Big Data is everywhere you look, and we have seen how useful it can be. Among billions of terabytes of data gathered, there is a treasure of marketing data that businesses need to understand in order to know what is relevant and how to use it to get better business results. Businesses waste 40 percent of their marketing budget on the inadequate usage of big data.
Big data is naturally all-encompassing and can be difficult to manage or use effectively. It comprises of both unstructured and structured data that comes from numerous devices and channels across geographies.
With this massive scope of Big Data, company marketers have to focus on high-impact information – the data that can drive strategic decisions in the company. The only way marketers can harness the right form of data is by knowing what is relevant and what isn’t. This helps a company to differentiate itself from its competitors and begin to realize real business success and growth. So how can you understand relevant data? Here are some tips:
Use Your Goals to Create Meaning
Better marketing data analytics can boost ROI by 10% to 20%. But to make the most out of this, you will have to determine the data that is most relevant to your company goals and then focus accordingly.
Data can only be useful to a company when it is used to solve essential business problems and drive strategy. About 50 percent of the businesses McKinsey surveyed showed that businesses struggled to know the effects that digital marketing had…