Marketers see Dig Data Potential
As companies continue to gather increasingly large volumes of information, marketers are recognizing the potential benefits associated with analyzing those data sets and incorporating the findings into customer service channels. In a recent report by the Chief Marketing Officer (CMO) Council, experts highlighted how the majority of business decision-makers aren't content with their current customer conversion and closure capabilities and many believe Big Data will be critical to reaching new opportunities.
According to the CMO Council, more than 80 percent of marketers believe Big Data will become more important in the coming years, suggesting that executives must take the time to build effective information management and intelligence endeavors to maximize long-term return on investment (ROI). For the most part, companies should be able to analyze client data and use their findings to build more personalized content and experiences that will help attract and retain customers over time.
Unfortunately, a large percentage of organizations stated that they're not taking full advantage of the information at hand because it's often difficult to overcome data silos and other issues that prevent teams from getting their hands on relevant data. When client-facing processes aren't able to use the information that should be at their disposal, enterprises suffer. This finding suggests that organizations must plan ahead to ensure Big Data projects of all types result in success.
Is Big Data the answer?
Big Data pundits have long touted the benefits of embracing the initiatives. A Forbes Insights report highlighted how firms that use Big Data are regularly more likely to experience benefits, such as acquiring new perspectives and encountering innovative opportunities to improve customer service. If executives want to experience these advantages, however, experts suggested they learn to tame the information in their possession and find ways to distribute it throughout the workplace.
"In our quest to leverage Big Data to optimize marketing effectiveness, B2B marketers have lost sight of the fundamental mandate of marketing: to better enable sales and front-line revenue drivers," said Liz Miller, vice president of marketing for the CMO Council. "By focusing attention on how we deliver the 'little data' -- those actionable pieces of intelligence that can alert and empower the front line -- we can reclaim the role of revenue driver."
There's no doubt that Big Data holds serious potential, but capitalizing on that opportunity requires decision-makers to be proactive. By deploying sophisticated information management solutions and following best practices, marketers will likely be able to optimize customer intelligence initiatives.
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