Data is being touted as the new oil and it’s unsurprising. After all, oil is unsustainable and once it’s gone, it’s gone. Data, by contrast, is like the opposite of oil, an ever growing resource that’s changing the way the world runs.
Even back in 2010, Google CEO Eric Schmidt famously said that every two days we create as much information as we did up until 2003, and while the validity of the quote has been brought into question, it’s certainly true that we’re creating unprecedented amounts of data at an ever-increasing rate.
The good news for marketers and business owners is that by its very nature, data can be analysed. This is particularly true when artificial intelligence and machine learning is brought into the equation because it allows us to analyse huge swathes of information that would previously have been impossible for a human to process.
Data and Lead Generation
The most obvious use of data for lead generation is when it comes to measuring and monitoring marketing campaigns and deploying split testing techniques to optimise landing pages and campaign material. But that’s only the beginning.
Big data analysis can be used at a more in-depth level to build comprehensive buyer personas and to aggregate and extrapolate the data to find similar leads that are yet to be added to your database. An example of this is how Facebook, Google and other ad platforms are able to create automated ‘lookalike’ audiences for you to run your advertisements to.
Data is also the foundation of the field of predictive analytics, which uses complicated algorithms to make estimates of future performance by tapping into historical data and factoring in other known factors. It’s impossible to truly see the future of course, but this is the closest you’ll ever get to a crystal ball.
Revolutionising R&D
Of course, there’s no point going into business unless you have a great product, and data is increasingly being used to influence new product designs. An in-depth analysis can help to identify potential new features that your customers don’t even know they’re looking for, and it can even pave the way for R&D to develop brand new products that open up a whole new market. Lead generation is easy if you’re the only company that has something that people will go out of their way to pay for.
Ultimately, data is all well and good, but it’s only going to help if you analyse it and then take the time to act upon what you’ve learned. The fictional detective Sherlock Holmes put it best with two of his finest quotes: “It is a capital mistake to theorise before one has data” and “data, data, data, I cannot make bricks without clay.”
We’ve already seen what Holmes could do with data. Now it’s your turn.
Want further insights into B2B marketing and lead generation? Request your free demo of Bant.io today and find out how we can help you. We’ll see you soon!
Dane
Dane Cobain is a published author, freelance writer, book blogger, poet and (occasional) musician from High Wycombe, UK. Before going freelance, he worked as a social media marker, now specialising in writing about publishing, technology and marketing.