Last week, I attended an event for MIX, the marketing club formerly known as DMIX, at the Yale Club. You know, there’s probably a Prince joke in there somewhere, but everyone tells me I’m not very funny so I’ll leave that one for the comment comedians to decide.
Anyways, the theme of the event (and what seems like every third headline plastered in the ad rags) was making sense of big data. Velocidi CEO and big data wrangler David Dunne had some great points on how to cull relevant insights from disparate data sources.
But that wasn’t what grabbed my attention.
What snatched my attention was a story he shared about a client he worked with last year. David was called in by a large brand, whose name was kept confidential for obvious reasons, to make sense of their data.
So David got to work, married a few of their data streams and brought his team of analytics experts in to examine the consolidated data. And what they found was a rich opportunity that had immediate payoff, but the client had to take action right away. The client, understanding the immediacy of the situation, did the only thing they could do.
Nothing. They were out of money.
In the same way that almost every brand still operates, they spent their entire budget for that quarter on a campaign basis. There simply weren’t any funds to be spent on real time marketing.
His point? Keep money in reserve for reactive marketing, because as we peel back the layers of big data, we need to have the flexibility to react to what we find.
David’s speech made an impression. At Hiccup, we’re going to keep that in mind when we think about how best to accomplish our clients’ objectives. More and more, the over arching strategy of content will need to be supplemented with the under arching opportunities of data insights.
The Magic 8-Ball of big data sure can be baffling, but you had better be ready if something big comes up.