Big data is just beginning to hit its stride. 2013 was all about defining exactly what big data is and how best to use it. Now, in 2014, marketers are starting to ride the big data wave and are turning its potential into real revenue. The marketing industry has welcomed data anaylsis with open arms for good reasons, using it as a tool to define their target markets, track their exposure success and determine worthwhile arrangements.
Companies that make use of big data earn 6% higher profits, according to research done by McKinsey&Company. Capturing and interpreting data well can help advertisers understand who their consumers are, what they want, when and how they buy, and where they are located.
Digital advertising tools, such as Google AdWords, enable advertisers to target audiences better by giving them tools to quickly and easily access their campaigns' results while it is still running, and tweak it if necessary. At the same time, advertisers are able to analyse data about users' behaviour on the company's website and social media sites through web analytics tools, such as Google Analytics. Advertisers can then use this data to improve their targeting of customers, by serving more adverts about their product to customers who have visited their website or shown an interest in it on a Google search. This enables you to make decisions on buying advertising spaces that are informed by your target audience's previous online behaviour. Marketers now understand their consumer better than ever before.
Big data is set to grow exponentially in the next six years, reaching almost 40 million petabytes of data by 2020, according to research. Companies are investing in first party data - collected from their customer relationship management (CRM), subscriptions, social platforms, and applications. However, all this data is meaningless if it is not well captured and interpreted to give advertisers an informed understanding of a company's potential audience. Want to know more about the world of advertising or digital marketing? Consider the University of Cape Town Foundations of Advertising short course or the University of Cape Town Internet Marketing short course.References:
Big Data-Startups (http://www.bigdata-startups.com/BigData-startup/marketers-stop-worrying-start-loving-big-data/
Social Media Today (http://www.socialmediatoday.com/irfan-ahmad/2044111/content-marketing-adv