If you’re like me, you are probably sick of hearing and reading about ‘Big Data’. Everywhere we turn, we see big data as a topic of discussion, debate, and concern. Yet, it was interesting to learn recently that the BI and Analytics software market in the US only grew about 8 percent in 2013 to $14.4 billion according to Gartner. With all of the hype around big data, why isn’t the market for analytics tools growing faster?
In another study, Gartner also revealed that only 8 percent of organizations surveyed had actually deployed a big data project, with about 57 percent still in the research and planning stages. When we take a look at what is really going on, it appears that the challenge lies in how to get value out of big data (fig.1).
By default, big data is inherently overwhelming. As marketers, we need to be smart in how we approach various technologies and projects so as not to drown in the possibilities. Here at RevTrax, a big part of our business is data, analytics and insights. As such, one of our main aims is to help ease our client’s data woes by starting with a few key strategies:
- Even if you don’t know what to do with the data, collect it… you’ll be thankful later.
- Familiarize yourself with what is available to you – before you can pull all of your media, consumer, and purchase data together you’ll need to understand each individual component.
- Start small – pick out 1 or 2 key objectives and put a plan in place to uncover the results.
- With your newly found insights results – create small tests for your optimization and personalization strategies.
If you are just starting to think about the practical applications of ‘Big Data’, you are not alone. Starting small will help to make the journey more manageable.