In a previous post, Big Data ambitions were compared to the Gold Rush, when those who provided tools to dig the gold were the ones who earned money in the first place.
This reminds me of the 1990s, when many companies invested in huge customer relationship management (CRM) systems that fell under the umbrella term “database marketing.” These systems often were driven by information and communication technology (ICT) or operational departments, and stressed “database management” over “marketing.”
At that time, information was mainly collected via surveys (declared behaviour) and did not give the business people a great deal of insight. It was difficult to effectively track proven behaviour and, therefore, create uplifts for marketers. So they lost interest.
Since the digital revolution, publishers are in a better position than ever before to collect plenty of information about consumers and their habits, needs, and wants. This daily, interactive contact with large audiences generates “big” data. So “big” systems are needed to capture this proven behaviour.
For many companies, Big Data equals Hadoop, the system that collects all that big data, regardless of why they need it and how they plan to use it. When gathered this way, however, Big Data becomes simply “Big Useless Data” that creates noise and obscures the signal in our data. The noise is increasing faster than the signal.
Then again, just like in the ’90s, right-brained editorial and business staff will quickly lose interest in it.
No wonder, then, that a new analyst report indicates that enterprises are deriving far less value from Big Data than they expect, or even than they invest.
Dramatically less, according to preliminary findings from Wikibon research, which found 46% of Big Data practitioners were only partially successful with their projects. They hear it’s a big deal and throw money at it without really understanding what they’re hoping to achieve. Two percent even had to write off their investments as complete failures.
Just like the CRM-bubble in the ’90s…....[more]
09 September 2013 · By Dirk Milbou
We all know there is more data available than ever. No need to repeat the exponential growth of data: from penta- to zeta- into yottabites, which seems to be the latest geek term on it.
Historically, publishers were always in the forefront of collecting data, thanks to the penetration of their newspapers and their frequent contact with readers.
But since the evolution from print to digital and mobile — and thus the growing interactivity with large audiences — publishers are more than ever very well placed to collect lots of information about consumers, their habits, their needs, and their wants.
The catch-all term for it is “Big Data,” where “big” stands for an interminable volume of data, a limitless velocity of the (real-time) data-streams, and an endless variety of consumer information. Not only socially desirable “declared behaviour,” like in the old days, but also daily proven behaviour and interests that publishers can derive from reading and buying habits.
But where exactly is the potential behind big data for publishers? And how do we unlock it?
Data is said to be the new oil. This is certainly true for companies that provide other companies with specialised data solutions. It’s like the Gold Rush, when those who provided tools to dig the gold were the ones who earned money in the first place.
It seems also to be true for companies such as Google and Facebook and Apple, the new technology driven kids on the block, which have less system legacies and business models mainly based on “data.”
But where is the added value for publishers? Where is the added value for the consumer and advertiser?...[more]
15 August 2013 · By Dirk Milbou
Publishers have more data available than ever, coming from multiple sources. As publishers have frequent contact and a growing interactivity with large audiences they are very well placed to collect lots of information about consumers and their habits. The catch-all term for it is “Big Data,” where “big” stands for an interminable volume of data, a limitless velocity of real-time data-streams, and an endless variety of consumer information.
Data is said to be the new oil, but most publishers struggle to leverage these data into insights both for editorial purposes, for audience marketing, and for advertising solutions. Publishers are drowning in data, but not capitalising on it. Information is often locked within multiple channels and different functional and application silos. Publishers have difficulty gaining a 360-degree consumer view and a shortage of deep insight and foresight that can be used for business advantage.
Enter INMA with a new blog: Big Data For Publishers.
This is a platform to provide INMA members with learnings, best practices, and thought leadership to turn this data-oil into a gold mine of opportunities. We want to identify and communicate cases, trends and possibilities in this area, and to share vision on related topics such as privacy, technology, and more.
So INMA is active looking for data-driven media cases on how Big Data is used to bring more editorial relevancy, better audience engagement and more value to our advertising clients....[more]