Although data quality is critical when developing a marketing strategy, the rapid proliferation of highly diverse, fast-moving information is making it more difficult for companies to deploy innovative advertising initiatives. A report by Econsultancy highlighted the need for organizations to prioritize the management of their resources if they are to develop marketing projects that deliver substantial results.
While capturing and analyzing consumer information promises to introduce a number of distinct advantages for marketers, the process can also make it harder to keep track of detailed data, Econsultancy noted. This means address management and verification tasks can become more difficult, especially as consumers increase their use of smartphones, tablets and social media.
Econsultancy said businesses need to embrace the big data phenomenon, as shying away from it will only make it more difficult for firms to compete with rivals in the coming years. After all, information is the lifeblood of the private sector, regardless of its inherent next-generation characteristics.
Preparing for a new age of marketing
In many cases, decision-makers can plan ahead to develop big data projects that support advertising endeavors. On the other hand, many marketing organizations are having difficulty adjusting to big data, according to a study of more than 250 businesses by Neolane. In fact, approximately 60 percent of respondents said they do not have a specific plan for tackling big data and incorporating their findings into promotional campaigns.
"It is clear that our increasingly data-driven world is reshaping how marketers engage consumers," said Linda Woolley, acting president and CEO of the Direct Marketing Association. "However, it is also clear that when it comes to the new rules and regulations of marketing data governance - most organizations simply are not prepared."
Econsultancy said executives should have the confidence to build big data strategies from the ground up, giving them the ability to shape and modify the projects as the company progresses and develops. This planning should include training and support so individuals know how to use data quality tools and other solutions that will be critical to the success of next-generation marketing campaigns.
In the coming years, big data will continue to play a role in the transformation of traditional advertising, especially in the retail industry where consumers are known to publicly provide information to businesses.