Companies around the world are struggling with a vast amount of data, and can’t make sense of it all. Big Data has the promise of providing firms with significant new information about their markets, their products, their brands, and their customers – but currently, there’s often a great divide between big data and truly usable insights that create value for the firm and the customer. In our new book Creating Value with Big Data Analytics: Making Smart Marketing Decisions, we address this need.
We’ve worked to provide a clear, detailed, and usable roadmap for Big Data Analytics: a theoretically sound and highly practical framework. Our Big Data Value Creation Model aims to make the complex simple. First, we identify the goal of any analytic job to be done, focusing on either (a) creating and measuring value to the customer, or (b) creating and measuring value to the firm. We further break these two goals down into three levels: market level, brand level and customer level. This delineation of six key analytic areas of focus, followed by practical how-to guides for using and analyzing big data to answer questions in each of these key areas, results in an executable approach, grounded in scientific research.
Our book aims to achieve three key objectives:
1. Teaching how Big Data provides new opportunities to create value for the customer (so customers like our products and services better), and for the firm (so we make more profit), while also helping to be mindful of key security and privacy issues.
2. Teaching specific analytic approaches that truly fit identifiable marketing questions and situations, and, most importantly, how to gain insights that lead to value creation opportunities – new growth opportunities, new customers, or growth from existing customers. It offers depth in key analytic approaches for all areas of marketing, including analytic classics, new big data techniques, storytelling and visualization.
3. Teaching how to develop a Big Data Analytics capability focused on value creation – that delivers growth and positive ROI. By taking readers through the entire process from getting the data, to integrating the data, to analysis, to insight, to value, to the role of the organization – the roadmap is complete, and ready for anyone to begin.
Critical questions are answered: How do we create insights from Big Data for marketing? How do we create value from Big Data? How do we solve problems with Big Data? And how do we get a positive ROI on our investment in Big Data Analytics?
Whether you are just starting on your journey in Big Data Analytics, or well on your way, you will learn from this book. For CMO’s and marketing executives it provides great insights into how you can develop a successful Big Data Analytics capability, and how to interpret insights from big data to fuel growth. Those who are charged with Insights within the organization will know what analysis to do when, for what purpose, and with what data. Data scientists should read it to strengthen the ability to gain insights on marketing problems and help you communicate your ideas and insights to the rest of the organization. For professors and students of analytics it provides a rigorous approach to frame your thinking and build your analytic skills.
And finally, if your head is swimming and you’re overwhelmed with the opportunities and complexities of Big Data, this book is for you.
Creating Value with Big Data Analytics will be published by Routledge in January 2016; for more information or pre-order, please visit www.BigDataSmartMarketing.com