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So What Am I Supposed To Do With Big Data? |

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So What Am I Supposed To Do With Big Data?

By  - April 20, 2015
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Big_Hadoop_01_fullBig data has become a term so overused that most people don’t even know what to make of it or its potential usefulness for businesses.

On the surface, it is used to describe the exponential growth and availability of data, both structured and unstructured.

The kicker is that big data may be as important and indispensable to business – and, in some cases, society – as the Internet has become. Why? More accurate business analyses are a direct result of leveraging big data.

And with more accurate analyses comes more confident decision making. And better decisions can mean greater efficiencies in operations, cost reductions and reduced risk.

Why? Because marketing is no longer just an art; it’s a science. Marketers need to measure increasingly complex campaigns and customer touch points, and number-crunching side of have sometimes turned off even the most well-intentioned and skilled decision-makers.

But when they realized there were smart tools to analyse Big Data, it empowered both marketers and business owners. Enterprises learned they needed to quickly get on board in order to answer critical marketing questions that only Big Data can answer.

As you can imagine, marketing campaigns generate Big Data across multiple channels, but how can a business make sense of it all? The answer lies in attribution. The element of attribution is critical in leveraging Big Data into actions to be taken by all sizes and types of business.  One of the obvious reasons for integrating Big Data is an increased bottom line.

00009-08_SEPT(253).jpgIn fact, brands typically experience a 10% increase in online revenue due to the optimization recommendations and fraud detection that attribution provides.

What types of Big Data are leveraged with attribution? It is not just the simple form-filling or product-browsing that consumers preform.  It is the integrated, algorithmic attribution that tracks users across their entire paths to purchase from first exposure to conversion.

Each one of these steps in the process is given a scientific attribute that gives a value to each marketing touch point. It is similar to assigning a point system to rank each action taken by the consumer and the result of each action all along the path to purchase.  The higher the score, the more successful the marketing activity.

data-privacy (1)So here are 4 reasons why marketers need to pay attention to Big Data and learn how to use it to their advantage:

 All marketing data is quickly becoming Big Data: At every touch point with a user, useful data is being generated.

 Big Data helps answer questions that were thought to be impossible to address: It can help determine which marketing campaigns are working? Which are wasting the budget?

Customers shop cross-channel and cross-device: Big Data can provide proper attribution that can track users across browsers, computers and devices.

Provide marketing spend recommendations: Good attribution turns Big Data into actionable recommendations that empower marketers to optimize their campaigns and marketing spend.

While there are other benefits to integrating Big Data into a business’ marketing plan, it is important to ensure the accuracy of the underlying data. Because no matter how much data you have or how quickly you are collecting it, if it is not properly aligned to the business’ overall marketing goals, real positive and long lasting results will not be achieved.

More on this subject can be found here in an article written by Jeff Zwelling.

Here are some other articles you many find interesting:

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  1. Vishal Vyas Says,

    halo discusssion chalu karvi