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The Golden Age of Big Data

Nov 19, 2015

Location-based marketing has become increasingly popular due to the widespread availability of location data. This data can be obtained from various sources, including the images we share, online transactions, and GPS-enabled apps we use. It is no wonder that Location-Based Marketing is on the rise. Many users are willing now more than ever to share location data with brands, in return for more personalized content and tailored promotions. The Online Marketing industry is experiencing a golden age, thanks to Big Data!

Most of us have probably heard the term “Big Data” buzzing around rather frequently in the past few years, but what exactly does it mean? Well, as implied by its name, it refers to the collection of data sets in very large scale and high complexity levels. Due to their size, these sets cannot be measured and processed with traditional applications and methods - thus reinventing the game and naming it Big Data.

How does Big Data revolutionize the online marketing game? In the past, relying on intuition and experience was the norm for managing ad campaigns and budgets. Using empirical evidence to support decisions was considered optional. However, the advent of Big Data and predictive analytics has ushered in a new era where marketers can leverage data-driven insights to achieve exceptional results. The Data King has arrived, empowering marketers to base their strategies on numbers and algorithms for unparalleled success and introducing online marketing to a whole new world of opportunity.

The Challenges of Big Data

Like every rose has its thorn, Big Data alco comes with its challenges. The sheer volume of data generated by the ever-growing number of online users presents numerous hurdles in this new era of online marketing. While some are easier to overcome than others, they all need to be addressed and taken into consideration.

To give you an idea, here are a few obstacles standing in the path of Big Data:

  • Relevancy: Identifying the appropriate data out of the whole mass and determining how to utilize it effectively is a challenging task. Big Data encompasses a distinct realm than what most marketers are accustomed to, including distinct goals and best practices. Therefore, innovative thinking and experimentation with novel concepts are crucial. It's time to abandon conventional practices and embrace novel approaches.
  • Technology: Technological challenges play a key role. Internet technology as a whole is developing at a supersonic fast pace, and data-oriented technology is far from lagging behind. Dealing with it in an effective manner requires powerful technology-driven personnel and capabilities that are able to provide the right IT infrastructure. Keeping this framework up to date and adapting quickly to the dynamic nature of this niche requires constant maintenance.
  • Cross-Departmental Collaboration: To derive meaningful insights from the abundance of data available, a collaborative effort across various functions is essential. This involves dedicating significant resources and closely coordinating multiple departments within an organization. Adequate personnel are needed who possess the technical expertise to handle the technological aspects of the data and the analytical skills to determine its relevance and approach. Additionally, there is a need for skilled individuals who can convert this data into actionable business insights, formulate action plans, and execute them effectively.

Unlocking Limitless Opportunities

The Big Data explosion has created unique and significant business opportunities for companies. Previously considered meaningless and redundant,this data has now become an extremely powerful and valuable niche in marketing. Companies are now able to gather, organize, analyze and translate this data into useful business insights and actions. The range of Big Data applications is wide and only growing – Ranging from fraud detection, programmatic media buying and e-commerce, to advanced targeted marketing. As the end of 2015 approaches and 2016 right around the corner, it is now clearer than ever: companies that can overcome Big Data challenges and utilize it wisely will have a competitive advantage, while others risk being left behind. Embracing these new opportunities is crucial for businesses looking to thrive in today's data-driven world.

Trends and Forecasts

The industry has witnessed quite a few important developments in Big Data throughout 2015. What does the future have in store?

  • Sales forecasting will improve due to machine learning tools that continue to improve. Advanced algorithms that predict consumer behavior will become even more popular, gradually pushing aside marketers’ hunches and intuition. Another aspect of being able to “foresee” how well a product/service will perform is managing a more precise marketing budget. The more specific and targeted you get with your campaigns, thanks to Big Data analysis, the more accurate you can be when allocating budgets.
  • Data-driven marketing methodologies will further be developed to become more mainstream. Designated live data feeds and dashboards have already started emerging, simplifying decision-making in real-time, based on accessible Big Data insights. The first to make these Big Data adjustments are usually the big players in the industry. They tend to have the funds, resources and prime interest to analyze all the masses of data accumulated along the road and translate them into business insights. Stemmed in large quantities of data, these insights usually have strong roots and prove to be very useful. On the other hand, it might take quite a while and some intensive work on behalf of these major players, to properly go over all the data and produce insights out of it. Small and medium businesses, on the other hand, may have less resources, but are usually required to deal with smaller amounts of data. This means that digging into the data could actually be easier for them, and possibly even more productive.

In the bottom line, businesses of all sizes have already started utilizing Big Data. In fact, as time passes, we should see it becoming a standard and essential part of new business strategies. Companies born in this day and age of Big Data already regard it as a natural thing, an integral core of their organization, and shape a great deal of business activity around it. Other players may find the process a bit more clumsy, and be reluctant to replace their healthy intuition with machine learning tools, but all in all – the direction is clear. All roads lead to Big Data.

According to Liat Greenberg, Senior Data Analyst at Mars Media Group, having the technological know-how is definitely important. However, having the right people, who know how to leverage it and translate the data into insights is equally important. Here at MMG, we deal mostly with big data. With our advanced BI capabilities and machine learning technologies, we guide the data throughout the entire process – From efficiently collecting it, through cleaning and storing it in the right servers, to analyzing and leveraging it to create business insights. If you would like to hear more about our Big Data solutions, contact us at [email protected]