Some may say we already are. Others say being overwhelmed only applies to businesses that are trying to become data driven. Which raises the question, is it more difficult for old-school institutions / organizations to become data driven than those companies that are born out of a data driven model?
I would argue yes – of course. Think of startups today. So many of them are leveraging public data sets in the cloud to develop their business plans, identify market needs, focus in on target markets, develop their solution, and execute their strategy. That is one thing that cloud has enabled…the ability for the entrepreneur to leverage low cost compute and storage resources, open source software, and big data analytics to jump start businesses with innovation that would take their larger more established, dare I say slow-moving, competitors exponentially longer to launch.
Not only is the ability to leverage the cloud and big data evident to incubate ideas, it’s quickly becoming the mechanism to market and sell said solution. I did a post for Seagate Storage Effect blog on this very subject titled: 10 best practices for a cloud based business model.
Number 9 Assemble, Don’t Build uses loyalty programs as an example. “Imagine coordinating CRM customer contacts with social media analytics and sentiment with big data Hadoop data analytics software. Now, take that data and import it into visual analytics software to create charts and graphs on real-time trends. Combine that with a predictive analysis app to look for patterns by geographic area, and take that and integrate it with automated marketing to launch a highly targeted end user email, social media, online, or mobile campaign.”
Startups are doing this everyday. Being born in the era of cloud and big data has enabled them to do what 94% of executives at large companies are unsatisfied with – their innovation process. The great thing about this is that it doesn’t stop at innovation. Effectively, and efficiently creating, executing, and measuring a marketing strategy born in data, well, that’s what we all strive for as marketers, don’t we?
image by: http://www.trackresults.com/