Friday, May 27, 2016

Use of Big Data in Marketing Still a Work in Progress

Consumer products marketers are saturated in Big Data. It pours out in ever-increasing torrents from retail selling systems, marketing analytics, social media, search engines and mobile devices.

As an industry we’re well aware that Big Data is important, and pretty sure we know why, but we’re still figuring out how to make the most of it for the benefit of our consumers and our brands. Brand marketers want to leverage Big Data to improve performance at retail, connect with consumers more directly and effectively, and enhance the ability to differentiate ourselves from our competition. The effort is now underway in earnest.

A national survey of CPG marketers about their use of Big Data revealed the following:
  
  • Nearly half (47%) are integrating new data sources to gain a better view of consumers.
  • More than half (54%) are linking syndicated data with new data sources to improve promotions.
  • Seven in ten (70%) have applied Big Data insights to sharpen promotion strategies.
  • One in three (33%) have invested in Big Data technology, and another 17% plan to this year.

However, we are still seeking understanding about Big Data options and practices. Few companies have an enterprise Big Data strategy in place, and most are simply not ready with rationale, technology or the talent to put it to beneficial use:
  
  • Two thirds (68%) are still determining the business case for Big Data
  • Just 6% have deployed Big Data solutions in consumer marketing.
  • Fewer than 10% have talent acquisition strategies that address Big Data opportunities.
  • Only a third (35%) measure their Big Data program ROI.

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