The once in a generation opportunity of big data
In this guest post, copywriter-turned-investment banker Jason Rose argues that big data is the opportunity agencies have been looking for to get back to the top table.
There used to be a time when the boss of an ad agency worked directly with their client’s CEO.
When it came time for the agency to pitch its next brand campaign, the company’s CEO was there in the boardroom listening intently to the presentation. And (usually) he was directly involved in the final call over the campaign.
Then one day, companies decided to hire people with these things called marketing degrees. Before long, these degree holders had their own department and from that moment on, ad agencies were relegated to a peripheral role within their clients’ businesses.
Most companies (and ad agencies) don’t know what to do with their ‘small data’. They’re drowning in customer data and analysis.
Most companies don’t know what their data means. Why add to it?
Aaaaaaaaargh…..
If agencies and brand managers spent an hour simply analysing what customers are searching for on their own websites, they’d learn a lot. Data doesn’t have to be big. It’s how you use it that counts.
intesreting the quants in investment banking sector were found out — with all that big data sitting out there, it did not really prevent the once in a generation GFC with all their data modelling –over 500 banks collapsed in the US alone; and whats worse they have not learnt their lessons as evidenced with recent quarterly losses reported.
big data may be useful in the physical sciences but the social sciences modelling human behaviour ? … well the results speak for themselves …
Small Data/Big Data. Data is data. Great creative will be what sets a good agency apart. To get back to “the top table”, maybe we need to celebrate effective creative ideas, inspiration and execution again. Get CEO’s so damn excited by the consistently brilliant creative that helps make their company ‘famous’, that they’ll demand to be in the boardroom for presentations.
Everyone has ‘great’ ideas; creative is a commodity. Sustainable competitive advantage comes from having the means to test, learn and iterate within a rapid time-frame.
Great article Jason, plenty of home truths. Agencies getting more involved in the metrics can only be a good thing.
Sadly, agencies (and marketers generally) often shy away from providing realistic metrics — “brand equity” is “intangible” after all (I’m being sarcastic there…).
Interesting article, but “big data” requires smart people to analyse it — and the fact that we’ve had “small” or “medium” data for quite some time that sits useless (see comments above), doesn’t make me feel particularly confident.
But always open to being proven wrong 😉
The potential benefits of the deployment of ‘Big data’ for advertising agencies servicing the brand marketing and communications needs of their clients are no doubt there.
But for the context of this post, an example of how and where ‘Big Data’ has already been effectively and creatively translated into commercial results would add weight to the proposition.
As a strategic creative I am aware of some activity in sales promotional style marketing by large industry players who’s traditional area of endeavour was catalog marketing and distribution. But I would genuinely be interested to hear of anything more creative or engaged with brand values.
Anyone know of any?