Ever think about what happens when you input information online – download an app, sign up for a new internet connection, or even log in to social media? We’re all leaving behind a digital footprint each time we interact with the internet.
The explosive uptake of smartphones is bringing a huge influx of first time internet users. As a result, over 40% of today’s world population is online; laying the foundation for Big Data.
What’s all the fuss about Big Data?
Netflix advertises TV shows and movies based on a viewer’s watch history. Amazon records user data to optimize customer relationships, be it suggesting items or resolving issues. GE uses a hub of data visualizations to reveal product information that helps people make better buying choices.
Well, there’s no fluff when there’s rock-hard data available!
Put simply, Big Data refers to extremely large data sets that can be analyzed to reveal patterns, trends, and associations relating to human behavior. It’s like a Data Rush — information about you is 21st Century gold!
It assumes the more you know about something or a situation, the more likely you are able to gain insights and make predictions about the future.
What does this mean for advertising and marketing?
The digital advertising and marketing industries are being catapulted into a new paradigm. The tech revolution is reshaping the level of precision with which we approach advertising, making it more efficient. And key to this precision is the availability of data. In fact, the right data, in the right form, and handled in the right manner will reshape the way marketers stay competitive in the industry!
The Financial Times is one such fine example who are really keeping up with the times and leveraging today’s trends. It invites users to register and read up to eight articles per month for free. A whopping 5 million users share demographic, personal, and professional information. Advertisers could use this information to target a campaign to a specific region, map patterns in reader behavior, or even convert them to full-time subscribers.
Aside from tracking industry trends and buying behaviors, access to Big Data paves the way for:
- Advertisers to target who sees their ads based on the increasing range of data and formulas in place
- Marketers to focus their efforts with accuracy and at minimal cost using real-time measurement tools
- Analysts to understand their customers – who they are, where they are, what they want, and how they want to be contacted. This helps deliver personalized content and influence customer loyalty
Personal information is the fuel that drives the present digital economy. So, join the Big Data movement and continue to fortify your competitive edge.