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To Byte or Not to Bite: The Myths, Realities, and Trends behind the Science of Big Data Analytics
Most CEOs have been caught up in the hype of Big Data Analytics after blindly committing large funds to its much-touted promise for improved sales performance. Where did they go wrong and what should they do differently?
According to Dr. Jesse Harriot, the Chief Analytics Officer at Constant Contact and author of “Win with Advanced Business Analytics”, “setting up a data analytics initiative within a corporation is not a trivial endeavor". It requires a lot of sponsorship at the corporate level and can take a year or two before achieving a meaningful balance between the influx of web data and its collective value to the company. Harriot shared his wisdom at a recent conference in Boston titled, “The Science of Marketing: Using Data & Analytics for Winning”. This power event organized by MITX, a Boston-based, non-profit trade association for the digital marketing and Internet business industry - (mitx.org), served up an impressive venue of expert panelists who shared their best practices and experiences.
Among them was a star performer, care.com, the largest online directory that connects those in need of care with care providers. Their co-founder and Chief Technology Officer, Dave Krupinski, discussed how the company uses analytics to drive all aspects of their marketing function including, attribution analyses, customer segmentation, user experience, and predictive analyses. As Krupinski explained to a packed room of 300+ professionals, "most CEOs blindly jump into ‘big data’ analytics expecting immediate returns, only to discover (and after great expense) the many intricacies required to get it right.”
Is ‘big data’ analytics really worth the trouble?
If economic times were healthier then maybe not, but with a slowing economy, companies are forced to either come up with the next differentiating product/service that will give them an extra edge over their competition or figure out better ways to surgically target likely buyers based on real-time data. But, increasingly, fickle-minded consumers whose loyalties remain largely unpredictable have made the task exceptionally challenging. ...and yet, no one can blame consumers for their lack of brand loyalty when on average they are bombarded with over 500 ad messages per day.
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