The concept of Big Data is well-established in the marketing world. The irony for many of us is that we are no closer to making smart marketing decisions now than we were before it was prevalent.
Where we used to make bad decisions based on too little information, we are now making bad decisions based on too much information. The pendulum has swung from Little Data to Big Data, but many of us are still using Stupid Data.
Stupid Data is what data becomes when it is misused or misunderstood. Any data set can become Stupid Data. Data is just a set of facts gathered together for analysis; then, we get involved. As soon as the information under review becomes overwhelming, improperly presented, or misunderstood it becomes Stupid Data.
The main culprit in Stupid Data is unreasonable expectations. We’ve been sold a slew of promises about data that have set us up for failure. The only way to slay the Stupid Data dragon is to bust misconceptions and rethink how we evaluate the information before us.
Below are three misconceptions about data:
1. More data equals better decision-making.