The endless stream of structured and unstructured data facing marketers every day is “big data.” It seems marketers are doing a combination of embracing, ignoring and being run over by the data available to their marketing organizations, according to a recent survey from digital marketing analyst firm, The Relevancy Group. Fewer than half of marketers of all sizes – from small business to enterprise – feel they even understand what the term “big data” is and how it applies to their business.
- The term “big data” causes confusion among market segments. Only 49% of Enterprise marketers selected the correct definition of the term in the October survey, and many fewer of their small and medium business counterparts knew the term.
- Few marketers have centralized marketing data, many data management opportunities exist. The survey found that just 37% of enterprise marketers have a centralized respository. Since lots of successful marketers have multiple marketing databases, this finding is less troubling to me than the fact that marketers in the survey are unclear on how to manage the data they have. It’s possible and sometimes better to integrate solutions in order to move the business forward, rather than pause to undertake a massive system overhaul.
- A near majority of enterprise businesses have a “big data” initiative underway. A good 42% of enterprise and 34% of mid-market companies report a project underway. If you are still ignoring the opportunity from big data, you may be left behind next year.
The fact that we still use quotes around the term “big data” may anecdotally support the survey findings: We are so unsure of the term as an industry, that we don’t even name it. Check out the full survey results and compare your own big data strategies. No matter how you define it, big data is a big opportunity for meaningful customer connections and will help you Stay #TopRight.