If you haven’t downloaded a copy of “The Big Potential of Big Data: A Field Guide for CMOs,” it’s worth your time.
Put out by Rocket Fuel and Forbes, it’s a free 22-page report based on a survey of 211 senior marketers designed to gauge their perceptions about the success of their marketing initiatives, as well as their use of and the benefits of big data. Granted these were bigger companies than most of those in this industry (revenues of at least $500 million and marketing budgets of $10 million or more), but it supports the trend line and will give you great talking points with your customers.
(Download the report here.)
Key data points from the survey:
- Of the organizations that used big data at least 50% of the time, 60% said that they had exceeded their goals. By contrast, of the companies that used big data less than 50% of the time, just 33% felt they had.
- More than nine in 10 companies (92%) who had “always” or “frequently” made sufficient use of data said that they had met or exceeded their goals, while just 5% who said that they were making sufficient use of data said that they were actually falling short.
- Eight in 10 (79%) marketers and advertisers who use big data more than 50% of the time felt they were able to pick out the right audience in all or almost all of their media. This compares with just 35% of those who used it less than 50% of the time.
Of those who use big data to drive more than half their marketing strategies, 75% said that they were able to monetize their audience.
Likewise, 75% believe their company is making the right media buys, compared with just 50% of those who use big data in less than half of their programs.
There is lots more, of course, but what’s interesting is the focus not just on reaching customers and increasing revenue, but undersatnding customer behavior, including the channels most effective at reaching them.
Also interesting about this report is how it is interwoven with personal interviews and mini case studies that flesh out these issues and put the data into a real-world context.
Check it out.