We are approaching the end of our semester here in our school, and our marketing students are quickly coming to realize how much (or, worst case, how little) they have retained in the course. As we review, the most common concept our young minds struggle with is marketing information.
No wonder, then, that our industry, too, has complications and interesting conversations regarding how information is gathered and used.
The goal with marketing information is to collect data in order to turn it into usable information — in order to make good business decisions.
The rise of Big Data has been a gift and a curse for the marketing industry; a gift because it has given more light to the use of information and CRM. However, it has been a curse because marketers and businesses are having trouble figuring out which information is useful.
Just because we can gather a ton of information doesn't mean we have to.
There's the rub — we must focus on the quality of information, not the quantity. Like the title says, we need smart data, not big data.
That has always been the case. The greatest in the marketing and advertising realm have always relied on smart information. Let's follow their example.
Dwayne W. Waite Jr. is partner and principal at JDW: The Charlotte Agency, a marketing and advertising shop in Charlotte, NC. He enjoys consumer behavior, economics, and football.
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