WSJ CIO Journal Article – Lessons on Big Data Marketing

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The WSJ’s CIO Journal  featured an excellent article on  the ‘Lessons on Big Data Marketing’ by Thomas Davenport that highlights his observations from two esteemed business school conferences:  the Wharton Customer Analytics Initiative Conference and the Yale Customer Insights Conference.

Mr. Davenport is a renown Big Data expert and a professor at Babson College and his insights worth reviewing include:

  • Businesses can gain insights and advantages by working with marketing academics.  Referencing Gartner’s definition of  Big Data – the  3 ‘Vs’   (high volume data, high velocity data and high variety of data assets), require new processing capabilities to “enable enhanced decision making, insight discovery and process optimization.”  Involving marketing academics from leading business schools could accelerate a company’s data discovery and development of predictive analytics.
  • Attribution:  understanding the relative weight of marketing impressions from multiple channels  – is not only possible, but is being done by “the most sophisticated organizations”.
  • Analytics are enabling marketing professionals to grow their influence within their organizations by demonstrating that ‘marketing is not magic, but just math’.  Mr. Davenport references a presentation by Pam Forbus, VP of Frito-Lay, who’s influence within Frito-Lay transcends marketing – and extends to “product development, in-store assortments, and cool consumer engagement programs”.
  • Picture of Absolute Value Book by Itamar Simonson and Emmanual RosenHighlights the influence of a new book on consumer marketing, Absolute Value, by Itamar Simonson (marketing professor at Stanford’s
    Graduate School of Business) and Emanuel Rosen (Author of the Anatomy of Buzz).  The book “focuses on the “O.” This is “other” information sources, such as user reviews and rankings, friend and expert opinions, price comparison tools, and the various and growing other ways to get information about products before buying them.”

To read this excellent article on the Wall Street Journal’s web site, click here.

By Nick Mavrick

You can find Nick Mavrick on Google+

Intelligent Response specializes in managing Big Data and Digital Advocacy projects from start to finish in Washington DC.

 

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