What do I need to know about big data?

Watch below as we answer:

Q: I'm the marketing manager of a major golf club retailer. My boss keeps saying to use 'big data', but I don't think he knows what it is – and neither do I! What do I need to know about big data?

• 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

A:

• 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

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