Big Data Challenge: Measuring Marketing ROI

12 Dec

As we know, big data is a big deal. And it’s challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.

If you have followed Evans on Marketing, you aware that we have reported regularly on big data. So, take a look at these examples:

 

Big Data Challenge: Measuring Marketing ROI

Even today, measuring marketing is hard. And this is with the availability of big data.

With that in mind, Malinda Wilkinson, writing for Business Group asks this question. “Marketing ROI: Big Bucks Or A Total Bust?” Consider these observations:

“Are your campaigns driving big bucks or a total bust? That’s the most important question we have as marketers. To determine this, you have to connect the dots. And unlock the value of the data. However, depending on the current state of your data, you may not even know where to start. When it comes to your metrics, most marketers likely fall into one of these three categories.”

You don’t track anything. People fall into this category because they don’t know what to track or how to track it. Also, they also may not have the right tools to best monitor and report metrics. Unfortunately, when you’re not tracking anything, it is hard to determine what’s working well. And if your marketing investments are worth it.”

You track the wrong things. You might track some metrics. But the real question is – are they the right metrics to track? To answer, be sure data are relevant, meaningful, and unbiased. The goal of metrics is to enable better decisions and improvements that drive your business forward.”

You track everything but are overwhelmed by the amount of data. Do you have so much data that you can’t make heads or tails of it? That is information overload. In this case, you track all the data. But you don’t know how to isolate key information and focus on what will move the needle.”

 

Tips to Measure Marketing ROI

To measure marketing ROI properly, Wilkinson offers these tips:
  1. “Set goals based on business objectives.”
  2. “Identify what data you need to track progress against those goals.”
  3. “Make sure data are meaningful.”
  4. “Define your metrics.”
  5. “Assess the current state of your data.”
  6. “Invest in an analytics tool.”

Click the image for further discussion of the tips.

 

Big data is a big deal. And challenging too. Hence, we turn to a big data challenge: measuring marketing ROI.
 

16 Responses to “Big Data Challenge: Measuring Marketing ROI”

  1. Rebecca Thompson December 13, 2017 at 12:01 pm #

    I think that knowing exactly how to measure a market is almost impossible, because if it were that simple, then it would be easy to run a successful business. I think that using the tips can be a helpful guideline to the right path, but overall it will have to be through trial and error. By putting out the services, you will see what appeals to customers the best, and that will be the best way to measure marketing.

  2. Maria Galletta December 13, 2017 at 5:45 pm #

    Big data is being used to measure the effects of a firm’s marketing more and more. The three mistakes that marketers make all point to how important data scientists and analysts are to businesses, why businesses seek these types of employees, and why college students are or should be taking more classes concerned with data and logical thinking. Older, traditional firms are overwhelmed by big data, whereas younger firms are more equipped to handle big data marketing and analytics because of their younger or younger-minded employees.

  3. XI CHEN December 14, 2017 at 7:28 pm #

    Big data is very important in business. If a company want to be successful, they would like to measure big data from different aspects. Besides, the marketer should make sure their datas are right and meaningful. If the datas are not meaningful, it will guide a wrong way for a company. I think tips is a good way to measure big data.

  4. Charles S. Smith III December 15, 2017 at 7:13 pm #

    I think the tips apply more widely, that it is important to maintain focus on something. I’m not saying that IBM should’ve stuck with home computers over data analytics, rather that when you set out to do something, make sure that everything is geared towards that goal succeeding.

  5. Monica Boretsky December 15, 2017 at 9:07 pm #

    I believe this field of big data will forever be evolving and growing into a larger and more competitive field. As IBM has gone further into data analytics, we see companies such as Dell venture into this space as well. With acquiring EMC, they are entering the field of data storage, analytics, and advance technologies such as artificial intelligence and IoT. As this field expands, I believe consumers must become smarter as well, to understand how companies will market to us and trick us into buying their products.

  6. Xiaoyan Wu December 16, 2017 at 6:47 pm #

    Big data is one of the most popular technology in recent years. Companies and government use Big Data to analyze. It surprised me that Big data can be used to measure the marketing ROI. In my point of view, this will help companies to create better marketing plans and advertisement.

  7. Hanjun Wu December 16, 2017 at 7:15 pm #

    As we all know, measuring marketing is a big challenge. Because the marketing with the big data. But compare to the big data, marketers are more important. Because it depends on them to collect and sort out the data. So measuring marketing is not easy for the marketers.

  8. Aneel Bapodra December 16, 2017 at 8:03 pm #

    With big data and other types of technology advancing no a day to day basis, its almost redundant to say that there’s no going back to the old days of pen and paper marketing. Due to all of the resources that we, consumers, and firms have at our disposal, we know exactly what people are craving, when they would purchase, and how it would be most convenient. One firm that has done tremendously well in regards to big data utilization is Amazon.

  9. Mingniu Zhou December 17, 2017 at 1:37 pm #

    Marketers using big data to collect the information about their customers are very useful. Big data is playing a popular role in today’s society. However, there are some challenge appeared so be aware about tracking the right thing and finding the useful data is very important.

  10. Jennifer Farrar December 17, 2017 at 5:36 pm #

    I think that measuring big data is very important and there are a lot of benefits that come from doing that. For instance, it helps to identify the root that may cause all of the failures happening or the issues in the business in real time. It also helps the business understand the potential of the data market, generate customer purchases while improving customer engagement and helps reevaluate risk portfolios. When companies use Big Data the outcomes for their business won’t be disappointing.

  11. richiecorbetgmailcom December 17, 2017 at 6:21 pm #

    Big data is becoming a very important part of marketing. If one knows more about the consumer then they are able to give them the goods, products and services they want. Large firms like Amazon, eBay, and Google can collect mass amount of data. They can use this data to help themselves along with others. Customized products plan for each individual can maximize the salls for these large firms. It can also be hard though to quantify the mass amount of data received.

  12. Jiwei Wu December 17, 2017 at 8:35 pm #

    In recent years, big data becomes a frequent topic. Big data is one of the most popular technology in recent years. However, measuring marketing ROI by using big data is still a big challenge. For me, i think that using the tips can be a good tool to the right path, but overall it still exists error and trial. On the other hand, i feel concerned about consumers since we targeted by these technology since they are becoming smarter in learning human behavior.

  13. Ruyu(Betty),Zheng December 18, 2017 at 9:54 pm #

    There are many changes in everyday in our large market. It is very important to the marketing to collected data and track everything correctly. But in the most companies, they still have lots of challenge to measuring marketing ROI. These six tips are very helpful to us to track and measure. Collected big data, not only useful for now, but also useful in the future.

  14. Francesco Langella December 19, 2017 at 4:38 pm #

    Analytics and big data have become an important tool in almost all business aspects. I think knowing how to measure the market is a tough challenge. These guidelines can help with those challenges but it feels like trial and error is the only real way to know. The most important thing I seem to be getting is that being organized in your analytics and measurements of the market. These can help come up with better marketing and management plans.

  15. Charles Dotson December 21, 2017 at 1:39 am #

    Honest article about how when your new you usually suck and need to get better. It was kind of the obvious but is sort laying the ground work on how to see the market from a marketers stand point. By Market that is data and metrics who’s buying the products you are selling/marketing and why.

  16. Milin Huang December 21, 2017 at 6:39 pm #

    An important factor in the collection of data is that having more data is almost always better than having less data. More often than not, data can be cleaned up and appropriately filtered. However, when the data does not exist at all, then there is nothing that can be done to retroactively create it. An additional added benefit of collecting as much data as possible is that not only can it help you with your existing business needs, but as the data is analyzed, it could help drive forward-facing initiatives and help a company either branch out, or focus on building a better niche for itself.

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