The reliance on insights for campaign success is increasing despite many calling for a blend of information and marketer instinct. Data may well be a vital support strut for performance marketing, but does big data actually exist?
Our speaker for this session does not think so and he will be detailing why. Jeremy is primed to explain big data mythology and what he thinks it actually is. Attend this if you also want to learn how to provide great experiences for customers, given their average attention span is now less than seven seconds.
There is no Such Thing as Big Data - Jeremy Waite, StrategySalesforce Exacttarget MarketingCloud EMEA
1. There’s No Such
Thing As #BigData
@JeremyWaite
Head of Digital Strategy, Salesforce Marketing Cloud, EMEA
#PMILDN
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3. #BigData
• Why are we here?
• What is it?
• Why should you care?
• What should you do with it?
#PMILDN
4. The tools to
change the
world are in
everyone’s hands.
@JasonSilva
5.
6. Facebook
89Bn billion “shares” per month
McDonald’s
14,500 Social Profiles
Coca Cola
Be on EVERY platform…
Amazon
17% Global e-commerce by 2017?
89Bn Month 98Bn Day
7. of marketers
believe that
“70
%
the industry has changed
more in the last 2 years
than the last 50”.
8. 6,000+
Tweets / Second
550m
Tweets / Day
1 Billion
Tweets every 1-2 Days
9. “90% of the World’s Data
Didn’t Exist 3 Years Ago”.
Google
10. “There are now more pieces of
data in the world than there are
stars in the sky”.
Google
28. What is #BigData?
5B
Smartphones
by 2017 Customer
Data
Purchase
Data
500m+
Social Networks,
Blogs & Forums
Social
Data 2.5
Quintillion bytes
of data every
day
Connected
Data
Volume Velocity Variety
35. “We create 2.5 quintillion
bytes of data every day. That’s
equivalent to one new Google
every four days”.
Techcrunch
36. Death of “Why”?
“Google conquered the advertising
world with nothing more than
applied mathematics. Google didn’t
pretend to know anything about the
advertising world – it just assumed
that better data, with better tools,
would win”.
@schmarzo
37. 1. Who
2. What
3. Why
4. Where
5. When
6. How
7. Outcomes
Add value
Why does your company exist? (Not to make a profit – that’s a result)
Did this presentation to my wife – she fell asleep!
Performance marketing = PEOPLE + TECHNOLOGY
We concentrate too much on one OR the other.
Usually how do we make more money – and that doesn’t inspire anyone.
CONTENT – right message right person right time
Waste time? philosophical shots of espresso
I love the idea that mobile technology is a “Flowering of new possibilities” to help make the world a better place – for our clients, their customers – whatever you’re “selling” ~ idea, cause, product, story, votes….
We have more technology in our hands than the US president had access to just 25 years ago
Average smart phone is 1m x cheaper, 1m x smaller and 1,000 more powerful than a $60m super computer 40 years ago the size of a building
BIG DATA SCALES….. [next slide]
Technium
Let’s start by looking at what some of the world’s biggest brands are doing ~
Facebook offers an app that turns on the microphone of a persons device and listens to the sounds it picks up to target better music and tv choices. – (89m / month + 98bn day within 5 years)
McDonalds (kings of fast food) recently reduced average meal time delivery to 121 seconds. They plan cut cut another 15 seconds off using RFID (wallet stays in your pocket)
Starbucks – facial recognition
Coke – Doesn’t own (89m fans)
Amazon – track pupil and head movements to monitor on-site behavior and predict gender, age & ethnicity in order to serve more relevant products and offers (NOT ENABLED YET)
RedBull 45m (2nd)
Explain – there’s a problem
1,200 marketers
TAXI’s to TWITTER
TIME – 50m 1 year (50yrs ago) – now Twitter = 8:40
Twitter = 3.5years 1st bn – now just over 1 day
All the data ever created since the beginning of time is now reproduced ever 48 hours
90% worlds data didn’t exist 3 years ago
But how do we make sense of it all?
We invent clever technologies and new shiny things….
Complexities of choice - iPad
Despite a 75% increase in advertising…..
Wrote in 1965….
BUT WE ARE HERE – MARGINAL GAINS
Lots of small things done well…. (incremental returns)
Works in personal life. Works in performance. Doesn’t work in business or technology.
Multiple partnerships are important – but where your data is concerned (tagging / attribution / marketing analytics) – things need to be as simple as possible
Only 42% companies know how to measure LCV – Dell know EVERYTHING!
Add value
Look at my customers
Here’s some stuff you might like
One guy was out last night excited and snogged a person (who’s gender he “wasn’t 100% sure of”)
80% social media = ME
20% Face-to-face = ME
Red Bull – 50% waste time – original social manifesto from RBMH
True then as it is now
SF1 Munich ~ 7 secs attn span
Goldfish 8 Storytelling in 7 seconds (JFK – Obama)
Halflife of a tweet = 7-8 minutes av.
Goldfish = 8 seconds
Us = 7 seconds
Your job NEVER EASIER
OPPTY = Social is the one are of business where you don’t need to outspend your competitors in order to beat them
Value of a Millisecond
787 driving | 711 airline | Cut out 40miles by building it straight (highways / rivers)
Usually 12 milliseconds (1/1000th second – 10th time to blink fast) – theoretically fiber optic speed light travels)
Actually was 17-18 1/1000th second – Verizon was 15th called the golden line
$300m to build a new route between CHI NY
Value of a Millisecond (Flashboys book by Michael Lewis)
Capitalising on the discrepancies between +/- 3 milliseconds between the 2 trade exchanges meant each single bank would stand to make approx $20bn year extra
All for only $14m in costs and sevices
Limited to only 200 customers obvs
6000 tweets second (10,000 trades second)
Big (public) data viz by 422 SOUTH - Bristol
2013
Provocative quote but correct in context.
There is no such thing as big data. There are just lots of small spoonfuls of data.
We don’t have a big data problem. We have filter failure. This is why the marketing cloud is so important. From journey builder and audience builder to the hundreds of radian6 filters that allow you to surface and instantly respond to the most important interactions.
204m emails every minute
550m tweets a day – 277k minute
3.5bn FB shares a day
TIME – 50m 1 year – now Tw = 8:40
http://mashable.com/2014/04/23/data-online-every-minute/
Interesting patterns ALWAYS occur…
For example a credit card company that had a particularly large problem with bad debt.
The risk & compliance department were monitoring defaults and found that people who buy certain cleaning products or anti-scuff pads for their furniture are 64% more likely to make their payments and not default.
(50billion connected “things”
Like oil – when it is refined – you can do wonderful things with it
GROWTH IN WORLD OIL PRODUCTION (1859-2050)
Tesla doing so well
INNOVATORS (3%) EARLY ADOPTERS (13%) TIPPING POINT
Larry – Charlie Rose TED – Neuroscience AND computer science to senior leadership
Responsive = 86% eyeballs apps not (mobile) browsers
Gartner Hype Cycle – Digital Marketing 2013
Oil – easiest to predict
Hardest to disrupt
http://techcrunch.com/2014/08/10/big-data-bound-to-get-really-really-big-with-the-internet-of-things/
Analytics evolution = Analytics (what did we do and why did it happen) Predictive (what is likely to happen next?) Prescriptive (what should we do to take advantage of our predictions).
We ask too much of our data and not enough of ourselves.
What we we going to do with these insights to make the world a better place?
BIG responsibility as marketers to SERVE the customer (we often forget that in our land grab to sell stuff!)
Linkedin – economic graph
This creates a problem and a challenge – but also an opportunity?
Google was right.
They didn’t care WHY things happened they just wanted to know WHAT happened.
Bill Schmarzo – VP analytics at Yahoo
SONY ~ Look after 96m fans on THEIR PREFERRED network
How will this information add value to our customers
How can we make the best marketers in the world even better
DELL = $168M
Real time response starts with listening – 35,000 people – faster than news wires – heatmaps = GO
Specifically, the Digital Operations Center will help the Red Cross (DALLAS) by DELL
· Source additional information from affected areas during emergencies to better serve those who need help;
· Spot trends and better anticipate the public’s needs; and
· Connect people with the resources they need, like food, water, shelter or even emotional support.
Urdu
Command center
1% = £200m
£50 asprin / £60 ambulance
£20bn shortfall next spring
Nymi by Bionym
http://www.youtube.com/watch?v=jUO7Qnmc8vE
According to an IHS white paper titled Wearable Technology - Market Assessment, roughly 50 million wearable units will be sold in 2014, and more than 180 million are predicted to sell in 2018. With the massive number of devices coming into market, it is imperative that companies understand how consumers will operate in a hands-free world. Wearables are the future of mobile, and companies can now discover new ways to market, sell, service and more.
You job will never be EASIER
PEFFORMANCE MARKETING
Position = LA Fitness Likes / Web traffic / New members (Utility)
Permission = TV show / favourite athlete Unique conversations / share-of-voice / awareness (SKY NPS)
Productivity = RESULTS - What you have done Glanbia Impressive results (ROI but needs tracking)
Performance = What you have done to develop others (Apple (watch) / GoPro / UnderArmour / Fitbit) LOYALTY / Lovemarks (beyond price)
Peak = ??? Opportunity Something bigger than yourself : Red Bull, Nike, Facebook, TOMS, Google
Only 42% companies know how to measure LCV – Dell know EVERYTHING!
We NEED to articulate this! (Too much noise)
My mission at Salesforce is to help make the worlds best marketers even better
Hopefully I’ve succeeded in some small way today