THE BIGGER THE DATA THE STRONGER THE STORY FIVE STEPS TO BREAKING DOWN BIG DATA INTO ACTIONABLE INSIGHTS

Transcription

1 THE BIGGER THE DATA THE STRONGER THE STORY FIVE STEPS TO BREAKING DOWN BIG DATA INTO ACTIONABLE INSIGHTS

2 Everything we do becomes data. Every site we visit. Every shopping cart we abandon. Every tweet we read. It all becomes part of this massive collection of interwoven data that gets stored in a data warehouse and begins to define us. In the right hands, it can be used to create personalized marketing stories that connect with customers and drive results. In the wrong hands, it can become at best, an annoyance and at worst, an invasion of privacy. Worldmedia Interactive will show you the five steps of turning all your customer data into a truly powerful marketing story. You ll see how we collect, combine, visualize, analyze and activate all of the data and create true custom experiences from it. EVERY 2 DAYS WE CREATE AS MUCH INFORMATION AS WE DID FROM THE BEGINNING OF TIME UNTIL % OF THE WORLD S DATA HAS BEEN CREATED IN THE LAST TWO YEARS 90 %

3 WHAT IS BIG DATA? BIG DATA IS DEFINED BY THE 3 V S VOLUME Big Data is just that, Big. In order for data to move up into the Big Data category, it has to have so much volume that it can t fit into a single spreadsheet. With all of the devices, all of our connections and all of our actions, a single person s data can start to fill that sheet pretty fast on its own. VARIETY Data is no longer single source. It comes from everywhere. Social Media, Smartphones, Smarthomes, , Site-side, In-store; if you touch it, taste it, look at it or even think about it, chances are it s being measured. While the past was all about determining metrics per medium, now it s seeing patterns across all actions. VELOCITY This is about the speed that data comes in. In the not too distant past, we were measuring things weekly, or maybe even daily if we were looking at sales. Now data can be measured in microseconds. The move of a mouse, the tracking of the eye, the time to tweet, it all comes in lighting fast. And we have to be ready to capture it. MIN We are sending 204 million s, we generate 1.8 million Facebook likes, send 278 thousand Tweets, and upload 200,000 photos to Facebook. That s not every day or month it s every minute.

4 5STEPS 5 STEPS TO GO FROM DATA TO DELIVERING ACTION Now that we know what Big Data is, how do we use it? Follow these 5 steps to go from data to delivering action. 1 THE COLLECTION OF DATA COLLECT DATA FROM EVERYWHERE. EVERYWHERE. Think of data like the ingredients for a meal. The fresher it is, the better your meal will taste. And just like some meals require you to go to different stores to get the best ingredients, the same goes with data. You need to plug into social sites to gain valuable metrics based on interest. Media sites will allow you to learn about action and attribution. Your own website will show you behaviors that can t be found anywhere else. And let s not forget purchase data. Or demographic data. Or mobile data. You get the picture. We need to get as much data from as many sources as possible in order to make the perfect marketing meal. Here s where it gets really tricky, you need to have a big enough bowl to mix all of these together. Data is literally being produced at the speed of light, doubling in size every 40 months. The number of Bits of information stored in the digital universe is thought to have exceeded the number of stars in the physical universe in It is expected that by 2020 the amount of digital information in existence will have grown from 3.2 zettabytes today to 40 zettabytes.

5 2 THE COMBINATION OF DATA ONE BIG HAPPY FAMILY. LIKE THE BRADY BUNCH OF INFORMATION. So if data is too big for a spreadsheet, too varied to form common columns and too frequent for weekly reports, how do you get it all together? Add to the equation that 80% of all data is unstructured and it s no wonder so many marketers are left scratching their heads. The most common and popular way to store Big Data is Apache Hadoop. It s an open source system made to run on low-cost hardware and expand quickly when needed. The beauty of Hadoop is that it can store any type of data, from structured (think sales numbers) to unstructured (like photos and videos.) Right behind Hadoop is NoSQL (Not Only SQL) and Cassandra, another open source Apache distributed database. All of these databases can store your Big Data and tie into analytic software to help make something of it. The right one for you will be based on your preference of visualization and analytic tools available, and of course, which one your developer is most comfortable with. The value of the Hadoop market is expected to soar from $2 billion in 2013 to $50 billion by 2020, according to market research firm Allied Market Research. By 2020, at least a third of all data will pass through the cloud (a network of servers connected over the Internet). The White House has already invested more than $200 million in big data projects.

6 3 THE VISUALIZATION OF DATA DO YOU SEE WHAT I SEE? YOU WILL. So you ve built a database and have all your data filling it to the brim. How do you get it out and not have it look like millions of 0 s and 1 s? The simple answer is that you use a data visualization tool. The complicated answer is that you use many of them. Say you want to see the geographical location of your top customers, overlaid with your most popular items. That will need to look much different than if you want to see a timeline of purchase behaviors for a particular demographic. The key is to plan the type of info that can power your decision making and use a tool to bring that to life. How tech and development savvy your team is will also help guide you. If you re looking for some plug and play options that can chart out a variety of Business Intelligence Data, there are several major players in the market. DOMO is a great tool that connects the dots from just about any data source. Tableau has been on the rise the last several years, known for its ability to quickly translate large amounts of data. Other players are SAP, IBM and even Dell. The best options however, are usually custom. They use different components to create different types of dashboards and visuals. This ensures that you get exactly the information you need in the best way for you to analyze it. Your technology team can build it using a combination of plotting tools, chart tools (even Google makes one) and APIs to feed the data. This can get very complicated, but then again, so is looking at raw data. Today s data centers occupy an area of land equal in size to almost 6,000 football fields. AT&T is thought to hold the world s largest volume of data in one unique database its phone records database is 312 terabytes in size, and contains almost 2 trillion rows. If you burned all of the data created in just one day onto DVDs, you could stack them on top of each other and reach the moon twice.

7 4 THE ANALYSIS OF DATA THERE S GOLD IN THEM THERE CHARTS. YOU JUST HAVE TO MINE IT. This is the most critical, yet most often overlooked part of Big Data. Many marketers confuse the ability to visualize with the ability to analyze and that can leave your insights DOA. It takes a keen eye to spot insights, especially ones that can be turned actionable. That s where analysts come in. A business analyst is like a data scientist that can connect two seemingly separate trends into one powerful strategy. It s all about seeking similarities. Maybe it s connecting the amount of favorited brand tweets to the lift in bookings, or that smokers are more likely to click on ads that feature rooms with open windows. These little nuggets can become meaningful marketing briefs if one knows where to look. While each business has different KPIs, here s a quick cheat sheet on what to look for: ATTRIBUTION MODELING This determines the true path to a sale and gives you a glimpse into how your media plan amplifies and impacts purchase. It s no longer about the last click or the walk into the store; it s all about the overall journey. EFFECT OF INFLUENCERS This will show you how others affect your customers purchase decisions, both positively and negatively. This, coupled with your own media and content, will give you a true 360 view of purchases. BRAND LOYALTY Being able to spot potential drop-offs before they occur will ensure your revenue stays high. Purchase patterns coupled with search and social behavior can unlock some clues as to whether a customer will stay or be stolen away. According to Forrester Research, most companies are analyzing just 12% of the data they have. So 88% is being ignored any percentage of which might contain that golden nugget of information that helps identify a new customer, win the loyalty of an existing one or close a new contract.

8 5 THE ACTION OF DATA READY. AIM. FIRE. THE ULTIMATE WEAPON IN MARKETING. Consumers are savvier than ever. They ve turned ignoring advertising into an art form. If they don t block your ad, they ll just pretend it s not there. But what if we could predict a time, a message and a platform that they would be willing to listen to? What if we could move from selling, to telling and be invited in? That s what Big Data does. Once you re armed with insights, you can create personalized, relevant, contentdriven experiences. Say you know that a particular customer has a dog. He posts pictures of his dog, brags about his dog, maybe even enters dog shows. His dog even has a Twitter handle. Rather than market your property about being dog-friendly, you can create a personalized campaign FOR the dog. Develop content about the top dog parks in America. And ask for submissions to the best pets on the road photo challenge. You ve now pulled him in with content that resonates instead of pushed him an ad just about yourself which could push him away. Then there s predictive analysis, the ability to determine what someone wants to purchase before they know it themselves. Imagine selling a cruise the exact moment someone is dreaming about it. Or knowing that a mother needs to buy new shoes for her daughter because the average growth cycle is 3 months and it s already been 11 weeks since her last pair. Our advertisements become less of an invasion and more of a utility. Big Data takes the guess-work out of messaging, positioning and timing. It allows you to make your ads more than just annoyances, but a meaningful connection between your brand and your customer. By better integrating big data analytics into healthcare, the industry could save $300bn a year, according to a recent report that s the equivalent of reducing the healthcare costs of every man, woman and child by $1,000 a year. SOURCES: SmartData Collective: CloudTweaks: Automic: Forbes:

9 THANK YOU Are you ready to make Big Data work for you? Worldmedia Interactive has been pioneering data-driven marketing for more than 16 years. We ve helped countless brands harness the power of analytical insights and turn them into action across every marketing channel. To see how Worldmedia Interactive can change your business, contact Andrew Stewart. ANDREW STEWART Executive Vice President- Founding Partner T: ext.202 F: