A recent McKinsey study entitled “Big Data” (tweeted by my friend and former colleague, Tim Suther of Acxiom) provides some eye-watering statistics about data. To pick one, “15 out of 17 sectors in the United States have more data stored per company than the US Library of Congress.” The embarrassment of riches forces us to ask: “what are we doing with all these data?”
You probably know that old joke that if you love sausage or you love the law, you shouldn’t watch either of them being made. The same joke holds true for marketing data; you may love it, but you might not want to see how it’s made.
Scratch that. If you love marketing data, you SHOULD see how it’s made. Perhaps if by-the-numbers marketers really understood their data, they would agree with my mantra: don’t over-measure.
Let me give you a brief example. In a previous job, a travel client asked me to analyze its loyalty database to understand more about their members--where they lived, what languages they spoke and so on. (Side note: I’m not telling tales out of school here; I have worked with six different travel clients in my time. Feel free to guess which one I discuss here, though.)