Almost one in 10 Australian marketers are dismissing big data as “the next big fad” and more than a quarter are doing nothing at all with the reams of information available to them.
A new report by Sweeney Research and Torque Data, in partnership with ADMA, has found that Australia's marketing industry has a long way to go when it comes to coping with – and making use of – big data.
The Big and Small of Big Data report states the critical importance of big data is, however, sinking in: “Word is starting to get out and many Australian marketers are being shaken from their complacency and are now acutely aware that big data is critical to their long-term business success.”
A total of 75 senior marketers in Australia took part in the study, which included online questionnaires and in-depth interviews. Participants work for companies including two of the big four banks, two of the leading telcos, a major news network, TV broadcasters, an airline and a major betting company.
The research found that 72% of marketers are using big data in some way, and about one in 10 have integrated big data as a core component in their marketing.
The majority (78%) stated that building a big data strategy will define their business in the years to come. And 82% said their marketing budget for big data will grow in the next two years.
But, worryingly, 8% of marketers dismissed big data as “the next big fad”. And 28% of marketers said their company is doing nothing at all with big data. A quarter of marketers also said they have so far been unsuccessful or are unsure of their success in using big data.
The report states that while most marketers are currently using big data to get hindsight (33%) and insight (32%), the biggest value to be unlocked from the data is in foresight (21% of marketers are using it for this) and real time analytics (11%).
The report states: “With the emergence of big data, the role of the marketer is evolving to rely far more heavily on a variety of data.”
Tips to marketers are offered at the end of the report. Firstly, if you haven't already, get started on the big data journey by learning and testing. Marketers should also focus on learning and development to counteract the skills shortage, and start looking for ways to evolve big data strategies towards foresight and real time analytics.
Read the full report:
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