The Value of Mining (Big) Data… Without Scaring Your Customers Matthew Quint Director, Center on Global Brand Leadership Columbia Business School gsb.columbia.edu/globalbrands @mattquint Data Driven Marketing Conference – August 20, 2013 [NOTE: Images for Prof. Netzer, Everyday Health, The Weather Company, and Target, have hyperlinks to video talks on the topic!]
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The Value of Mining (Big) Data - Data-Driven Marketing Conference
It was a pleasure to kick-off Marketing Magazine's Data-Driven Marketing Conference (August 2013).
These are the slides from my presentation in which I talk about the the key challenges of "big data" and present both academic and brand-based case studies on how data, bigger data, and BIG data can:
1. Drive brand and consumer insights 2. Evaluate if marketing messages are working 3. Better target marketing communications efforts 4. Become a company asset to market 5. Allow for continued experimentation
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Transcript
The Value of Mining (Big) Data… Without Scaring Your Customers
Matthew Quint Director, Center on Global Brand Leadership Columbia Business School gsb.columbia.edu/globalbrands @mattquint Data Driven Marketing Conference – August 20, 2013 [NOTE: Images for Prof. Netzer, Everyday Health, The Weather Company, and Target, have hyperlinks to video talks on the topic!]
…and not everything that counts can be counted - Prof. William Bruce Cameron
Not everything that can be counted counts…
Data Bigger Data BIG Data
Small No integration Unit collected
Large Some integration Firm collected
Massive Heavy integration Firm and external
All marketers want to be DATA-DRIVEN
Believe successful brands use data to drive marketing decisions
91%
But many are NOT COLLECTING the data they need
say their own company’s data are collected too infrequently
39%
Marketing ROI in the Era of Big Data: 2012 BRITE-NYAMA Marketing Measurement in Transition Study David Rogers and Prof. Don Sexton, Columbia Business School
Data-driven decisions tend to be better decisions.
In sector after sector, companies that embrace this fact will pull away from their rivals.” - Erik Brynjolfsson and Andrew McAfee, MIT (Harvard Business Review)
Five key
CHALLENGES of (Big) Data
Everywhere
Unstructured
Needs cleaning
Storage and processing
Privacy and security
Case studies on
THE VALUE of (Big) Data
1. Gain insights on brands or consumers 2. Understand what messaging works 3. Better target your communications 4. Your data becomes an asset to market 5. Continue experimenting
Honda Accords and Toyota Camrys are nice sedans, but hardly the best car on the road (for many people). It's just that they are very compentant in their price range. So, a love fest of the best selling may not tell you what is "best".
“I keep saying that the sexy job in the next 10 years will be statisticians. And I’m not kidding.”
- Hal Varian, chief economist at Google.
The data scientist
1.Quantitative
2.Technical
3.Curious and creative
4.Skeptical
5.Communicative and collaborative
Questions?
Matthew Quint Director, Center on Global Brand Leadership Columbia Business School [email protected] Data Driven Marketing Conference – August 20, 2013