When you are planning your marketing strategy, you cannot forget big data. “Big data,” as it has come to be known, involves the use of large databases of information which give insight into the trends of the current market. This is crucial information for businesses today and it is important that businesses have a way of obtaining such information on a regular basis.
However, big data alone won’t solve the big data challenge. What is really needed is a plan to incorporate data into your business or marketing strategy. In Hamlet, Shakespeare once said, “Lest thou forget thy almost blunted purpose…” He was referring to Hamlet getting distracted while supposedly delivering a message from his dead father to his mother. What this means is, if we are not careful, we will focus on the data, rather than the power and information it brings to us. The key is to somehow filter all of this data into some organized unit of information which will shed some light on the market that we are trying to master, and use it for our purposes.
Here are some key facts to keep in mind when using big data in your marketing plans:
- No industry is immune to the disruptive potential of the data explosion.
- Doing big data comes with risks.
- The old way doesn’t work anymore.
- Tech managers cannot do it alone.
The first statement speaks to the fact that the process of data collection can, in itself, become overwhelming to those who are gathering this data. We can tend to forget the bigger goal of using the data to increase sales and revenue.
The risks spoken of in point #2 have to do with privacy issues and concerns which have drawn more attention lately, due in part to the involvement of the NSA and other governing bodies. During the process of data collection, you are going to obtain private information about people which may put them at risk for security issues. When you do this, your company takes on the liability too.
The old ways have to do more with technology than any other thing, but they can also involve using old methods, which used to work, but have lost their luster. And, remember too, that the result is more important than the data itself.
Finally, business managers and CEOs are going to have to learn enough about the big data process to help tech managers manage and organize your data. You must learn enough about the data process to advise tech professionals about how to set it up to work with your business, both now, and in the future to keep up with the times.
Integrating the collection of “big data” into your video marketing plan is the challenge. How do you consider all of the important information about shoppers obtained through your site while employing the best strategies in video marketing? What can such “big data” tell you about your business that will help you manage better marketing strategies in the future?
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