Real-World Education for Modern Marketers

Join Over 600,000 Marketing Professionals

Start here!
N E X T
Text:  A A

Five Ways Marketers Can Boost the ROI of Big Data

by Scott Bailey  |  
November 30, 2012
  |  6,463 views

Big Data, applied to marketing, is transforming how marketers in myriad industries attempt to reach consumers. Armed with the ability to distill insight from large data sets, marketers can improve their programs by better understanding the precise needs and behaviors of their target audiences.

But achieving meaningful returns from Big Data investments can be an elusive goal. Although marketers know they need to glean actionable insights from unstructured data, the process can be time-consuming, expensive, and difficult to quantify in terms of financial benefits for the organization.

As marketers face increasing pressure to demonstrate the impact of every dollar of marketing spend, decision-makers need to be able to establish the return on investment (ROI) for Big Data. Otherwise, justifying Big Data's role as a key driver of business goals may be difficult.

As a marketer, you have to be able to connect Big Data investments with quantifiable business outcomes and tie the impact of Big Data efforts to specific marketing strategies.

Although Big Data has many possible applications in your company's marketing strategy, here are five of the best ways to increase the ROI you achieve on your Big Data expenditures.


1. Have a goal

Measurable ROI for Big Data begins with defined goals and desired outcomes. From the beginning of the process, you must understand why you need the data and how it will be used after it has been collected: How will the data influence marketing campaigns? What are the specific customer insights you hope to learn from the data?

Without clear answers to those and other questions, you will inevitably spend time and energy on data that produces no results and no ROI for your company.


Sign up for free to read the full article.Read the Full Article

Membership is required to access the full version of this how-to marketing article ... don't worry though, it's FREE!

WANT TO READ MORE?
SIGN UP TODAY ...
IT'S FREE!

We will never sell or rent your email address to anyone. We value your privacy. (We hate spam as much as you do.) See our privacy policy.

Sign in with one of your preferred accounts below:

Loading...

Scott Bailey is executive vice-president of strategy and analytics of Target Data Corp., which specializes in direct mail for the moving industry. Scott is a widely published expert in marketing strategy, targeting, and segmentation.

Rate this  

Overall rating

  • This has a 4 star rating
  • This has a 4 star rating
  • This has a 4 star rating
  • This has a 4 star rating
  • This has a 4 star rating
1 rating(s)

Add a Comment

Comments

  • by Chris Pannell Sun Dec 2, 2012 via web

    Some good fundamentals about planning your data insights strategy / projects but the article definitely lacked imagination and ideas for actually boosting ROI from big data, such as enriching with sources such as mosaic or affiliate marketing.

    The main thing to ensure before embarking on any data project in ensuring that you are utilising every possible data touch point from POS through to ongoing email and social analysis.

  • by Alexander Högman Fri Jun 7, 2013 via web

    Great article but I use a media planning tool to take control over my Return on media investments wich help me easier to link investments of activities and special events to results.

MarketingProfs uses single
sign-on with Facebook, Twitter, Google and others to make subscribing and signing in easier for you. That's it, and nothing more! Rest assured that MarketingProfs: Your data is secure with MarketingProfs SocialSafe!