Values for Big Data in Marketing or how it is important to be efficient in an ocean of information

Towards the years, data has become such an important element in the current world. And not only the marketing area that is now data-driven, but also professions like Finance, or Health.
Its importance never ceases to grow, creating incomes and economic value.

When you think about data (from a company perspective), you collect, every day, tons of information that can be useful later on.


Which means you have to treat each of them with tools such as Artificial Intelligence, Machine Learning or even NLP (Natural Language Processing; a catalyst of the two last ones) to be able to use it for marketing purpose.

Companies through their marketing tactics want to engage consumers, throughout different kinds of campaigns, and take them into the purchase funnel.

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It has been shown that 1 out of 3 business leaders don't trust the information they use to make a decision.
Furthermore, the use of poor data costs around 3.1 trillion-dollar to the US economy each year.

For example, back in the early '90s, more than half of the budget allocated to marketing was wasted. 
Fortunately, big data made its way into the marketing landscape since. 
Although, some companies still don't understand how to use it properly.

And it's not only about money, but more the worth/quality of your data. 
Companies could also be mistargeting customers, which could result in a waste of money, time, and even affect their brand image.

But how can we get a better and more accurate understanding of customer's behaviors and preferences? 

What if the information collected, are not relevant? 

Knowing the issue, companies and their marketing department need to be careful about how they use and process it.
The veracity (see this also as the integrity here) of the collected information is a key measurement.

When you collect raw data, it's coming from many different sources, you can't always tell if it is accurate.
A big problem if you want to use it afterward.

Here's how the process from the collection, to the use of the data, works:

Companies need to have data sets to ensure a certain amount of quality of the data. And also, make sure that they treat the final data regarding their own objectives.

But if the data used is not "clean", the issues can be big. Very big.

Social issues, policy and ethical challenges, wrong decision making, and risks for the credibility of the company... The risks are numerous.


And conversely, the more the data is accurate and efficient, the more valuable it will be and, eventually, allow companies to propose an always greatest offer or experience to their customers.
The use of big data in marketing is paradoxically not only made to create value for the company but for consumers too. It can also help companies to plan long-term strategy by looking at all the data they've gathered over the years 

The value of big data in the marketing field is crucial. Not only for marketing professionals but for any type of area. It helps to have a better understanding of a different kind of situation and gives us a path to follow to make better decisions. 


Sources:

IBM (2014). The Four V's of Big Data. [image] 
Available at: https://www.ibmbigdatahub.com/infographic/four-vs-big-data

Dawar, N. (2016). Use Big Data to Create Value for Customers, Not Just Target Them. [online] Harvard Business Review. Available at: https://hbr.org/2016/08/use-big-data-to-create-value-for-customers-not-just-target-them

Staff, A. (1993). 61% WASTED?: The Wanamaker Rule. [online] Adweek.com. 
Available at: https://www.adweek.com/brand-marketing/61-wasted-wanamaker-rule-38941/

Chua, R. (2019). A simple way to explain extracting more values from NLP. [online] Medium. 
Available at: https://becominghuman.ai/a-simple-way-to-explain-extracting-more-values-from-nlp-de05bd48f78c

Curry E. (2016) The Big Data Value Chain: Definitions, Concepts, and Theoretical Approaches. In: Cavanillas J., Curry E., Wahlster W. (eds) New Horizons for a Data-Driven Economy. Springer, Cham 
Available at: https://link.springer.com/chapter/10.1007%2F978-3-319-21569-3_3

Medium. (2017). How big data can contribute to more efficiency and impact in social policies. [online] 
Available at: https://medium.com/reaffirming-social-values-in-uncertain-times/how-big-data-can-contribute-to-more-efficiency-and-impact-in-social-policies-1cfee2d0728a

Arthur, L. (2017). Big Data Marketing. [E-Book] Google Books. 
Available at: https://books.google.fr/books?id=aSAIAQAAQBAJ&dq=big+data+value+marketing&lr= 

Medium. (2019). How Can We Improve the Quality of Our Data?. [online] 
Available at: https://medium.com/@formulatedby/how-can-we-improve-the-quality-of-our-data-61b55c9063d1