Updated July 30, 2020, 11:39 am
With the holiday season fast approaching, there’s a growing number of look ahead blogs and forecasts for 2017. Not wanting to disappoint, we’ve got another one for you. We’re talking practical uses for big data.
We know that data – Big Data, Analytics Data, Google Data – and many other types, have rarely been out of the marketing and tech headlines in 2016. With all that available information and increasing ways to use it to you advantage, maybe 2017 should be your year of data?
We already use plenty of data, thank you
And, of course, you do. Everybody does. But, you could use different types of data, or the same data in the different ways, to better shape your marketing campaigns and focus on your target audience more completely. If you think certain parts of your marketing campaign should be performing better, consider targeting different customer responses by using different data metrics.
One new metric from Saas (Software as a service) measurement firm, MOAT could help you do just that. Its Video Score measurement metric considers the length of a video clip that’s being watched when calculating the views and what return on ad spend that is.
“TV experiences have historically worked for brand advertisers to successfully grab consumer attention and drive outcomes; however, consumers are quite simply changing how they watch TV,” said Jonah Goodhart, Co-Founder, and CEO, Moat. “As a result, we need a way to understand video exposures across multiple platforms in a manner that makes sense to both marketers and publishers.”
So, if you’re ready for a change, or to add a new metric to help shape your next marketing campaign, then take a look at MOAT’s Video Score or other fresh ideas.
Take a good look at your own data
If you’re satisfied you’ve taken on board all the new data from 2016 that you need to make 2017 a success, there’s still some data-related improvements you can make. This one involves looking closer to home and analyzing your own data – the details on your output, ROI, and staff productivity.
Make a thorough audit of all the information on your company’s performance you can. Hopefully, you’ll be happy with what you see. But, there’s a chance – quite a large one – that there’ll be some things that wipe that smile from your face.
If you discover some results you’re not happy with, you need to address them in as timely a manner as possible. This might mean the removal of certain processes, data automation you’ve put in place or even wholesale changes across entire departments.
Sometimes, this will result in replacing old systems with new ones. But, do your best to look in-house for work that can be done by existing staff. Or, examine existing software that can be used differently to enhance your business. Making use of staff and software you already have can work better than making a significant investment on another, untried system. While it’s sure to be an unenjoyable job, this type of root cause analysis could be your data friend for 2017.
Create your own methods for success
As we’ve already stated, there are a lot of measurement metrics out there, some of them new, some less so. If you’re using all the ones you think you should be and still aren’t happy with the results, you could work to come up with your own preferred metrics.
Of course, this isn’t something that’s easily done. But, try and pinpoint a detail or details you feel will help you target your marketing campaign better and can conceive a way to do it. If you can do that, it might be worth speaking to your tech/analyst guys. Even if they can’t help you create the data metric you’re looking for, they can give you some insight as to whether it’s viable or not.
If the consensus is that your big idea isn’t possible, then you might want to shelve it for the future. If, though, there’s some suggestion it can be done, you’ll need to get in touch with a metrics guru or digital data scientist. Only then will you really find out how much benefit you could get from your idea and if it’s a worthwhile investment.
Creativity in the digital world is an excellent attribute. But, you also need the digital ability and matching the two can be tough.
Harness ‘Big Data’ to your own advantage
While that might sound like a simple idea, actually doing it, in a way that hasn’t been done before in your business, is likely to be tricky. But, by going with the whole data trend, using new data metrics, removing software that’s no longer relevant and using ‘Big Data’ to measure exactly what you want, you could reap huge rewards.
Yes, it’s likely to be labor intensive for those involved. And yes, it will probably also lead to frustration with new systems and metrics you’re not sure are telling you anything important. But, once you’ve done your audit, made your changes and/or removed specific software, you should see some improvement.
Better consumer insight supporting your marketing plans. Better ROI or return on ad spends from the new things you’re doing. Less financial and man-hour waste from things that were outdated or rarely used.
If you can achieve even one of those things, then you’ve used data to improve your performance. And that could be the beginning of a great 2017.