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Using Big Data to Support Marketing

Performance Management

Laura Patterson

President

Twitter:@LauraVEM

LinkedIn: http://www.linkedin.com/pub/vision-edge-marketing/19/531/108

Facebook: http://www.facebook.com/VEMarketing

Every day, there are more than a billion posts and 3.2 billion likes and comments on Facebook, and 175 million tweets on Twitter.

“Data is big, getting bigger, and more complex (and expensive) to manage.“

– Stephanie Miller, VP of member relations at the Direct Marketing Association

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About VisionEdge Marketing – Experienced Practitioners

• About Me

Founded in 1999, headquartered in Austin, TX, VisionEdge Marketing, Inc. serves more than 100 customers, and counting.

VisionEdge Marketing, Inc. is a data-driven and metrics-focused marketing firm that enables organizations to accelerate revenue by leveraging data, analytics, processes, and alignment to foster fact-based strategic decisions.

Services Include:

Marketing accountability, measurement, effectiveness

Marketing performance management and reporting

Marketing processes, alignment and assessment

Marketing analytics

Why You Should Care About This Topic

• “Firms that

emphasize decision-

making based on data

and analytics perform

5-6% better than firms

that rely on intuition

and experience.” – Economic Intelligence Unit, 2012

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Today You Will Learn

• What Is Big Data

• Which Data Sets are

Important

• How to Turn Your

Data into Insights

• How to Convert Your

Findings into a

Business Story

Structured and Unstructured Data

• Need both structured and unstructured data

• Big Data: “the voluminous unstructured data that is collected from nontraditional sources such as blogs, social media, email, sensors, photographs, video footage, etc.”

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Key Challenge: Unlocking the Value of Data

85% of study participants

“the biggest hurdle to

unlocking value from

data was not grappling

with the sheer volume,

but analyzing and

acting on it” – A survey of 600 executives by the Economist

Intelligence Unit

Top 6 Most Important Data Sets

1. Business Activity

Data (mostly structured)

2. Social

Media/Comments/Reviews

(mostly unstructured)

3. Transactional data

4. Website data

5. Telecom/Call Center data

6. Images/Graphics

• To get the most

out data "you

need to know

what you want to

know.“ – Bernard Marr, Advanced

Performance Institute

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Looking for Patterns

• Data that doesn't help

you see isn't useful.

• 58% of respondents

agree that moving

from data to insight is

a major challenge – 5th annual Digital IQ Survey,

Pricewaterhouse Coopers (PwC)

How to Turn Your Data into Insights

• Synthesize: Synthesis is where we begin to see the patterns.

• Not all patterns are germane.

– Take the time to review and discuss each pattern and its potential implications.

– Talk about why you think each pattern is important and what it means.

• In one simple statement, articulate the insight that emerged

– track each insight and see the "big picture" that may be emerging as we go.

• Incubate the insights.

– Give yourself and your team at least a day away from the "board."

• Do the insights resonate? The point of this step is to decide if the insights resonate and are compelling enough to make or affect key decisions.

• Decide on the ACTIONs to be taken.

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Case Study

Strategic Insights: • Who is most likely to purchase? B customers in

3 Life Stage Groups most likely to purchase.

• Where are they? L, F, P counties have large

populations of these prospective buyers.

• What they are most likely to purchase? Midlife

Highlife, Bargain Lovers and Family Fortunes

most likely to buy product X.

How to Convert Your Findings into a

Business Story

• Data visualization – Presents analytical

results visually

– Enables you to more easily see what's relevant among all the variables, capture and communicate important patterns, and even support predictive models.

– Exposes trends and patterns that you might not have otherwise noticed

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Move The Needle

Move The Needle

Managing data starts with knowing what data you have and understanding the format you need. You may be amazed at what data is available (or not).

- Create a Data Inventory for Marketing - What are all the market, customer, competitive, business,

program, product data currently captured?

- Which systems are they in?

- How frequently is the data updated and by whom?

- Who in marketing has access or should have access?

- What data do you wish you had that’s not on the list and why it is important (what business questions will it help answer?)

- Prioritize your data wish list

First Things First

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1. You need to know what you want to know

2. Collect, organize, analyze, synthesize

3. Look for “actionable” patterns

4. Incubate insights

5. Develop a plan of action

Key Takeaways

www.onlinemarketinginstitute.org

www.visionedgemarketing.com

Thank You!

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