This two-part post will discuss they current nature of Big Data, the programmatic marketing and market automation. For the last two years Big Data had become a prominent buzz word in the digital marketing community. Where both data scientist and market analyst spent most of their time decoding the relevancy of Big Data. Now in 2016 is Big Data still crucial to our campaigns, idea generations and creatives OR has it just become a thing of the past?
First we need to have a recap on, what is Big Data?
In the day and age, where the customers have variety of retailers to purchase the product they like, one seems to wonder how they can retain their customers and make them loyal to their products. The answer is a very well thought loyalty program which will enable the customer to shop often at their retail place whether brick-and-mortar or online. So in order to achieve this goal the retailers’ needs to require information regarding their customers and it could be accomplished by using Big Data. What do we mean by Big Data? According to Experian it can be defined as a vast collection of data that might include the following:
- Customer data
- Company data
- Supplier data
Then there are two file types, the structured and the unstructured Big Data, where the structured are able to analyze easily while unstructured data needs more time to be classified, like image, emoticons and videos. Big Data helps retailers to gain a strategic advantage over their customers in which they know the insights of their customers and make up a great loyalty program.
Privacy measures in Big Data
With the dispose of Big Data to retailers are easily available, like the personal information their customers, People might take into consideration that how much of their privacy has been exposed to these companies. So into take this measure and protect the privacy of their citizens according to N.Y Times both Europe and America has taken different measures and now working to close their gap between the measures they took. Some of the measure taken by America are to limit the use of medical records, credit reports, and video rental records; and so the European Union measure consists of giving the citizen the authority to obtain the records held by the companies and institutions.
What questions you must ask, Big Data, to retrieve insightful information?
Referring to , click to download the report —> new McKinsey Big Data there are five big questions about big data that could give companies a competitive advantage over their competitors.
- What happens in a world of radical transparency, with data widely available?
- If you could test all of your decisions, how would that change the way you compete?
- How would your business change if you used big data for widespread, real-time customization?
- How can big data augment or even replace management?
- Could you create a new business model based on data?
Experian QAS, “Big data for marketers: How data driven retailers bolster loyalty programs” Web. (accessed September 15,2014).
Singer, Natasha. 2013. “Data Protection Laws, an Ocean Apart” NY Times. Web. (accessed on September 15, 2014).