Cover Story: Are You Ready for Big Data?
To do this, the institution will begin offering members an online personal financial management tool through Geezeo Interactive in July. This will allow the institution to analyze the transaction data of not only all the deposit, loan and investment accounts those customers have with that institution, but also all the transaction data they might have with other institutions, brokerages and credit card companies.
"We already have a marketing information database which gives us various tools to run queries," Michaels says, "but that's not as important as the data going into it."
2. What's the next task for a marketer trying to leverage Big Data?
Answer: d. Figure out how to eliminate all the "noise" in the data to find the "signals" that will actually answer the questions.
"While we do have a lot of data on consumers out there that we can take advantage of, there is still a lot of garbage that is not very useful for firms trying to do target marketing," says Shawndra Hill, assistant professor at the Wharton School of the University of Pennsylvania in Philadelphia.
Hill and her team recently conducted research linking TV advertisements during the Super Bowl to what people were saying online. She says, "What we found was that, when people were talking about commercials, mostly they were talking about the creativity or celebrity in the ad, as opposed to the brand or product itself." Still, she says there were "signals" in the data for market research purposes. Some ads targeted specific demographics, such as women. As a result, the response from those demographic categories varied.
In another study, Hill and her team were able to link social media strategies used on a TV reality singing show to the amount of engagement on social media and sales of products associated with the show.