“Information is the oil of the 21st century, and analytics is the combustion engine” – Peter Sondergaard, Senior Vice President, Gartner
The concepts of “big data” and “analytics” in recruitment marketing are nothing new, but the truth is that there has been a major shift in the way that the data is being used, especially in the way job advertising is being purchased and optimized through programmatic.
So what’s driving the change in big data? Well, for one, more data. Think of your data lake as a man-made reservoir. “First you dam the end (build a cluster), then you let it fill up with water (data). Once you establish the lake, you start using the water (data) for various purposes like generating electricity, drinking, and recreating (optimizations, predictive analytics, etc.)”
Up until now, hydrating the lake has been an end in itself.'#Data is like a manmade reservoir...' Finish the quote here. #recruitmentmarketing Click To Tweet
The access to more real-time data on a job level has allowed the industry to evolve from post-event analytics to preemptive analytics that allow for a true “investment follows performance” mentality. Media teams can take actions that drive smarter optimizations on ad campaigns, in turn providing better return on media investments.
It’s not what you know. It’s what you do with what you know.
With all of the new data visualization tools out there it’s become easy to get caught up in really cool looking data visualization. Instead of using analytics to reflect on performance, insights from data need to be used to drive real change. In order to shift to more of a “so what” approach to your data and analytics, you sometimes have to step outside of your comfort zone to find the hidden stories behind the data.
Tips for Finding “Cool Nuggets” of Information In Your Data
At KRT, the Performance Marketing team recently started doing regular day-long “data hackathons” as a part of our big data analysis practice. The goal of the day is dedicating a lot of time to finding “cool nuggets” of information that help us make better decisions about optimizing campaigns to drive better return. We’ve tried client-specific focused days before annual planning meetings, freestyle hackathons where you can dig into anything your heart desires and also optimization specific themes where we can find meaningful performance insights that help us make better buying and bidding decisions. We’ve even joined forces with media partners on hackathon days to add different perspectives. The day typically ends with everyone sharing the coolest insights uncovered during the day. Dedicating time to chasing those rabbit holes of data to uncover insights is always time well spent.#BigData tip: Try a #hackathon to uncover new insights. #recruitmentmarketing Click To Tweet
Big Data Recruitment Marketing Trends That Will Shape 2017
The growing popularity of AI and machine learning means it’s increasingly important to understand good data labeling and analysis that fuel better algorithms. According to Tech Republic, “AI applications powered by machine learning depend on data to develop more predictive models. More data, and, even more importantly, more data that represents the concepts you need to learn, makes AI applications better.”
As far as what that means for recruitment marketing, Shaunda Zilich, Head of Employment Brand at GE summarized it pretty well, “I think that’s where the next big thing is, one, that prescriptive analytics for that customized experience, but then how do we drive it home? With a customized conversation that really matters to that person.”