Demystifying big data for financial services

by: Matt Read

Many of us feel pressured to start focusing on Big Data, and to work it into our standard operating procedures. But how do we do that? Should that be our goal, to maximize Big Data?

First, let’s take a step back. Big Data doesn’t need to be the intimidating 800-lb. gorilla in the room. Instead of focusing on Big Data, let’s think about our overall goals. Maybe even think more generally; What are we paid to do? Who will be fired if it doesn’t happen? What is our company’s purpose? For most of us, it’s to attract and create new customer relationships. Maybe we’re also charged with strengthening existing customer relationships and helping current customers to start using more services and products. Or simply put, getting our current users to buy more stuff, and get new users in the door.

Now let’s look at Big Data in relation to the big picture. Big Data is really just a resource; more ammo to help us better engage our customers. For many of us, we’re already sitting on reams of data, oceans of information about our customers and prospects that we just haven’t figured out how to use yet, or have felt intimidated in the task ahead. Like a 35-year-old Pet Rock blogger, so much data just sits around. As marketers, we’re not responsible for creating Big Data, but for harnessing its information. Gleaning insights and applying them to our daily go-to-market strategies and helping give that customer a more informative, smoother ride along the buying cycle.

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