In 2004, Michael Lewis took note of how Oakland Athletics Coach Billy Beane adopted an analytical approach to baseball. In his book "Moneyball," Lewis wrote that "People…operate with beliefs and biases. To the extent you can eliminate both and replace them with data, you gain a clear advantage." Lewis was talking about how the Athletics put together a winning baseball team with one of the lowest budgets in the league, but the lesson, if applied correctly, works equally well for marketing.
Given what a Major League Baseball coach achieved with the help of big data, it's shocking that some marketers have still not yet embraced the concept of granular analysis to capture comprehensive customer marketing interactions in order to make more strategic, cost-effective media-buying decisions. Many in the industry still believe in aggregate data and base decisions on concepts like the advertising outlet that has the biggest audience or the highest click-through rate is the best bang for every company's ad buck. This is a profit-killing fallacy, and when marketers learn to embrace big data and true granular analysis over gut feelings, they'll stop falling for it. Armed with big data and the tools capable of pulling insights and recommendations out of it, marketers can be more strategic with their budgets and therefore generate more revenue. With recent breakthroughs, we are awash in online and offline data that can deliver a better understanding of what really drives conversions. As consumers increasingly interact with advertisements across channels, devices, and time, marketers who use tools that can track, analyze, and capitalize on these interactions will be more successful and reap greater profits.
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1 The best social media campaigns of 2013
2 The most meaningless (and hilarious) job titles on LinkedIn
3 6 signs your agency is dying
4 5 requirements for a sustainable career in marketing
5 10 predictions for the future of TV