Getting Clear insights With
Big Data using Video
There are many definitions of “success,” however, each definition has one thing in common: strategy. Strategy, on the other hand, is both the game plan and the execution of that plan which enables success. Success can be enabled by efficient, hands-on strategy. What does this mean? Well, for many of us, a strategy is the way we put something together. For a marketing executive, it is all of the facets of a plan which, when implemented, will provide an organization with a significant amount of data and a positive impact on past, present, and future customers. In other words, getting clear insights from big data is critical for successful marketing campaigns.
Understanding this, we can see how big data pulled from video campaigns, (one of the strategic points), can be sexy to a Chief Marketing Officer. When putting together your game plan (or campaign), it is important to realize that, while analytics come at the end of a campaign, all of the data garnered from your implementation means nothing unless the proper KPIs are in place prior to the start of the program. The same holds true with data.
Getting clear insights with big data using video means knowing your market prior to the start of a campaign. Understanding what your segmentations should be, in order to later process the data derived from them, enables organizations to further translate the finer points within said data. Remember, there are many interpretations and variables when collecting and analyzing data during a video campaign.
Successful campaigns have the flexibility to run different scenarios, while comparing new markets against your previously tested ones, side-by-side. Segmentations give you the latitude you need both during and after the campaign to derive the most from both the data and those your campaign is targeting. There needs to be clear, actionable metrics for your campaign because as time goes by, it becomes harder and harder to monitor this on a day-by-day basis. So the simpler the better.
Sir Arthur Conan Doyle once said, “it is a capital mistake to theorize before one has data.” This is especially true with marketing and the analysis associated with video marketing data. Information and data are synonymous with each other and work together like perfect twins. “You can have data without information, but you cannot have information without data,” said Daniel Keys Moran.
Because of the wealth of data that can be extrapolated from a campaign, it is critical for organizations to determine whether they will get an analysis of the data, or simply a reporting of it. The two are very different. Most companies desire actionable, data analysis… and that takes significantly more time and energy.
A “report” is what a computer emits; it is often called “analytics”. For an average company, this may be enough. For a larger growth organization, more predictable analysis may be needed. That analysis defines actionable steps that can mean the difference of potentially millions of dollars in new, or even lost revenue.
A growing organization targeting new markets and utilizing focus-based information to predict market position will find the high-end analytics help provide effective insight into a given market. Big data, such as this, is generally used by companies to help predict profitability, customer acquisition, and more. Just as every story has two sides, so does data. If utilized incorrectly, big data can have an adverse effect on an organization unless there is an understanding of how the data was derived, where it was derived from, and who was responsible for the data. Knowing you are working with a reputable organization can be the difference between a successful campaign and an unsuccessful one.
Sam Walton probably summed the importance of big data on an organization when he said, “the key to success is to get out into the store and listen to what the associates have to say.” In other words, get out into your market, talk to your customers (past, present, and future) and find out what they have to say. Digital campaigns allow you to gauge and take action upon those insights in a scalable way.