This past July Econsultancy issued a report which made reference to the fact that Big Data is causing big frustrations for those who make their living in themarketing world. The sub-headline that appeared on their site in announcingthe report read: “Big data has become something of a buzzword over the past year or so, but is it actually useful?”
Well I happen to think Big Data is useful alright but only if it’s the right Big Data. I mean you can’t just have data just for the sake of having data, yes
One company has found that leveraging a more accurate, scientific approach based on big data can help marketers socialize their data — giving them a way to understand and leverage their customers’ and prospects’ real-world relationships to substantially improve customer acquisition, cross-sell and retention.
In other words, identify the right Big Data.
The company is Pursway and companies like Comcast and Sony working with them to tap into the connection of real-life relationships that go well beyond the boundaries of Facebook friends and Twitter followers to drive 2-5x higher ROI for marketing campaigns.
Whether you call it Relationship Marketing or Influencer Marketing the key is to identify who in a certain group is most likely to positively affect the purchase and use of specific products or services in a particular population. And according to Ran Shaul, founder and chief client officer of Pursway, their technology can help marketers better target, measure and monetize those relationships.
Here are some key findings they’ve uncovered:
- Consumers are 2X more likely to buy a specific product if their close friends did, yet most marketers cannot identify the real-life relationships between their customers
- The top 10 percent of influencers can drive up to 50 percent of a brand’s revenue, yet most marketers cannot pinpoint these individuals in their databas
- Purchase influencers are usually NOT who marketers think they are — they are often not the high spenders, vocal brand advocates or social media superstars
- Purchase influencers are category experts but tend to be the people others ask about products rather than the people who proactively discuss products
Continue reading on www.forbes.com
Categories: Big Data