Ok, so the attention-grabbing headline is a bit spurious. But there’s a very important message that we need to follow as we move into the world of big data and marketing analytics. And for the folks reading this, I’m referring to big data (marketing) and not the other facets that are utilising data in this new world – security, data privacy, profiling etc.
The thing is with data, care must be taken at every step of a big insight project to ensure you don’t stumble into pitfalls which could lead to wasted time and money, and believe me the wrong directive or correlation from big data can be very expensive, business-ending even…
Think Gerald Ratner using code.
For the benefit of those who are interested in Nicolas Cage and the correlation of people drowning each time he releases a film, click below.
Gleaning insight to this spurious correlation would mean, either finding another actor (bad for business MK1) or use Nicholas but employ 1000’s of life-guards to patrol swimming pools each time he releases a movie – (bad for business MK2).
It’s all tongue in cheeck of course. As we base a lot of our marketing strategies on insight, the power of big data becomes more relevant. However, making assumptions is a very dangerous thing, as Nicholas Cage knows full well.
Making the wrong decision based on your analytical data is very easy in inexperienced hands.
Big Data bring’s big responsibility.
Handling big data and analytical insight is business-critical. You should be leveraging all digital channels to gain insight to start with. If you’re not on social media, you are missing a huge opportunity, and more… insights and opportunities to listen to your audience and what they are saying about you.
You should be using Google Analytics and other data tools to find out how people behave on your Website/app.
Lastly, you should be installing an experienced team and hiring the right type of digital smarts to oversee any digital strategy for your business.
I’m off to improve my swimming, as Mr. Cage has a movie coming out later this year. Better safe than sorry, I suppose.
If you want to find out more about data-driven marketing contact the League of Extraordinary Advertising today & find out how we can deliver effective marketing for your business.