Most marketing and risk systems still source data like it was pre 2003. Yet, the opportunity to refine strategic and operational decision making by taking full advantage of “Big Data” is compelling.
Within this vast amount of information is valuable and available data. This is the new world of “Big Data” and the information being created can be used in real-time to generate previously unimagined opportunities.
When it comes to marketing, furniture stores have their work cut out for them. Super stores have made it possible for people to furnish a house at the same place they pick up a quart of milk. Office supply stores have successfully targeted the office furniture market, cutting off another revenue source. And discount outlets offer good furniture at a reduced price.
Whether it’s called multi-channel, cross-channel, omni- channel – or whatever – shoppers are producing tons of data across multiple channels. And this Big Data is growing, and growing fast. At this point in the game, this is nothing new for retailers.
However, many retail marketers are under huge pressure to find the RIGHT data from these massive volumes of data - and are challenged to find the right channels that will deliver results and drive the most sales.
Data-as-a-Service (DaaS) is fueling huge change in the world of marketing. Where historically marketing has been reliant on stagnant data brokered from third parties, DaaS delivers real-time data assets and insights as they occur. Prospects who are ready to purchase in the moment based on data sourced through web mining, social purchase signaling, on-line searches, crowd sourcing, or transactional data.
5 Billion Gigabytes of Usable Data and Growing
According to Google’s Eric Schmidt, that’s the amount of usable data we generate every two days. And by next year, we will generate that amount of data every 10 minutes. That’s a lot of data. We’ve all heard the statistics to put this into perspective - 48 hours of video are uploaded to YouTube every minute, resulting in nearly 8 years of content every day, or that the volume of data created by U.S. companies alone each year is enough to fill ten thousand Libraries of Congress.
The Data Deluge
Data is growing exponentially, experiencing unprecedented growth at phenomenal speeds. Did you know that Worldwide IP traffic will quadruple by 2015 and that more than 3 billion videos are watched on YouTube daily? By 2015, nearly 3 billion people will be online, pushing the data created and shared to nearly 8 zettabytes.
Companies are continually researching innovative methods to gain new customers and sell more products, all while keeping the marketing budget in check. Marketers today are becoming much more adept in social media usage and targeted prospecting. However, the fundamentals are often overlooked – mining a clean customer information file to create a sophisticated view of the household.