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Big data: what multinational clients think

Some highlights from research amongst WFA's multinational member companies, conducted in partnership with The Customer Framework.

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Big data: what multinational clients think

  1. 1. SMAR T BIG DATA IS DRIVEN BY THE RIGHT PEOPLE WITH FOCUS. New research from the WFA, and The Customer Framework, highlights the challenges and opportunities facing some of the world’s biggest marketers in taking advantage of the actual and perceived benefits of big data. The results were based on responses from 47 members representing $35bn of global marketing spend. DATA IS A STRATEGIC IMPERATIVE ‘Big data’ is a term which many WFA members find to be unhelpful. Yet the vast majority feel this is an area of critical importance - which can be delivered against by marketers with the right skill sets. 88% 93% agreed that it was vital for current and future business decision-making. agree that it will be vital in 3 Years’ time BUT IT’S NOT WITHOUT ITS CHALLENGES 54 % 49% The survey found that many struggled to cope with the huge volume of data being generated, which was cited as a significant problem for 54%. 49% Additionally they also said it was a challenge to deploy insights practically across the business (49% said this was a significant problem) The same percentage also found it difficult to find business analysts and data scientists good enough to produce truly actionable insights. THE BIG OPPORTUNITIES IN BIG DATA Respondents felt that the primary benefits of leveraging big data were to: improve understanding of ROI (70% cited this as a primary reason) gain a deeper understanding of customers (64%) enable relevant, timely, precision marketing (47%). 70 % 64% 47% 74 % EARLY DAYS FOR MANY Despite these vital benefits, however, almost three quarters – 74% – also agreed they were currently unprepared to take advantage of the opportunities it presented. KEY CONSIDERATIONS 1 It’s critical to have clarity of purpose on what they need the data to achieve for them in the first instance 2 Ignore the ‘big data’ hype. It’s often best to start small 3 It’s not the tools which are critical in the first place – it’s about finding the talent: marketers with the right analytical skill sets in the first instance The survey was carried out in partnership with The Customer Framework in Q2 2013.