Big data has been a pivotal force in the ways businesses approach marketing. It provides the insights needed to create strategic marketing campaigns that are designed with the buyer in mind. Yet, it also comes with its share of risks. Even small errors in data analysis can drastically skew the direction of a marketing campaign, resulting in decreased leads and conversions for businesses. Here are some of the top big data concerns and how businesses can avoid them.
Chaos theory, a mathematical theory, refers to the phenomenon in which a small, seemingly trivial incident, can create a ripple effect that can have devastating consequences. With big data, chaos theory can sabotage a marketing campaign, resulting in drastically fewer leads. Even a small error in data analysis can have dire consequences. Misinterpreting that data will lead to making poor marketing decisions that aren't based on real trends, and as the marketing campaign progresses, it can become farther and farther detached from the customer. A data management platform makes it easier to analyze and track data, providing a plethora of tools for advanced data analysis, so you can minimize errors and utilize only the best insights for your campaign strategy.
As the big data of a business grows, it consequently becomes more and more vulnerable to errors. Over time, repeat customer data is acquired, and duplicates, incorrect data, and improperly formatted data plague the database. When duplicate data accumulates, big data can mistakenly show a business as having more customers than it has in reality, while offering misleading information regarding the demographical information of customers. This results in businesses making marketing decisions based, not on the actual customers, but on a misguided view of the customer, which can cost a lot of money in missed sales. A data management platform makes it easier to organize all business data, so you can remain on top of data management and routinely cleanse the database of duplicate or incorrect information.
With every passing day, a business acquires more and more data for the company, and older data rapidly becomes outdated and useless. If your business is relying on outdated data, it could result in weak marketing campaigns that aren't in sync with current trends.
Big data highlights correlations within business operations that can easily be overlooked when analyzing smaller sets of data. Yet, while these correlations can prove to be incredibly useful, the data itself doesn't inform marketers of which correlations are of greatest priority. A data management platform can help to illuminate key correlations in your data, like which demographics frequent which social media sites and which age groups purchase which products most frequently, while allowing you to track the success of your marketing channels to determine which correlations are of the greatest financial priority to your business.
Data silos occur when the data from one department is isolated from the data in another department. For a marketing campaign to be effective, the data from all departments needs to be integrated to provide a complete view of the business and of the customer. A data management platform allows you to consolidate the data from all departments and keep that data integrated, while providing a cloud-based platform that can easily be accessed by all departments. This will allow the departments to collaborate more effectively, while eliminating the data silos that are dragging your marketing efforts down.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.