It is an effective way to draw insights on consumer behavior and generate greater value from marketing campaigns.
The more a company feels that it is making use of big data, the more likely it is to meet or exceed its goals. Yet many companies still aren’t using big data as efficiently as they believe, and this may be because they don’t fully understand what big data is or its benefits.
Those were the main findings in a recent Forbes Insights paper, The Big Potential of Big Data: A Field Guide for CMOs. Based on a survey of 211 senior marketers, the project considered perceptions about the success of marketing initiatives, and the use and benefits of big data. It also considered the challenges in using big data and the growing import of artificial intelligence to keep pace with consumer trends. The surveyed executives represented companies with revenues of at least $500 million and marketing budgets of at least $10 million. Because of their size and resources, these organizations are marketing trendsetters.