Technology isn’t only getting faster, it’s getting smarter. Computers are able to recognize and learn from patterns and make changes in real-time. Their improved analytic and decision-making abilities now allow them to outperform humans in areas such as medical diagnosis and customized marketing campaigns.
However, it’s hard for marketers to embrace data analysis when they’ve trusted their own gut to fuel decisions for so long. It’s a point of pride for many. The problem is, the strategy frequently fails. A 20 year study of political pundits found that they were only as accurate as a coin toss, suggesting that successful “intuitive” decisions are often a lucky guess.
On the other hand, a McKinsey study found that companies who put data at the center of marketing and sales decisions improve marketing ROI by 15% – 20%. Data-driven personalization, in particular, can lift sales 10% or more. For example, Bank of America used Big Data to determine why customers were leaving for smaller banks and adjusted to better meet customer demand.
In the end, human intuition will always play a role in interpreting and applying Big Data, but data analytics will continue to hold increased importance in the life of today’s marketers. Luckily, Big Data is becoming more accessible through turnkey solutions in the Cloud that offer a flexible, on-demand analytics platform, such as Qubole. To learn more about B2B marketing’s Big Data destiny and how big data can help you get intimate with your customer, download this free report from Forrester.