{"id":4603,"date":"2013-01-08T21:52:51","date_gmt":"2013-01-08T21:52:51","guid":{"rendered":"http:\/\/www.thesocialcmo.com\/blog\/?p=4603"},"modified":"2014-12-21T17:37:14","modified_gmt":"2014-12-21T17:37:14","slug":"behold-the-untapped-big-data-gap","status":"publish","type":"post","link":"https:\/\/www.thesocialcmo.com\/blog\/2013\/01\/behold-the-untapped-big-data-gap\/","title":{"rendered":"Behold The Untapped Big Data Gap"},"content":{"rendered":"<p>As we close out 2012, one topic that got a lot of &#8220;airtime&#8221; in 2012 will surely stay on top of many\u00a0<a title=\"responsys\" href=\"https:\/\/www.responsys.com\/new-school-marketing?cid=70150000000g94MAAQ\" target=\"_blank\">marketers<\/a>\u00a0minds as we enter 2013: Big Data.<\/p>\n<p>The title of my article is a paraphrase of sorts as it comes directly from a study done by IDC which revealed, among other things\u00a0that in &#8220;2012, 23% of the digital universe would be useful for Big Data if tagged and analyzed. However, currently only 3% of the potentially useful data is tagged, and even less is analyzed.&#8221;<\/p>\n<p>The &#8220;even less&#8221; part comes out to less than 1%, 0.5% to be precise.<img decoding=\"async\" title=\"More...\" alt=\"\" src=\"http:\/\/blogs.forbes.com\/marketshare\/wp-includes\/js\/tinymce\/plugins\/wordpress\/img\/trans.gif\" \/><!--more--><\/p>\n<p><a href=\"http:\/\/blogs-images.forbes.com\/marketshare\/files\/2012\/12\/IDC-EMC-Untapped-Big-Data-Gap-Dec20121.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" alt=\"\" src=\"http:\/\/blogs-images.forbes.com\/marketshare\/files\/2012\/12\/IDC-EMC-Untapped-Big-Data-Gap-Dec20121.png\" width=\"468\" height=\"305\" \/><\/a><\/p>\n<p>Now obviously all the data that&#8217;s being generated &#8211; the &#8220;IDC projects that the digital universe will reach 40 zettabytes (ZB) by 2020, an amount that exceeds previous forecasts by 5 ZBs, resulting in a 50-fold growth from the beginning of 2010&#8221; &#8211; is not all related to advertising, marketing, branding,\u00a0<a title=\"responsys\" href=\"https:\/\/www.responsys.com\/social-marketing?cid=70150000000g939AAA\" target=\"_blank\">social media<\/a>\u00a0and all that good stuff.<\/p>\n<p>And while I don&#8217;t know the exact amount of data that is applicable to those who live and breathe in the aforementioned industries and mediums, you can bet your next brand essence statement that a significant portion of\u00a0<em>does<\/em>\u00a0apply to &#8220;our world.&#8221;<\/p>\n<p><strong>So Why Such A Huge\u00a0Gap?<\/strong><\/p>\n<p>Well in an article I wrote \u00a0back in early October entitled\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/marketshare\/2012\/10\/05\/marketers-continue-to-struggle-big-data\/\" target=\"_blank\">Marketers Continue To Struggle With Big Data<\/a>, I made reference to some findings of\u00a0\u00a0a study done by\u00a0<a href=\"http:\/\/www.executiveboard.com\/\" target=\"_blank\">CEB\u00a0<\/a>of nearly 800 marketers at Fortune 1000 companies\u00a0which revealed:<\/p>\n<ul>\n<li>On average only 11% of the decisions marketers make when it comes to consumers is based on data<\/li>\n<li>Over 50% of the marketers surveyed said they rely on past experienced and\/or their intuition to make decisions<\/li>\n<li>In a list of what they rely on to make decisions, marketers listed data dead last after engaging with their co-workers, seeking expert advice and data last on their list \u2014 trailing conversations with managers and colleagues, expert advice and one-off customer interactions.<\/li>\n<\/ul>\n<p>So perhaps the 0.5% is indicative of marketers relying on their own past experiences and plain old fashioned gut instincts as opposed to the actual data that is more than readily available.\u00a0The aforementioned article touched on the importance of using one&#8217;s gut instincts and as\u00a0<a href=\"https:\/\/twitter.com\/ChristaCarone\" target=\"_blank\">Christa Carone<\/a>, the CMO of\u00a0<a href=\"http:\/\/www.xerox.com\/\" target=\"_blank\">Xerox<\/a>, told me back in October, there absolutely is compromise to be had<\/p>\n<p>\u201cI wouldn\u2019t want to give up the data that helps us make fact-based decisions quickly. But I fear that marketers\u2019 access to and obsession with measuring everything takes away from the business of real marketing,\u201d she told me.\u00a0\u201dIt\u2019s impossible to measure \u2018squishier\u2019 meaningful intangibles, such as human emotion, personal connection and the occasional \u2018ahhhh\u2019 moment. Those things often come with a marketer\u2019s intuition, and they deliver big-time. \u00a0To me, this means\u00a0trust your gut even while as you\u2019re trying to embrace Big Data.\u201d<\/p>\n<p><strong>Then There&#8217;s The Who<\/strong><\/p>\n<p>No, not the rock group but the who in terms who will manage, oversee and pour over the mounds and mounds of data. That is also a potential reason for the 0.5%.<\/p>\n<p>In a piece I wrote back in February for CMO.com\u00a0<a href=\"http:\/\/www.cmo.com\/content\/cmo-com\/home\/articles\/2012\/2\/15\/how-to-rein-in-the-riches-of-big-data.html\" target=\"_blank\">How To Rein In The Riches Of Big Data<\/a>, Denny Post, the CMO of Red Robin told me they use external vendors to handle their data but outsourcing comes with a price of sorts or trade-off.<\/p>\n<p>&#8220;We rely on outside suppliers with the technological capability and analytical know-how to provide guidance in a short enough time frame to act in a meaningful way. We all keep outsourcers in business, but are we giving up a critical, potential point of competitive advantage in the process?\u201d<\/p>\n<p><strong>Lay Down The\u00a0Law<\/strong><\/p>\n<p>Another possible reason for the low use of big data has to do with possible legal ramifications. In a piece I did back in January entitled\u00a0<a href=\"http:\/\/www.forbes.com\/sites\/marketshare\/2012\/01\/10\/why-cmos-need-to-get-real-about-the-policy-implications-of-big-data\/\" target=\"_blank\">Why CMOs Need To Get Real About The Policy Implications Of Big Data<\/a>, I spoke with\u00a0<a href=\"http:\/\/www.foxrothschild.com\/attorneys\/bioDisplay.aspx?id=4110\" target=\"_blank\">Scott Vernick<\/a>, a partner at\u00a0Fox\u00a0Rothschild LLP in\u00a0Philadelphia, who has worked with many Fortune 1000 companies advising them on issues related to cyber security, privacy and data breaches.<\/p>\n<p>According to Vernick far too many companies are simply unaware of how to handle big data from a legal standpoint \u00a0telling me he is &#8220;never cease to be amazed at how many businesses don\u2019t know what their organizations are doing what it comes to cyber security and data protection.&#8221;<\/p>\n<p><strong>What Are You Doing About Big Data?<\/strong><\/p>\n<p>So what is your company, your brand doing, if anything, when it comes to big data?<\/p>\n<p>Are you among the 0.5% who are actually analyzing and using the data?<\/p>\n<p>Are there legal, manpower and other issues preventing you from tapping into the supposed gold mine of data?<br \/>\n<img decoding=\"async\" title=\"Next page...\" alt=\"\" src=\"http:\/\/blogs.forbes.com\/marketshare\/wp-includes\/js\/tinymce\/plugins\/wordpress\/img\/trans.gif\" \/><br \/>\nAnd finally, I want to wish everyone a safe, happy, and joyous holiday season and here&#8217;s to a fantastic and prosperous new year!<\/p>\n<p>Sources:\u00a0<a href=\"http:\/\/www.cmo.com\/\" target=\"_blank\">CMO.com<\/a>,\u00a0<a href=\"http:\/\/www.marketingcharts.com\/\" target=\"_blank\">MarketingCharts.com<\/a><\/p>\n<p><em>Named one of the\u00a0<a href=\"http:\/\/www.socialtechnologyreview.com\/articles\/top-100-influencers-social-media\">Top 100 Influencers In Social Media<\/a>\u00a0(#41) by Social Technology Review and a\u00a0<a href=\"http:\/\/topsmbloggers.kred.com\/\">Top 50 Social Media Blogger<\/a>\u00a0by Kred,\u00a0<a href=\"http:\/\/thesteveozone.blogspot.com\/\">Steve Olenski<\/a>\u00a0is a\u00a0senior content strategist at\u00a0<a title=\"responsys\" href=\"https:\/\/www.responsys.com\/?cid=70150000000g94HAAQ\" target=\"_blank\">Responsys<\/a>,\u00a0a leading global provider of on-demand email and cross-channel marketing solutions.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we close out 2012, one topic that got a lot of &#8220;airtime&#8221; in 2012 will surely stay on top of many\u00a0marketers\u00a0minds as we enter 2013: Big Data. The title of my article is a paraphrase of sorts as it comes directly from a study done by IDC which revealed, among other things\u00a0that in &#8220;2012, &#8230; <a class=\"read-more\" href=\"https:\/\/www.thesocialcmo.com\/blog\/2013\/01\/behold-the-untapped-big-data-gap\/\">Read more<\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137,1383],"tags":[1667,32,1762,1653],"class_list":["post-4603","post","type-post","status-publish","format-standard","hentry","category-all-posts","category-steveolenski","tag-big-data","tag-marketing","tag-responsys","tag-steve-olenski"],"_links":{"self":[{"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/posts\/4603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/comments?post=4603"}],"version-history":[{"count":1,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/posts\/4603\/revisions"}],"predecessor-version":[{"id":4604,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/posts\/4603\/revisions\/4604"}],"wp:attachment":[{"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/media?parent=4603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/categories?post=4603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thesocialcmo.com\/blog\/wp-json\/wp\/v2\/tags?post=4603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}