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What Is Big Data? And What Does It Mean to Marketers?
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What Is Big Data? And What Does It Mean to Marketers?. Frank Cotignola (@fco24) October 17, 2013. Big Data is V 3: Volume, Velocity, Variety. Big Data is V3: Volume, Velocity, and Variety
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What Is Big Data? And What Does It Mean to Marketers?
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What Is Big Data?And What Does It Mean to Marketers? Frank Cotignola (@fco24) October 17, 2013
Big Data is V3: Volume, Velocity, Variety • Big Data is V3: Volume, Velocity, and Variety • Volume: Data sets are increasing exponentially. The equivalent of all data that existed up to 2003 is now generated in two days! • Velocity: Every sixty seconds, 168+ million emails are sent globally.* • Variety: Mannequins, cars, people, mobile devices, jet engines, blogs, pictures, video, Google Glass, sensors, GPS, location-based data • Big Data is also structured (databases, Nielsen) and unstructured (Twitter, RenRen, Facebook) data *http://practicalanalytics.wordpress.com/2012/10/22/sizing-mobile-social-big-data-stats/
Our “Big Data” RealityWe still live in a world of mostly smalldata • Tools versus reality (we still live in the Excel world) • Can’t put our finger on all the data we have • What are the common elements? • How do we integrate all our data? • “How is this different from what I am doing already?”
To Win With Big Data, We Need To Change From • Measuring traditional media elements only • Digital and mobile are too hard to measure • Ignoring consumer conversations and other factors that drive brand performance To • Measuring our entire, changing marketing mix • Providing clear ROIs and insights as to what works and what doesn’t • Incorporating all consumer behavior drivers
Big Data Is At the Heart Of Media Success and Ad Targeting • Facebook’s tool that allows advertisers to directly target FB users based on their offline purchase history • Facebook feeds advertisers information on its members including their behavior outside the social network http://www.emarketer.com/Article/Marketers-Use-Social-Media-Data-Drive-Campaigns/1009682 http://www.nytimes.com/2013/03/26/technology/facebook-expands-targeted-advertising-through-outside-data-sources.html?pagewanted=all&_r=2& http://goo.gl/2s7Pg
Big Data Can Help Us Forecast Economic Trends, Which Can Drive Messaging Strategies Top Sources of Buzz Source: NetBase January 3, 2013,
Not: “How Can I Understand Big Data?” Instead: “How Can Big Data Improve My Understanding?”