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Most marketers realise big data’s value, but only one in ten use it properly, says analyst

Big Data

Rees

A major survey into big data and marketers has shown that while most marketers from both big and small firms are aware it it’s value – many lack the skills or experience to make the most effective use of it.

“There’s been a big transformation in the way big IT vendors”, said Oliver Rees of Torque Data during Mumbrella360 talk Big Data: Teenage Sex or Fight Club?

The study: “The Big and Small of Big Data” found 72 per cent of marketing reps are using big data but only one in ten use it as a key component of what they do.

“Big data is a massive opportunity for every single person in the room,” said Rees.

“You only have to do the stats globally on the number of jobs available in the data science and analytics space and see how many people are working in the data science analytics space and do a really simple bit of maths and work out that there’s going to be high opportunities for jobs.”

According to Rees the surging demand for data people will drive a tipping point in the industry that will lead to a scarcity of talent at the very time companies will need to be hiring experts in the data field.

“We cannot rely on analysts to be doing all the analytics,” he said.

“The key thing here is how do we make data accessible and how do we allow people to make decisions that are the right decisions for their business.

Rees says the big advantage for marketers using big data is being able to accurately predict the future.

“It is the ability to predict the future that will make you better than the competition,” said Rees.

According to Rees many still lacked knowledge and expertise when it came to using big data to any degree of sophistication and many misunderstandings still persisted.

“There’s a perception that big data is like teen sex – no one talks about it, nobody knows how to do it, everybody thinks everyone else is doing it and so claim they are as well.” said Rees.

He went on to outline what he refereed to as a new era of marketing is appearing where marketers no longer have the luxury to publish everything they are doing and win awards, instead the really good work is something that’s not talked about.

“We don’t want to talk about how we have identified variables about what we can predict like who is likely to buy premium pet food – there’s a whole range of of different variables but it’s not stuff you are going to talk about because it can get replicated (by competitors),” he said.

“So we are moving much more into the era where it’s more about Fight Club – you have to learn this stuff yourself, you have to go through the process of developing a depth of understanding in your business which is your competitive advantage.”

Rees finished the session by saying big or small – the size of a company was not what mattered as much data was already out there and readily available and that many companies already had data as part of their every day practices.

However, he warned that if it was not used to proactively look at the future and to show value back to customers then it was a lost opportunity.

“The data in itself is a very powerful tool, but don’t forget if we don’t use it to show value to our customers we are wasting it.”

Robert Burton-Bradley

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