Hi everyone! Each week on Twitter, @AdobeMktgCloud asks several questions to the community. Responses are transcribed here to facilitate further discussion. The following are highlights from today's chat around Big Data.
Q1: Give us your explanation of what the term Big Data means.
Joe Martin @joeDmarti Using your companies large data sets to identify patterns and trends that can benefit future strategic decisions
Lexi Monaghan @Lexi_Monaghan Big data is mass amounts of info that businesses collect from their own business processes and from their customers
Ken Burbary @kenburbary Large data sets that must be analyzed computationally for benefit of identifying trends, patterns of value
Livefyre @Livefyre Big data reveals useful customer trends/patterns that improve a company’s marketing strategy.
Alexia P. Bullard @ap_bullard The massive amt of data an organization handles daily. Amt of data is too large for traditional data processing applications.
Daniel Newman @danielnewmanUV #BigData represents all the accessible information (structured and unstructured) that is available to an organization.
Sue Duris @SueDuris #BigData is the bright shiny object that must be used strategically. Only use to measure what's right for YOUR customers
Q2: What kinds of data do I need in order to generate useful insights?
Alexia P. Bullard @ap_bullard Largely depends on the goal. Example: Are you trying to increase website traffic, or do you want to focus on conversions? Even still, focusing on the 4 major types of big data #BI is key: Predictive, prescriptive, diagnostic, and descriptive.
Joe Martin @joeDmarti That is the beauty of it. Big data is a movement focused on using data to lead strategy. There are big and small #Bigdata opps
Storify @Storify Gaining successful insights means defining your goals w/ data. Consider what you want to do with the actual data
Ken Burbary @kenburbary Any and all data that reveals what your audience thinks, wants, needs, expects and how they behave. Always define your learning agenda before jumping in to data collection and analysis
Liliana H @Liliholl Basic data will help you define things like: who your customers are, where they're, how they connect w/ you etc.
Nate Smith @natesmith5150 Start integrating what you have. e.g.Clickstream+Email. See what insights come. Add another data set. Big Data starts small
Emily Thomas @emitoms Collecting valuable data requires knowing your goals. Have a clear strategy in mind & the data you collect will be applicable
Q3: Big Data: where do I even start?
Lexi Monaghan @Lexi_Monaghan First - you need to know your own business inside and out. From there, determine what data is most critical to hit your goals
Daniel Newman @danielnewmanUV Start by considering the business problems you are solving. Increasing sales, employee satisfaction, #CX. Then find the data.
Ken Burbary @kenburbary Start by leading with business strategy you're supporting. Don't start with solving "what's our big data strategy?"
Victoria Taylor @VictoriaTaylUK I would always think about customer experience and then work back from there to understand the data needed
Sue Duris @SueDuris #BigData should always start with your customers and you always have to have "how can I delight you today" on top of mind. Thinking business strategy first with #bigdata is wrong step 1, it is step 2 after #customers
Joe Martin @joeDmarti Think about what data you have access too and then hypothesize what that #bigdata could do to benefit your business
Alexia P. Bullard @ap_bullard W/o any prior knowledge, there are open courses available as a resource. Tutorials, online classes, and open courseware.
Nate Smith @natesmith5150 With the biz questions. That will dictate your data requirements.
Rina Popat @RinaSPopat If you aren't comfortable with big data employ someone who is they will have the expertise. It can cost you more making marketing plans with data you have analysed which is not correct
Ken Burbary @kenburbary 99% of all issues are based on a difference between what each person is solving for. First, get to a shared vision.
Q4: What opportunity does Big Data provide for marketing organizations?
Lexi Monaghan @Lexi_Monaghan Big data finds the gaping holes between what consumers desire and what your competitors offer
Daniel Newman @danielnewmanUV Companies can gain a much more in depth view of the customer journey with #BigData. This helps determine strategy & tactics.
Sue Duris @SueDuris #MarketingAutomation is a #CMO's best buddy. And a required investment. #BigData
Livefyre @Livefyre Provides intelligence to drive segmentation, sophisticated personas & targeted campaigns to engage & motivate consumers
Rina Popat @RinaSPopat Understanding your customers trends is key as you have the insight about their buying trends. big data can help with targeting+segmentation as well as undertaking what platforms work with diff audiences. data analysis = oppo of understanding your customers w/out having to ask for feedback. Interpretation is key
Alexia P. Bullard @ap_bullard Provides valuable insight for creating targeted campaigns or products. Data shows what your target audience looks for.
Victoria Taylor @VictoriaTaylUK I don't think it's so much the data but rather the insights gained from data to create better experience
Nate Smith @natesmith5150 More engaging experiences. Cross-channel data populations = greater precision customer insights.
Ken Burbary @kenburbary Quite simply, creating better business outcomes. Better CX means happier customers means more loyal customers means $$$$
Crimson Hexagon @crimsonhexagon More data = more consumer insights. Companies that put consumers first succeed when they tap into data!
Gary McIntire @garymcintire Question: When 90% of the products people buy can be called commodities, should big data NOT be identifying relationships?
Vishal Rose @Vishal_Rose Big Data gives a valuable insight into society's behaviour,which can effect the direction of your #content
Q5: How do you translate the mass of information available in Big Data into actionable insights?
Lexi Monaghan @Lexi_Monaghan determine the problem you're trying to solve, hypothesize solutions & use data to either prove or disprove your strategies
markboothe @markboothe Big Data=Big Buzz Word! The key is not #bigdata but using all data sources to get actionable insights that will drive ur biz
Victoria Taylor @VictoriaTaylUK To really understand what questions are needed to answer in order to succeed from the offset
Livefyre @Livefyre A systematic & targeted approach is the most effective way to leverage big data in order to optimize a marketing strategy
Daniel Newman @danielnewmanUV Start thinking about the Little Data. What are 1 or 2 big problems and what data can help you solve them?
Rina Popat @RinaSPopat Amazon turns previous data+items you put in your basket into actionable insights =reminder emails to purchase
Sue Duris @SueDuris Ensure your #BigData supports what you are trying to do with your KPI's. Be flexible. #KPI needs evolve with your business.
Q6: How has Big Data guided the collaboration of your organization across platforms?
Joe Martin @joeDmarti The @AdobeInsights team is founded on #BigData for ext. research around marketing, retail spend, movie profitibility, etc.. No doubt #Bigdata is huge for online retailers like @zappos @ebay @amazon and others
Nate Smith @natesmith5150 Non-data users are becoming data-driven in decision making. All employees now responsible for customer engagement
Rina Popat @RinaSPopat BD has allowed us to understand if what we are sending clients is what they want+ if they are interested in it
Lexi Monaghan @Lexi_Monaghan Provides cross-channel insights marketers need 2 decide what customer data is most relevant to optimize strategies
Sue Duris @SueDuris #BigData has really been that glue. Also has helped to knock down some silos.
Q7: How has your use of Big Data transformed over the past year?
Rina Popat @RinaSPopat BF has allowed us to tailor our offering to the right segment+ensured we have tightened our marketing plans. Bd, insights and data in general cannot be ignored.the facts need to be used to better the orgs strategy
Lexi Monaghan @Lexi_Monaghan From small/general demographic info to specific/targeted info about current & potential customers
Sue Duris @SueDuris #BigData has helped with #CX in journey mgmt, #VOC prgm dev. Simplified, sped up process and made actions more effective.
Mordecai Holtz @mordecaiholtz Big data enables us to identify trends/ target audiences and important marketing steps
Q8: Is Big Data really what I should be thinking about, or is there something else?
Lexi Monaghan @Lexi_Monaghan Big data is becoming more and more important/influential for marketers. But that doesn't mean they should ignore other trends
Sue Duris @SueDuris Read up on #marketingautomation and benefits via @MarTechAdvisor @chiefmartec @mktgtechblog #AdobeInsights and @CMO_com. Also suggest reading about #CX and what #BigData has done to move the space forward.
Brian Fanzo @iSocialFanz Focus should be on the insights and the questions that can be answered with data.. also questions we haven't asked yet!
Gary McIntire @garymcintire Big data is TOO BIG. Start small: Define your perfect customer base as a nucleus, then use data to expand your community.
What insights would you like to share on big data? If you didn't have an opportunity to respond on Twitter, please share your thoughts here!