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How to avoid drowning in big data

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With such a plethora of marketing data available, the CMO of HSBC implores marketers not to forget the basics. Because with so much data, it’s easy to drown.

There is no doubt that digital has been a pervasive force in the transformation of marketing.

The big data revolution has handed marketers more ways than ever to connect with their target audiences. Metrics like leads, traffic, close rates, paid V organic leads, landing page new contact rates, call to action click through rates and many more obscurities are part of the ecosystem promising to trigger an era of data-driven decision making.

Yet with excess data in marketing available, the CMO of HSBC, Chris Clark explains that a return to fundamentals is of key importance if marketers are to provide value:

“What we have to do now is understand how to measure our customers in the right ways.”

There’s no denying that access to such a plethora of real-time data provides the potential for astonishing amounts of control over campaigns.

However, for the most part, it’s unnecessary and can actually have the opposite intended effect.

“The problem is that you drown in data these days. People will tell you by the minute, or even by the second, who is doing what, when and how.”

Marketers need to realize that often, the most valuable data is often the basics. Clark explains that the most important metrics are exactly what you would expect, things like “how many complaints do we deal with and how many do we deal with effectively?” as well as asking “what kind of positive user interfaces do we build that allows customers to achieve things with a single click.”

The excess data in marketing points toward a growing problem in the form of the data utilization gap, it throws light on the fact that although there may be a huge amount of data available, the real winners will be those who extract strategic insight and seamlessly integrate it back to improve customer experience.

To learn more about how excess data in marketing is influencing customer service, watch the video above.

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