In this brave new world of marketing, Big Data is the Big Thing.
But don’t let that fool you. Just because it happens to be the new Big Thing or the next Big Thing, doesn’t mean that it’s everything.
Big Data, in and of itself, is dumb. It’s silent. Big Data doesn’t tell us lies, it doesn’t tell us the truth – it’s dumb because it doesn’t tell us much of anything. Raw, unfiltered data tells no stories.
For a relevant, real-world example of this, you need look no further than website traffic data.
Take a good look at your web traffic analytics dashboard – what do you see? You’ll likely see a bunch of numbers that measure different things: the number of daily, weekly and monthly sessions on your website, the number of page views, the number of unique visitors, the number of returning visitors, the percentage of visitors that bounce, the average time spent on the site, etc.
All of this is data – and it’s very important, very valuable data. But what does it tell you about your website visitors? What does it tell you that can help you not only bring your customers and website visitors through the sales funnel, but also attract new, like-minded prospects?
Virtually nothing – at least nothing of tremendous value.
That’s because Big Data is like the pieces of a puzzle, scattered about in a haphazard pile. On their own, each one is an independent piece of information that contributes to an overall bigger picture – but with some insight and intelligence, those pieces can be put together to tell a story.
And with that, we’ve arrived at the one major difference that distinguishes Big Data from Smart Data – insight, expertise and intelligent people who can put the many pieces of the puzzle together to tell the rest of the story.
Let’s go back to that earlier example about website traffic data.
If you run an ecommerce site, you know that the number of views you get on a particular product page won’t tell you much – it won’t tell you who is looking at that page or how many times they’ve visited it. It is but one piece of a large and complex puzzle – for all intents and purposes, it is dumb data.
However, when each anonymous visitor to that page is identified and when third-party data is appended, the larger picture begins to take shape. As each puzzle piece of additional data is added – geolocation, number of visits, pages viewed, time spent viewing each page, actions taken – that puzzle becomes a picture, that picture becomes a story, and all of that dumb data – it becomes smart data.
Remarketable is what allows you to take Big Data – dumb data – and turn it into Smart Data. For example, a major online retailer recently tested Remarketable on their website traffic and noticed something incredible: conversion rates for website visitors that viewed the same product page multiple times in a single visit, were up to 4 times higher than visitors who only viewed a product page once.
And that isn’t even the whole story – that same test revealed that visitors who viewed the same product page over multiple visits converted at a rate that was 8 times greater than visitors who only viewed the product once.
So when it comes to remarketing to potential prospects, who would you target to maximize your ROI: site visitors who only viewed a product page once and then bounced, or visitors who continue to return to the same page, over multiple visits?
That is the kind of insight you just won’t get from ordinary website traffic numbers.
That is the difference between Big Data and Smart Data.