Big Data, the collecting of critical customer-centered details derived from both traditional and emerging digital information gathering sources, is delivering huge returns for those willing to invest time and resources in mining and assaying the nuggets contained therein.
As reported by eMarketer, recent surveys conducted by Forbes, Rocket Fuel, and Turn show that as the role of the web as a data collection source expands, and the understanding of how to interpret the information grows, executives believe a measurable ROI has evolved.
While there is still plenty of room for growth as far as understanding how to interpret and implement the information gleaned, several important points regarding Big Data emerged from the surveys. Among the more important were:
- Almost 85 percent believe it [Big Data] provides important insight into consumer behavior
- 81 percent said it resulted in increased sales
- Over 70 percent said sales leads increased
- 71 percent said they use it to help improve customer satisfaction
In addition, according to the surveys, more than 64 percent use Big Data to develop “greater insight into the customer experience across all types of media, and then crafting a strategy that turns this understanding into positive results.”
Close to half say they use the information to identify what consumers want (52 %) as well as where, when, and the best opportunity to engage with customers to facilitate purchases (46%). In addition, both agencies and marketers, when questioned about sign-ups, registrations, and customers’ opinions about goods and services, returned similar numbers.
A resounding 75 percent responded in the affirmative when asked if Big Data is delivering an increased ROI, with even greater benefits yet to come.
eMarketer. “Big Data Helps Reveal Consumer Behavior: Marketers, agencies on same page regarding benefits from data analysis,” November 5, 2013.