How to Drive Real-Time Revenue in the World of Big Data

November 24, 2014
258 Views

Data – we are bombarded daily with messages, statistics, news, and slogans such as “Big Data is a Big Deal”. In fact, some of us can start rattling off numbers from memory.  The buzz isn’t going away any time soon because in truth, Big Data is a Big Deal. According to Gartner, companies that invest in Big Data more than their competitors do outperform those competitors by 20% in every major metric.

Data – we are bombarded daily with messages, statistics, news, and slogans such as “Big Data is a Big Deal”. In fact, some of us can start rattling off numbers from memory.  The buzz isn’t going away any time soon because in truth, Big Data is a Big Deal. According to Gartner, companies that invest in Big Data more than their competitors do outperform those competitors by 20% in every major metric.

The use of Big Data is becoming crucial in today’s business environment. The ability to track and evaluate anything from online purchases, social media posts, and online search history offers huge opportunities for real-time marketing and even bigger revenue.

Everybody in business struggles with data in some format, but for marketers, the challenges are particularly daunting. With so much data being generated, the real challenge is finding the right data and deriving actionable intelligence. Daniel Keys Moran, computer programmer and science fiction author once said, “You can have data without information, but you cannot have information without data.” Trying to determine which data to collect, how it should be integrated with your company’s core data, and where to even begin analyzing has led more than one marketer into a state of analysis paralysis.

big data and revenue

Big Data Pitfalls
For those ready to dive into a Big Data implementation, be sure to weigh the pros and cons. According to a recent report by research firm Frost & Sullivan, three of the most common problems in big data deployments are incomplete data collection, false starts, and disruptive drains on IT and data-professional staff productivity.

Here are some insights into the pitfalls to avoid:

  1. Incomplete data collection: Not capturing the right data leaves opportunities on the table – opportunities your competitors will scoop up if given the chance. Rich digital data sources re often overlooked, such as online purchase data, click-through rates, browsing behavior, and social media interactions.
  2. False Starts: Beginning a Big Data project only to be derailed mid-implementation occurs more often than not as requirements and business objectives change.
  3. Drains on IT Resources: Implementing a data project can prove to be an expensive and resource-draining burden. Adding to that, IT talent is often in short supply or over-burdened with other tasks.

The report goes on to say that the associated risks and costs of Big Data projects can be so draining that organizations new to Big Data projects should seek out assistance from technology providers or consultants.

The bottom line is that many organizations are not prepared, or do not have the resources, to take on a huge Big Data project.

making the right investment

Making the Right Data Investment

Not implementing Big Data strategies of some sort is simply not an option. There needs to be some ability to bring new data resources into the enterprise, apply analytics, and make the insights easily accessible to decision makers. Still a relatively new concept, Data-as-a-Service (DaaS) is empowering businesses with Big Data access, without requiring IT to spend months finding, securing and cleaning data sources.

As Wikipedia states, “Data as a Service, or DaaS, is a cousin of software as a service. Like all members of the “as a Service” (aaS) family, DaaS is based on the concept that the product, data in this case, can be provided on demand to the user regardless of geographic or organizational separation of provider and consumer.”

Adding to the definition, DaaS is much more robust than simply providing “on demand” data. DaaS is a service approach in which a vendor sources, structures, and delivers unique and hard-to-find data assets on a real-time basis. When integrated with a company’s core data, marketers are empowered with a robust marketing asset that delivers competitive advantage on a daily basis.

While implementing a Big Data plan through a solution such as Hadoop can add value across the business – marketers no longer need to feel the pressure of implementing one TODAY.  Big Data insights are attainable through DaaS. The data maze has already been mined by someone else. The data has been structured and packaged and is ready for delivery. The Big Data universe is immense – full of unique and hard to find data, real-time data, social media posts, transactions, on-line purchases, search history, and more.

And these data assets can be injected directly into your channel systems or digital marketing platforms for real-time marketing at its best.

How DaaS Delivers Opportunities

Most businesses have already proven they are good at finding customer insights through data mining, segmentation, and predictive modeling. But Big Data adds a completely new dimension to marketing. Much of the data explosion can be contributed to the new age of digital consumption – how consumers shop, interact, and spend their leisure time. Harnessing these faster types of data brings real-time advantage. With the right data in hand, marketers can provide highly personalized offers to consumers – at just the right moment.

Imagine a retailer having daily access to consumers who are actively searching NOW for what they are selling. These may be consumers searching on-line for a competitor’s name or terms such as “new car” or “home renovation”. Or people posting to social networks such as “excited about the new baby” or “recommendation for a family vacation”. Retailers can begin targeting shoppers with immediate offers – dynamic pricing, personalized recommendations, shopper-specific discounts, and more. 

Similarly, DaaS brings huge opportunities to B2B companies. For example, manufacturers face increasingly significant challenges such as offshore labor shifts, more complex buying processes involving multiple stakeholders, and knowledge-driven prospects who have done research and made purchase decisions before even speaking to a salesperson. DaaS can provide manufacturers with access to rich, key decision-maker contact data, financial risk status, or procurement spending trends by category.

Another powerful opportunity DaaS can deliver are just-in-time alerts provided to Sales indicating when your customers or ideal prospects are considering other solutions or engaging in behaviors that indicate readiness to purchase such as new office openings, venture capital investment, management changes or expanding hiring initiatives.

Generating immediate revenue from Big Data is a universal goal for most marketers – and DaaS makes this possible for businesses across any type of industry.

Rather than focusing on developing and managing an intricate network of data, companies can now focus on the business outcomes and marketing advantages of real-time Big Data opportunities.