When Big Data is a Big Problem

August 15, 2018
Brent Lupton

Image magnifying big data

The digital space is exciting, the pace of change, new technology and new ways of communicating with customers makes the life of a digital marketer an attractive place to be.

Whether you have just graduated and starting off as a digital marketer or you’re a CMO, we’ve reached a point in the evolution of the marketing space where we have access to more data about our current and potential customers than ever before.

Previously big data has been nothing but a popular industry buzzword, the promise of accessing all of this data invoked visions of delivering a truly personalised customer experience across channel and device.

understanding google analytics

The big data reality is, for most digital marketers (agency and client alike), is that big data is a causing us a big problem, the amount of data and customer interaction that we are trying to understand and analyse is like trying to drink from a firehose and causing paralysis by analysis.

Because understanding all of the data feels like such a big challenge, only 2% of Australians companies are investing the time and working with the right partners to extract actionable insights to inform their marketing strategies, deliver the elusive personalised experience and grow revenue.

For the other 98% of Australian brands, while continuing to use broad targeting is reaping some results, we need to understand the cost of inaction. Without understanding the data the customers we have engaged to date are an accidental customer, acquired certainly when there is a good match based on consumer need for the product or service offered at the time, but with no understanding of their continued interaction with your brand there is no brand loyalty and client retention, in addition to the climbing cost of acquiring any new customers.

According to research delivered by BCG companies utilising data driven marketing strategies are seeing increased revenue of 20%, but it is the cost of inaction that should make us sit up and take notice with brands losing up to 30% of revenue through inaction.

chart highlighting the cost of inaction with data driven marketing

Source – Boston Consulting

As digital marketers we are not expected to understand data science and in-depth data analytics, but partnering with the right agency who is experienced and certified in enabling and activating your data will arm you with the actionable insights you need to deliver the optimal experience for your customers, build brand loyalty and grow revenue.

Keep an eye out for Traffika’s new series of blogs, podcasts and workshops on how to start with the basics of activating your available marketing data to accelerate your marketing strategy and amplify your marketing ROI.

Contact us today to get started on the pathway to true data driven marketing.