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The volume and complexity of big data that organisations gather across all channels makes it hard for brands to know where to start when trying to implement plans to make the most of this consumer information.
However, if you follow this five-step process, you can reap the rewards...
We have passed the point of questioning the value and capabilities of Big Data on business success. In progressive organizations it now holds a seat at the table as a crucial resource to business. Companies have realized that there are major opportunities to use the data they already have and apply new insights across their business for incredible results.
Cloud technologies, and the advancements in data analysis give foundation to accelerating the trend. Advanced technologies like active analytics (“decisioning”), advanced algorithms, etc. are proving to be extremely effective at fueling the Big Data engine. In the new world we live in, data isn’t something to be stored and ignored, but analyzed and utilized for its valuable insights.
Big Data analysis has proven to be invaluable at helping driving decisions across organizations—from pricing and distribution decisions, to product and marketing insight—spreading a trend of ROI from end to end. There is no doubt, Big Data is now mainstream.
Web analytics is now seen as a standard part of the site owner’s tool box and the data it provides has become a staple of web marketing.
However, the technology and approaches underpinning analytics are moving on, but the market is failing to keep up to speed with these changes.
Much of the talk about data is vague - a list of "cans," "wills" and "shoulds." Econsultancy offers a new report today - Increased ROI - A Statistical Examination of Ad Optimization - that deals in hard figures.
Does display ad optimization work? If it does, what volume is required to balance out the time and trouble? This report, from Digital Vision Winner Julia Nalven, answers those questions in detailed but straightforward language.
NoSQL may be one of the most overhyped technology trends in the past couple of years, and a growing number of companies that left their relational databases behind for a NoSQL fling are rethinking their decisions.
Yet organizations continue to adopt NoSQL solutions and investors are still eager to pour money into vendors behind the most popular of them.
Are they crazy, or has some of the NoSQL skepticism been overdone?
The truth of the matter is that, hype aside, there is a role for NoSQL solutions to play in a world consumed by data, and increasingly companies are making smart decisions about when to use relational databases and when to turn to their NoSQL cousins.
Big data is about more than Hadoop and a bunch of fancy technology: there are some very real organisational barriers too.
It's a bit of a mirage. As soon as you get your head around it, it ceases to exist.
How so? The accepted definition for Big Data talks about exploiting “data sets whose size is beyond the ability of commonly used tools to process it within tolerable time”. By that definition, as soon as you’re comfortably handling the data, it ceases to be big.
Nonetheless, Big Data is clearly trending amongst the tech analysts, and it’s doing so for good reasons. The volume of data we’re handling is growing dramatically, Social media, the internet of things. The mass of data produced by smart electric grids, intelligent traffic systems, etc.
90% of the data ever created has been created in the last two years...
The next time you need to find a hotel room, you might want to keep a PC handy. At least if your search takes you to Orbitz.
The reason? The popular travel service is experimenting with displaying costlier lodging options to Mac users.
Data harvested for political campaigns or brands can be both seductive and overwhelming.
Joel Benenson, the lead pollster for President Obama's campaign & founding partner of Benenson Strategy Group, gave today's midday keynote speech at the ARF Audience Measurement 7.0 Summit in New York on how we need to look at what data we need rather than how much we can have.
The most important point Benenson stressed is that we must not allow advances in measurement, that provides us with more and more data, to obscure our insights of human decision making.
Google’s Chief Economist Hal Varian coined the phrase “marketing is the new finance”.
Varian foresaw great advances in ways to satisfy people’s needs, better matches between buyers and sellers, and a more robust advertising environment due to the availability of vast quantifies of rich, real-time, highly available “big data.” His predictions today ring truer than ever.
Now, the information-rich environment enabled by the net is transforming marketing into something more. Specifically, marketing is becoming the new research and development (R&D).
Marketers now have immediate access to consumer behaviors and reactions across multiple channels and media. This empowers them to take a leadership role in determining consumer preferences, meeting customer needs, and helping match supply with demand. In other words, driving the business.
As large web companies are selling us on the value of big data, they are also peddling their own cloud services to help you make sense of all the information you feel compelled to process.
Just as Amazon Web Services is showing how it's changing businesses with its scalable and affordable data and analytic services, IBM has been developing its own solution with Netezza, an acquisition they made in 2010.
Arguably Jeff Dachis is most known for co-founding the interactive marketing and design agency, Razorfish, in 1995.
A two person operation which started in Dachis's bedroom in New York, blossomed into a 2200 strong company worth more than six billion dollars. With the dot-com crash, Razorfish fell with it. Its shares plunged to $1 from $47 per share at the beginning of 2000 and 400 employees lost their jobs.
Leaving Razorfish after its downturn, Dachis went on to form Bond Art + Science in 2006 and in 2008, Dachis founded the Dachis Group in Austin, Texas with the idea that everything can and will be social.
We had a chance to talk to Dachis about why he set up Dachis Group, its relationship with Facebook, how they are integrating Facebook's new APIs and how marketers can start to leverage Facebook as it moves into big data territory.
If you were asked to think of one company that is defined by its use of algorithms, you might name Google.
And for good reason: the search giant's algorithms are not only at the heart of its success, but for many, they're the source of constant hope and fear as changes to them can literally make or break businesses.