Cover Story: Are You Ready for Big Data?
That's Firstmark's goal, Hagerman says. "The good thing about getting data from all the platforms is that we'll be able to see members who were declined for an auto loan and avoid marketing them a credit card."
5. Can Big Data help shape your big picture strategy?
Answer: a. Yes
While developing tactical campaigns is "absolutely" important, Samardzija says marketers should really be leveraging Big Data to drive innovation.
His firm recently analyzed unstructured data online to understand the emotions and behavior of people trying to lose weight, and found that they tended to play more Internet games and surf the Web for fun.
"The moment when they were dealing with weight issues also became the moment for escapism," he says. "This type of insight is strategic in nature and can impact the entire go-to market strategy for a given brand."
Samardzija says marketers "absolutely need to do day-to-day optimization—tactical efforts. But you also need to take Big Data and extract truly emotional insights that can lead to product innovation and new positioning in the marketplace."
Katie Kuehner-Hebert is a California-based journalist who has written for American Banker, HRO Today, Benefits Selling and many other business publications. >