Here’s a brief summary of the three things colleges need to consider before sinking big investments into Big Data, as ranked by imediaconnection.com.
What other criteria should colleges look at when investing in Big Data?
1. Do you know what data you really need?
If you tracked every customer tweet — including sorting out the 99 percent that are not about you –how would that help you make better decisions? If you knew that your customer owned a motorcycle, what would you do with that knowledge?
Map out the data necessary to drive your programs — acquisition, conversion, activation, upgrade, cross-sell, win back, etc. For the data that isn’t already in-house, you should be able to describe what actions procuring it, will enable, and what the net value will be.
2. Have you established marketing investment guidelines?
Most marketers have bought into marketing return on investment. If you can’t demonstrate it to finance, your ideas won’t get funded. Today, we know what things cost.
But what was the value? You also need to specify how you will measure success, how long it will take, and what you expect the precision of these results to be. If you can’t demonstrate proper stewardship of corporate funds, you may be told that you don’t deserve it and resources will flow elsewhere.