Big Data works. Of the organizations that have used Big Data in at least 50% of their marketing initiatives, three in five (60%) say they have exceeded their goals. However, of the companies that used Big Data in less than 50% of their initiatives, only 33% have exceeded their objectives.
This is the main result of the study by Forbes Insights and the Artificial Intelligence company on Big Data Rocket Fuel , “The Ghana Mobile Database Great Potential of Big Data: A Practical Guide for Marketing Directors.” The research is based on a survey conducted in August 2013 to 211 senior Marketing executives from companies across industries and advertising agencies in the US Forbes Insights also conducted face-to-face interviews to put the results into context.
“The report shows that large users of Big Data are more likely to generate useful insights on consumer habits than organizations that lag behind in the use of these technologies,” said the Chief Insights Officer and Head of the Practice of Directors of Forbes Media Marketing, Bruce Rogers. “And what is even more important, they are more likely to increase their sales.”
The more companies use data, the more likely they are to exceed their targets
More than nine out of ten companies (92%) that use data always or very frequently have reached or exceeded their objectives, while only 5% of those who have indicated that they have made sufficient use of data have declared to have fell short of your expectations.
Managers believe they are using Big Data in sufficient quantity, when they are not
Most advertising agencies and companies in other sectors claim to always or frequently make sufficient use of Big Data in their marketing decision-making processes. However, only one in 10 companies that were not Advertising agencies managed more than half of their marketing / advertising activities with Big Data and only one third of the agencies used Big Data in more than half of their activities.
Many managers may have trouble defining Big Data and its potential benefits.
Only half of the managers (both from agencies and from other types of companies) have indicated that they understand well or very well what Big Data is and what its benefits are.
Systems that generate data quickly and can detect changes in customer behavior will become increasingly important.
Approximately a quarter of the Brother Cell Phone List survey participants consider these systems critical to the success of their Marketing activity, while more than 43% indicated that they would be increasingly important for most of their activities.