Every day we produce 2500 000 000 000 000 000 (2,5 quintillion) bytes of data. We could record them on 10 million Blu-Ray discs and put in the pile, which would be 4 Eiffel Towers high (according to DataFloq). So big and varied data pose quite a challenge when it comes to processing and interpreting. But that very skill becomes crucial – not only to marketers.
Characteristics of Big Data
In the most recognized Gartner formula, Big Data are described by:
- Massive volume: we analyze huge amount of data and put quantity over quality
- Varied data
- High velocity
So the question arises: what events or phenomena can we interpret as data?
Data today
Today many things can be turned into data, mostly thanks to better tools for web analytics (e.g. we monitoring not only openings or clicks, but also fact of viewing something – with Web Beacons) and new technologies, as Internet of Things or wearables. So what can be data for us?
- Health: patients on New York hospital with suspicion of heart attack were submitted to series of tests and results were analyzed with use of big data – history of previous patients. Whether a patient was admitted or sent home depended on algorithm, which was more efficient that human doctors. (Read more: Viktor Mayer-Schönberger, Kenneth Cukier, Big Data. A Revolution That Will Transform How We Live, Work and Think)
- Favorite character and moment when you stop watching: famous and beloved “House of Cards” was based on data gathered by Netflix on its users: their preferences, protagonists they like, when they stop watching or watch a scene again, and many other. That’s why you can’t stop watching it!
- Reviews: Bing predicted 21 out of 24 Oscar winners using Big Data. It’s pretty common methodology in Hollywood – e.g. C4 Company assesses movie’s possible revenues before first clapboard. It analyzes each member of the crew (director, actors, screenwriters, producers…), history of their previous cooperation, individual achievements, genre and screenplay and establishes whether given movie is worth trying.
- Emotions: Global Pulse, an UN project, analyzes tweets for keywords and displays more popular people’s concerns in given period of time. In January 2015 most tweeted problems were: political freedom, government’s fairness and better job opportunities.
Big Data and business
The trend changes already existing businesses and creates new branches (as dynamically developing sector of health and fitness monitors). What to take into consideration?
- Personalization: skillful interpretation of user’s habits, interests, purchase history allows for delivery of perfectly tailored offer. Soon marketers will know what customers wants to buy before he himself recognizes that need.
- More advanced monitoring: wearables, Internet of Things, beacons
- Logistics: better knowledge on availability and transport schedule
- Analytics: data interpretation tools for marketers, as SALESmanago, help measure with great accuracy campaign efficiency, clicks, viewability, and particular user’s reaction. Thanks to that marketers can prove their results and better allocate resources.
Remember: Big Data is not about Data: data themselves don’t mean anything if we can’t understand and use them. You need good software tools for analytics and automation.
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