About 6 years ago, a tweet became instantly famous by comparing social media to “teenage sex” (“everybody wants to do it but nobody knows how…”). Today, one could state the same about Big Data and Smart Data. Consultancies are promising to save huge amounts of money and create new revenue models by extracting insights from ‘new’ data. However, a profitable use – especially of digital data – requires a thorough knowledge of industry-specific data environments and an elaborate application of targeted data analysis.
OH: Social media is like teen sex. Everyone wants to do it. No one actually knows how. When finally done, there is surprise its not better.
— Avinash Kaushik (@avinash) 2. März 2009
Every day 2.500.000.000.000.000.000 (2.5 quintillion) bytes are created that need management and the right interpretation to align within overall company planning. On the other side, companies need to develop agile internal structures to implement findings quickly and straightforwardly – no matter if in product development, customer communications, or brand positioning.
In digital and beyond, people leave manifold behavioral traces. These data points not only provide information about surfing habits but they also reveal individual interests, brand perceptions, or even entire market developments. Today, digital data allows us to understand consumers deeper than ever before. This is what we call consumer-centric marketing and innovation: Navigating according to consumer’s needs and generating new business ideas by sailing through digital data terrains.
In order to analyze the status quo of data-driven strategies within companies, we launched a study in cooperation with the Steinbeis University Berlin – the Smart Data Navigator. We want to find out how Big Data and Smart Data are already integrated into marketing and innovation departments and which entrepreneurial challenges might arise from data-driven strategies both for internal and external processes.
Do you already use data insights for your everyday work? Or do you believe Big Data and Smart Data are just a big hype and as shallow as “teenage sex”? Discover your company’s capabilities in data, learn about the status quo in your own and other industries and receive inspiration on how data could improve your innovation and marketing processes.
Share your experience with data-driven marketing and innovation with us and take our study here!