Big Data Gives Marketers a Sales Edge
It’s more than hype: Big data gives brands a demonstrable edge, and with better use of data, business marketers are more likely to achieve sales goals. This is the lead finding of a study from Forbes Insights and artificial intelligence data company Rocket Fuel, “The Big Potential of Big Data: A Field Guide for CMOs.”
“The report shows that heavy users of big data are more likely to produce useful insights about consumers than organizations that lag in this respect,” said Bruce Rogers, chief insights officer and head of the CMO Practice for Forbes Media. “Even more important, they’re more likely to see gains in sales.”
Of the organizations that used big data in at least 50 percent of their marketing initiatives, 60 percent said that they had exceeded their goals. Among companies that deployed big data in less than 50 percent of their initiatives, a mere 33 percent said that they had exceeded their goals.
Three other key findings are important to businesses of all sizes:
•More than nine in 10 companies (92 percent) that said that they had made sufficient use of big data met or exceeded their goals
•Nearly three in four companies that used big data at least 50 percent of the time could measure the effects of multichannel campaigns
•Seven in 10 firms in the 50 percent or more group said they were able to pinpoint the right audience in all or most of their media activities
The paper also emphasized the importance of using data to tailor marketing campaigns. More than a quarter of the marketers said that artificial intelligence systems, which can generate data quickly and keep pace with consumers’ evolving behavior, are important for marketing.