Consumer Analysis Tools Presenting Overwhelming Data Dilemma for Marketers
While direct access to Tribal Fusion's Deep Dive audience analytics tool allows agencies to study consumer segments to determine which customers are more likely to respond to a certain product or brand, experts warn that marketers face an increasing challenge of transforming mountains of data into business intelligence.
Agenda 21 Managing Partner, Nick Suckley, commented: "If you look at the macro trend it is towards big data. Everyone is generating their own data and the problem we have now is that there's lots of data coming at us from lots of different sources. But there is a real practicality issue in terms of how to deal with all this data and who does it, because it isn't a traditional skill media people have."
To make matters worse, consumers use multiple channels to get what they want. Mr Suckley explained: "Consumers are watching TV, they are influenced by the weather outside, they're searching on Google. So the problem from a data point of view is that if you are only looking at it from one platform, you are looking at it in rather a myopic sense."
To attempt to circumvent these issues, Mindshare Head of Social Media Paul Armstrong has said that real-time monitoring and analysis tools are becoming a growing source of revenue, but it's vital to use a wide range of in-house and external products to make the best use of them.