On May 30th, LiveRamp hosted RampUp 2013. Hundreds of marketers and ad tech leaders came together to discuss the convergence of offline and online data. Throughout June, we are posting videos of RampUp sessions.
Today, watch Jeff Epstein of Bessemer Venture Partners moderate as Will Lansing of FICO, Dan Springer of Responsys, and Charlie Stryker of Venture Development Center discuss how big data is changing marketing:
A few key points from the panel:
- Lansing mentioned that predictive analytics was historically used in finance because the stakes were high enough to justify the overhead. “One of the biggest changes that’s happened today is that with the big data tools, it’s so much easier to do that [predictive analytics].” Now you can create targeted offers “for an individual who is going to walk into the store in six days.”
- Stryker mentioned that traditional marketing data amounts to a global total of 5 billion GB. On the other side, 5 billion GB a day are coming in from new data sources that have yet to be used. “Think of the power that data has when you’re trying to optimize radio and television and direct mail.” It’s an offboarding problem rather than an onboarding problem.
- Springer warned that there is a danger when people stop using the artistry of strategic thinking. We need to maintain the human element of judgement. In a few years we might come to a point where we have lots of “black box models” that lead to dissatisfaction due to the misuse of software. We’re moving towards a heavy science component right now, but we shouldn’t lose sight of the art.
Check back tomorrow for our video on Bringing CRM Data Online.