed via status updates, commentary and attitude.

And as business analytics packages get better at mapping business flows, these reporting systems will become ever more granular. They promise to revolutionise the way that businesses engage with their customers – and that will bring another set of challenges for CMOs. The question is – are you ready for this new form of customer engagement?

BrandWatch-USelection