With data-driven marketing comes the need for a modern approach to managing and storing data throughout its entire lifecycle. From data acquisition to storage, management, and assessment, data lakes provide an enterprise-wide solution that can be customized to match every company’s specific needs.
Despite the tremendous growth in data available to marketers today, most businesses only analyze a small portion of it. In fact, according to the World Economic Forum, by 2025, the world would produce 463 exabytes of data per day. Marketers who want to succeed will need strategies for working with Big Data.
Marketers today are looking to data lakes to help them address this issue.
Data lakes can ingest and process massive amounts of structured and unstructured data through a flexible, cloud-based platform, enabling marketers to make sense of both offline and online data – but that’s just one way data lakes are assisting marketers in overcoming some of their most difficult challenges.
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Leveraging Data Lakes to Their Full Potential
Despite the fact that data warehouses and data lakes serve diverse purposes, they are dependent on one another to succeed. Data lakes are good for exploratory research and historical analysis, but data warehouses are good for real-time business intelligence. This dual-framework approach is necessary for providing strategic business insights and for making informed decisions.
Data lakes are efficient and powerful, but they come with their own set of challenges. Since they lack structure, it is difficult to find and delete records while adhering to privacy standards like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act.
However, complying with these standards is unavoidable; therefore companies should consider internal and external rules while labeling, classifying, and encrypting data. Failure to do so could result in expensive hacks that put the company’s future in jeopardy. Businesses will gain by ensuring compliance, and marketers will be able to fully use the potential of data lakes.
Why Should Marketers Take the Risk?
Data lakes enable organizations to connect disparate data and establish customers’ in-store and online purchasing paths, simplifying a complex process.
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The majority of cloud providers offer data lake services on a pay-per-use basis with no initial investment. Customers can also keep track of their costs minute by minute. This simplifies the cost-benefit analysis considerably. If the cost of a certain analysis outweighs the advantages, marketers can either cease using it or fine-tune it until it is profitable.
When marketers decide to use data lakes, they must ensure that the platforms are secure by putting in place appropriate controls. They will be able to see which users have access to which parts of the data this way. Specific usage rights and suitable limitations guarantee that users acquire the information they require without gaining access to sensitive data.
Post the implementation of security measures, marketers must establish a clear governance framework that outlines best practices for who can put what in the data lake. Users who are merely reviewing basic or broad data, for example, should not be able to see or alter mission-critical business documents.
Marketers who use data lakes to their advantage can segment audiences and predict customer purchase behavior across devices. They also receive a holistic perspective of branding initiatives because they have complete control over information.
Furthermore, using these actionable analytics to intelligently enhance spot frequency can result in a higher return on investment and connect with consumers instantly. To ensure success, marketers should focus on enhancing campaigns by investing in the relevant audience platforms and adjusting strategies as needed.
In an increasingly insights-driven world, data lakes can help brands get the information they need to meet their goals and gain a competitive advantage. Data lakes, if carefully chosen and deployed, can help companies expand and keep up with changing regulations, avoiding murky waters in marketing.
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