A consistent issue that is cropping up and will continue to crop up with business and the Internet is just what to do with all the data generated. The sheer volume can be overwhelming to marketers and executives alike but the problem goes even deeper.
A recent study regarding “Big Data” was conducted by a company called Connotate. I wrote about it over at Marketing Pilgrim today. So you are aware I take a very cautious view of Internet industry research because it is often just a veiled PR pitch. In other words, let the research reader beware. In this case, Connotate is a company that helps companies manage their data. As a result, they need to paint the picture that big data is a big headache. I think that in this case, it’s not a stretch.
First there has to be a real problem with all of this when even a definition of big data is elusive.
Marketers know what they want from data but if there is a disconnect between them and those who manage the data there will be trouble.
Second, and arguably even more important, are the obstacles that data managers might throw up that will impede the ability to truly use all the data available from the Internet. These will come in the form of excuses to upper management as to why certain things can or cannot be done. Executive level players need to be prepared for such a discussion.
Lastly, the biggest surprise is just how little is truly being gleaned from data currently. Are you and your business settling rather than wringing out every ounce of importance regarding Internet data?
Monitoring the competition can be done relatively inexpensively by third party tools like Trackur for little cost. Whomever is managing the data for a business has to aim higher with regard to what they can get out of this information.
It’s here that the Internet savvy executive requires that their team dig deeper into the data at their fingertips and find a way, any way that is within reason, to create ROI metrics around the data. Let’s face it, if the data isn’t making the company money then you are doing something wrong. It’s ok to do something wrong but you need to do it wrong quickly (thanks Mike Moran!) and make changes.
Do you have a grasp on the data that your company has at its disposal? Are you aware of exactly what information is being farmed from the Internet and how it is being applied to further your business. If yes, that’s good. If no then you are at risk.
So which is it?