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3 Ways for B2B Companies to Cash In Not Crash In the Big Data Boom

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In this ebook, MultiView’s Director of Data and Analytics and long-time tech industry veteran Carl Robitaille will show you three ways to look at how data can make a difference in your business so you can use it to make the best decisions about your time, money, campaigns, and everything in between.

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3 Ways for B2B Companies to Cash In Not Crash In the Big Data Boom

  1. 1. © 2016 MultiView. All Rights Reserved. B2B Connected Big data: that phrase is constantly thrown around the B2B marketing space, so what is it? Definitions vary, but it's safe to say that it refers to the fact that the data we have available is growing, and growing fast – making now the perfect time to learn about the best ways to think about it. Throughout this ebook Carl Robitaille, who has decades of experience with analyzing data, will show you how to avoid three traps so that you can cash in with data and reap game-changing insights into your business. Big Data and the potential it represents is still in its early stages. I parallel it to when the Wright Brothers made their first flight. Written By: Carl Robitaille, Director of Data and Analytics 3 Ways for B2B Companies TO CASH IN, NOT CRASH IN the Big Data Boom
  2. 2. B2B Connected Big Data Boom In the ad tech industry and at MultiView, we have data from a myriad of online and offline sources: keywords searched, content consumed, websites visited, tradeshows attended, surveys filled out, locations, device types, CRM data, firmographics, demographics, and the list goes on and continues to grow rapidly. And in your business, many of these insights (and others that aren’t even on this list) are available to help you make the best decisions. But just like Orville and Wilbur, your attitude toward data and the way you apply it makes all the difference in its usefulness and these three perspectives will help your business cash in, not crash in the rise of big data. B2B Connected Big Data Boom The Wright Brothers were frustrated that they were achieving about a third of the lift which they had predicted that they would get. So they created a wind tunnel and tested about 30 of their designs. The results gave them the best data available at the time. With better data, they were able to make better decisions. But we should also learn from their work that bad data will result in bad decisions being made, as was the case with the testing methodology they used before building the wind tunnel that depended on an inaccurate mathematical equation. In essence that is what we are doing now. We are compiling and distilling large amounts of data. We are gaining insights and making them actionable. © 2016 MultiView. All Rights Reserved. 2
  3. 3. Staying aware of these traps will help you adopt the right mindset when using your data, making it much more likely to lead you to the right conclusion. More information can quickly lead to paralysis by analysis. Additional data should give you more context for a decision, not allow for endless consideration that results in no decision. Data can often be unorganized, and if you can't know quickly what is available and where the information is, the process slows down or the wrong decision is made because not all the data was taken into consideration. Data can get taken out of context. You have to be able to see data for what it can be used for and not just at face value. For example, the data would show that the majority of your audience visits sites about news, weather and sports, so at first glance it would make sense to place an ad there. But the truth is that it wouldn’t be the best use of media dollars because out of the many people that visit those sites, only a few of them are the people you want to target. 1 The tools and tactics available for gathering, analyzing, and applying data are becoming more complex. Programmatic technology – which is used for automated, real-time bidding on ad space – is one example of this evolution because it gave us the ability to shift our focus from where the advertisement should be to who the advertisement should be delivered to. In the same vein, we are developing and utilizing technology that allows us to manage and gain insights from petabytes of data. But there are several traps that arise with more data that can lead to either making a bad decision or making no decision. For example: Don’t Let Data Derail Decisions. B2B Connected Big Data Boom © 2016 MultiView. All Rights Reserved. 3
  4. 4. Remember: You Still Make the Decisions. It is the carbon-based algorithms (or humans for those that the joke did not compute with) that allow a company to turn data into actions. The technology is very good at eliminating mundane tasks, but it is not currently very good at taking information into context or providing insight. Technology does not have the intuition to know if it’s even looking at the right data or if there is better data available. And this is all true even if you are asking the questions in the best way. B2B Connected Big Data Boom Similar to the fighter jet, the pilot makes the difference. Even with all the technology available, we still have humans interpreting the significance of data. That trend should continue for a while. As the technology advances, we should see it provide better data visualization and insight while becoming capable of automating more tasks. So just remember that whenever you’re going over your own information – whether it’s stats from your web analytics, customer surveys, or social media numbers – Big Data in the current state is meant to aid us in making better decisions, not make the decisions for us. © 2016 MultiView. All Rights Reserved. 4 2
  5. 5. © 2016 MultiView. All Rights Reserved. 5 The Right Process Makes Big Data Work For You. B2B Connected Big Data Boom Throughout this process, take one action at a time and measure the impact. Again, if you try to do too many things at once, it is very hard to isolate what is or is not working. As big data begins to take off in more businesses, we should follow in the footsteps of the Wright Brothers. One of the best ways to do that is to have a defined process for using the data you have that includes the following steps: Identify the issue that you are trying to solve and turn that issue into a question. For example, the Wright Brothers wanted to make flying safer and easier with better lift and landings. So they asked themselves how they could build more pilot control into their designs. Look at the data and resources that you have available or determine if you’ll need other tools to answer your question. Remember to choose only what you need because it’s tough to figure out what is and isn’t working with too many factors in play. Set benchmarks for what you’re measuring, and do not allow the original question you asked to change into something that your tools and data can’t answer. Look for trends and derive the right insight. Remember that correlation does not imply causation. Just because one variable seems to have an affect on another doesn't mean that's what's really happening; another totally different variable could be causing the change you're seeing. Look at all the possible factors to see the trends in the right context and make the best decision. © 2016 MultiView. All Rights Reserved. 5 3
  6. 6. © 2016 MultiView. All Rights Reserved. 7 We must not stop too long to admire our work because the technology advances quickly. It was only a few decades that transpired from when the Wright Brothers were crashing their first few flights to when we cashed in on the work they started by landing on the Moon. That’s why you must always be looking at how things can be done better and improving all the time. With all the information we have available to us, we also have the power to make huge leaps in how we make decisions about our time, money, and other resources in our businesses. And with right perspective on how we use data, we can steer ourselves away from crashing with it and instead set out on the path toward cashing in. Tech Is Always Changing, But Data is Forever Visit us at multiview.com Learn more about data today 972.402.7070 solutions@multiview.com Carl Robitaille - Director of Data and Analytics Our Director of Data and Analytics, Carl Robitaille, has managed programmatic B2B ad campaigns for thousands of brands. His team is responsible for the targeting methods and tactics implemented on the MultiView programmatic portfolio so that every marketer can put their message right in front of their potential buyers. So it’s safe to say Carl knows a thing or two about leveraging data for your campaigns. With over 20 years of experience in the tech industry, Carl has a passion for developing and implementing technology. He has worked for several best of breed technology companies like American Power Conversion and Texas Instruments. Carl is also a contributing author in the Masters level textbook The New Advertising: Branding, Content and Consumer Relationships in a Data-Driven Social Media Era. He’s been with MultiView for more than 5 years. B2B Connected Big Data Boom Carls Picture © 2016 MultiView. All Rights Reserved. 6
  7. 7. © 2016 MultiView. All Rights Reserved. 5