What do I need to know about big data?

Watch below as we answer:

Featured strategists are:

Ashton Bishop – Head of Strategy,
Step Change Marketing

Adam Long – General Manager,
Step Change Marketing

Dean Harris – Director and Founder,
Brand Navigator

Ewan Frith – Director, Good Egg Thinking
About Stump The Strategist:
- Questions from the floor, answered live in nine minutes
- It's opinion, not advice
- Step Change charges clients for advice, Stump The Strategist is free

No one has defined big data as a solution yet, so you're not alone in not knowing exactly what it means
The promise of big data is the ability to express and understand your customer relationships as data points, by collecting and analysing every single customer contact and behaviour to create something meaningful
Data is a means of answering a problem. This problem may be one of two things: Either a need to drive sales, or a need to improve customer sentiment about your brand or product
Consider these three categories of information: Public Domain Data – how many people are engaging in your industry?; Channel Data – the communications channels open to your customers; and Customer Transaction Data – from your customer database showing who the biggest consumers are
Take advantage of the volume of data – it's continuously pumping information into your business. Consider the biggest issues your business is facing today. What data has the potential to answer the challenges you're facing?
Come up with a hypothesis that has the potential to answer your problem and capture data that allows you to test it. Test if marketing activities work, before and after events
Set your KPIs at the beginning of the planning stage before a campaign, so you don't manufacture data to justify the marketing
Generally 80% of sales come from 20% of customers. Map out who these customers are, what they buy and why they are buying. Use that data to generate more sales