SourceLink, a top 5 largest privately held CRM/Direct Marketing Agency and a top 3 GPO supplier, conducted a webinar August 30, 2012, focused on the understanding and uses of Big Data in marketing. The insights shared and feedback of the attendees showcased a need for a better understanding in organizations of all sizes about how to handle Big Data and how consumer information drives customer communications.
The webinar, entitled "Big Data: The Challenge and the Opportunity," drew several hundred professionals, with most attendees from the financial services, insurance, education, non-profit, and retail markets. During the webinar, SourceLink asked polling questions about Big Data and customer-centric marketing.
Nearly half of those polled (47%) reported not having a formal marketing strategy to leverage Big Data, and an additional 17% were uncertain of their organization's future plans. On a positive note, 23% conveyed that their organization has a defined strategy for Big Data as a subset of their overall data strategy, with 13% currently utilizing Big Data in their marketing strategy. Over two-thirds of all attendees have not yet integrated Big Data analytics into existing marketing databases.
When it comes to social media – where a large portion of Big Data is created – 41% of attendees have not developed a strategy for social media monitoring or listening, plus another 22% are unsure of how to monitor this activity. When asked, "What is your biggest marketing challenge today with Big Data?" The top three concerns were determining what data is relevant to marketing (28%), effectively using data to personalize marketing communications (27%), and capturing or collecting enough relevant data (20%).