Big Data. Data Analytics. Predictive Data. MetaData. There’s no denying the buzzword status of data at the moment. Yet, the impressive volume and velocity of data marketers have access to is only as useful as what you do with it. What you do with it, in turn, is quite often only as useful to the fulfillment of marketing objectives as the extent that you do it in real time. Stacey Epstein, CMO of digital signal analysis firm Banjo says “We’re getting better and better about gathering and tracking our data, but…when it comes down to the real return or the benefit from all of this data…, you can only really point to the companies with fancy systems that actually are finding ways to leverage the wealth of data.” There’s another element in play besides time, however, contends Stacey—location. Correlating real time with real location is the “missing link to make data understandable and immediately actionable,” for brands, says Stacey. In this episode of Moneyball for Marketing, Stacey explains exactly what that means. Here are a few insights:
Technology twist: Using the example of combining weather report data with social media image and video postings during a tornado, Stacey explains how actionable responses from emergency services positioning to water stocking in local shops could be launched in the aftermath of a touchdown using real time and real location data together.
A/B Testing: Shifting to a different kind of touchdown, Stacey demonstrates the potential for the application of real time/location analysis to commercial interests by way of an experimental Anheuser Busch Superbowl target marketing campaign which relied exclusively on real time user generated content.
Demand data: Stacey defines “geofencing,” and gives another commercial example of target marketing combined with real time events and location, using the scenario of a high school basketball game as it affects retail sales of pizza and sweatshirts. She then envisions for us the implications to fulfillment of marketing objectives that occurs when multiplied by real time, real location data from thousands of points of sale.
Stacey Epstein is the CMO at Banjo where she oversees all aspects of marketing. Banjo analyses the world’s social and digital signals the second they occur and organizes them by time and location giving companies an unprecedented level of understanding about humanity and the world around us.