How Big Data Affects Marketing and Innovation
We're all about big data right now. We asked a group of exceptional data experts to enlighten us. They answered this tough question: “How will the recent explosion of big data affect marketing & advertising innovation and productivity in the future?” This post is by Chris Emme. Chris is Vice President, East Region for RadiumOne, an innovative Dynamic Audience Platform (DAP) that harnesses social interaction data through its own first party products and delivers audience scale for today's Intelligent Web. Chris works with senior leaders at agencies and brands to bring innovative ad solution opportunities for their digital marketing objectives. Chris has worked with leading brands and digital ad solution teams for over 14 years. Prior to joining RadiumOne, Chris worked with some of most well known brands while heading up teams at Microsoft, Excite@Home and most recently at Yahoo! He is an avid tri-athlete and new father to his son, Tyler. Find him on Twitter at @chrisemme.
Fifteen years ago Internet Advertising ushered in an era of personalization: people could find and consume any piece of content they desired, play any game at any time and communicate with people across the globe with ease.
Because of this new capability, the Internet offered the data to know what people were doing, searching for, playing and when they were doing all this. Marketers could take advantage of this landscape to “create a 1:1 relationship with their consumers” and “deliver the right message to the right user at the right time”.
Fast forward to today’s landscape and while our industry has significantly evolved, the use of data has always been paramount to what the Digital landscape does best.
Site visit data from cookies and pixels was a great start. Search data is great since it’s a gateway to intent – in fact at its core; Google is essentially a massive database of intent. Just think about what Google knows about you from your search queries. But in my opinion social sharing data is the crown jewel. Especially when you consider that we share over 18 billion “things” every day and that number continues to grown at a logarithmic rate. That’s BIG DATA. The smart money is on the proper use of this “Big Data” and the marketers that are collecting it, analyzing it and utilizing that data correctly are going to excel faster than we have ever seen. And those that don’t will have the unenviable task of competing on a very unlevel playing field.
Marketers and brands have a very unique opportunity to listen to what their current customers are saying about them, what their future customers want from them and what their friends need to know in order to become customers. Gone are the days of prolonged product development cycles, massive R&D budgets and 50% of a brands’ advertising not working. With the abundance of big data, there is no excuse for a brand to not keep their finger on the pulse of what their marketplace is talking about and how it can innovate to stay relevant.
The advertising and marketing industry is not immune to this landscape of abundant data and the constant need to innovate.
Additionally, companies that see ways to integrate themselves with social platforms or on mobile, will not only reap the benefit of reaching and touching their customers in an innovative format, but they will drive more purchases and create longer lasting loyalty. The American Express and Twitter partnership is a great example of how a brand can leverage real-time social sharing to drive loyalty, purchases and collect data from the social graph.
Big data is everywhere, but brands and companies that are able to utilize it correctly for their business needs will be those that innovate with new products, find new ways to touch their customers, adjust to inventory needs, find the next market, and adjust to this new, constantly evolving marketplace.
Check out the last post in this series, by Fan Foundry.