What is Big Data?
Data is now considered one of the most valuable assets on Earth – even more valuable than oil.
Today, people are tracked based on what they read, watch, click, buy, contacts, friends, work, profiles, social, relationships, subscriptions, links, status, survey’s, personality quiz’s… and it goes on…
Like the iceberg effect of only seeing 10% above the waterline, the same is for data. The big data is what is collected and used to create profiles of people and group them based on their similarities across a network of actions. Without understanding this and how data is used, you are only as good as the 10% of the iceberg.
Big data is extremely large data sets that are too large and complex to be treated with traditional data processing application software. Big Data Technology was developed and designed to analyse, process and extract key analytics of this big data. Understandably this big data holds powerful insights and why publishing companies such as Google, who collect and store it globally, are able to sell and facilitate buying ad space and inventory on Demand Side Platforms.
Big Data has had a huge effect on the Marketing industry, arming it with predictive modelling, profiling and insights into customers buying behaviours. Armed with this information, advertisers can create more targeted advertising campaigns and, using Direct Response marketing techniques, advertisers can spend less and effectively reach more suitable customers that are ready in the purchasing cycle.
Through more personalisation and targeted advertising campaigns that are relative to consumers, advertisers can build strong consumer relationships and brand loyalty. With more and more physical stores closing, having loyal brand ambassadors and devoted customers will keep your business going strong.