The marketing sector is becoming increasingly competitive as the industry fills with a deluge of technologies. Gone are the days when marketing professionals could rely on their intuitions and market savvy to close the best deals. They are facing an environment which resembles that of their Wall Street counterparts, wherein they must buy and trade ad space using real-time information. For many agencies, being able to make those decisions requires carefully analyzed information that's backed with the strongest data quality.
Many marketing firms are finding that utilizing the vast amounts of customer data in their storage systems and on the internet can turn into better conversion rates, according to Direct Marketing News.
Big data can also provide companies with an advantage if they have less marketing experience, reports iMedia Connection. Rather than listening to advice from ad representatives, business leaders can make decisions based on qualitative data.
"It's clear that our increasingly data-driven world is reshaping how marketers engage consumers. However, it's also clear that when it comes to the new rules and regulations of marketing data governance, most organizations simply are not prepared," said DMA president and CEO Linda Woolley.
If businesses don't have data management plans in place, they might be using information that's inaccurate, old or incomplete. Misguided insights can reverse the benefits of big data strategies and put companies at a greater disadvantage than those who are still using gut instincts to make important choices in the first place.