Big Data brings big things to marketing. It is a journey every company must take to close the gap between the data that’s available to them, and the business insights they’re deriving from that data. Get it right and the rewards are right there: capture, win and retain more customers—and deliver above market growth.
Many CMOs, however, are still getting it wrong. Recent research from the CMO Survey (Q1, 2014) shows that 70% of CMOs can’t quantify the impact of their digital campaigns, 84% can’t understand the quantitative effect of their social media campaigns and 70% of marketing projects don’t make use of the available data.
Splintering touch points and a growing torrent of data are forcing marketers to build up investments in technology to keep up with customers. Step forward Fabric, a tech firm funded by WPP that’s making big data simpler and easier to act on for marketers. Fabric is partnering with DataSift to turn these CMO troubles into opportunities—proving that properly harnessed marketing data and insight can inspire more effective creative work, and that cascades into increased campaign return on investment.
The FabricOS data management platform simplifies digital marketing, enabling clients to view their entire spectrum of channels, content and campaigns together in one place. It delivers a common standard for measuring engagement and success across a marketing network, so clients can quickly learn what’s working and what’s not.
Fabric is interested in consumer actions and outcomes—not sentiment. To enable this, the FabricOS draws on a multitude of data sources, including click-stream data from a proprietary tag, MediaMind for media analytics and APIs for Twitter and Facebook. The challenge was to find a solution that would provide even more data granularity and insight into social data, blogs and company data.
Turning social data into insight and action
It does it with DataSift. The solution gives Fabric—and in turn its clients—depth and breadth of granularity into social data sources, including bitly, Instagram and Twitter. The platform unifies this data using a normalized and enriched data model.
Clients use this unified profile to improve the targeting, optimization and analysis of their marketing campaigns. Moreover, it means clients understand which content is working best and how they are performing against KPIs. Fabric can also reach decisions surrounding social data more quickly. Features of Datasift like rapid access to thousands of data sources, a single unified stream, enrichment and categorization tools enable Fabric to automate many of the analysis processes, run queries extremely quickly and rapidly sample datasets.
It was all so quick and easy to deploy too. Being cloud-based, there’s no complex, capital-intensive infrastructure to support and the platform went live extremely quickly. Chris Perry, Joint CEO, Fabric Worldwide sums the value up succinctly: “By providing granular social data, DataSift is helping Fabric clients to better understand their consumers, know what’s working and act faster on the insight,” he says.
Maybe it’s time CMOs stopped worrying about big data and starting loving it?