Accelerate Your Marketing to Win Big with Big Data
Failure is okay. I suggest failure all the time. But let me be more specific. I believe in taking on multiple ideas and executing them quickly. Not only does it allow you to understand quickly if your idea is a good one; but it also allows you to fail — and that’s okay.
In today’s world, we can quickly test, fail, optimize and retest. A quick test of ideas means you’re able to double down on the ideas that work and cease investing in those ideas that don’t.
That’s why I started ActionIQ, and that’s what keeps driving me.
One of the problems with big data that’s always made it difficult to move on ideas quickly is that it takes a lot of investment to do anything with the data. Because it costs so much to take raw data from idea to execution many companies only end up investing in a very, very small number of projects or ideas.
So while there may be one thousand new ideas or initiatives, you end up focusing only on the top two or three, and those aren’t necessarily the ones that will make you the most money. And that leads to decisions being highly politicized and a culture of being very risk averse that cause companies to end up being very careful and extremely slow about anything they do around the data.
Enter Market Acceleration
The risk averse nature that permeates everything surrounding the data creates huge bottlenecks. Just getting the data together is a factor that can slow you down. For the process to work, to fail faster, you need a much easier and faster way to connect to the data.
You need to reduce drastically the amount of work it takes to link all of the data together. Next, you need to allow a lot more people in your organization to access the data directly; getting the data out of the hands of the engineers and into the hands of those who can define ideas and create hypotheses around the data. Getting the analysts and marketers unrestricted access to the data makes it easier to accelerate the marketing process.
Using Technology To Move The Bottleneck
So now you know the problem. Instead of “How do I store the data?” – it is – “How do your get the data easily into the hands of those who can use it to generate revenues and add value to the business?” The answer is you want to have better technology available to move the bottleneck from the engineering side to the business side of the company.
To move the bottleneck to the business side means you need technology that is much faster and better in organizing the data. You’re going to want to move the bottleneck to the business side as quickly as you can because the business side has more information about the company’s goals, its customers and how to best service them.
In the end moving the bottleneck to the business side of the company and putting the data into the hands of the people who can create great campaign ideas around the data, means you will be able to push the technology to the backroom where it belongs.