“Big Data.” Over 800 million results when you type the term into Google. It’s been an important marketing topic for some time. And it’s a significant challenge for CMOs. Whether it’s accumulating the right data, organizing it so it can be easily analyzed, or being able to extract useful insights, there are a number of challenges that marketers are trying to solve. In a conversation I had with an executive from a leading marketing services firm (because of her firm’s policies, her name can’t be disclosed), she mentioned that the emphasis on big data is misplaced. As we talked, I captured four key points about how the nature of data value is shifting and impacting the role of marketers in firms.
“Big data” isn’t as important as “smart data” or the “right data.” Companies are getting excited over the notion of big data, but it’s ultimately only as good as the insights you get out of it. And in order to get actionable insights out of it, you have to combine big data with small data (panels – understand who). The small data provides the context and calibration that big data can’t do on its own. When you combine the two, you get smart data.
To read the entire article, please click on https://www.forbes.com/sites/kimberlywhitler/2019/08/20/stop-focusing-on-big-data-and-start-focusing-on-smart-data/#4169d1344ff9