In his most recent ClickZ article, “Digital Advertising’s Big Data Strategy,” Turn’s chief technology officer, Xuhui Shao, discusses the challenges and opportunities of Big Data. The article looks at what Big Data is, how it works and how it will impact the digital advertising industry.
Every Fortune 500 company generates huge volumes of data – on the order of billions –and even and trillions - of data points. The ability to store, manage and extract value from all of this information goes beyond the capabilities of traditional database software, rendering it largely unusable for marketing purposes. But now, thanks to the declining cost of storage and major advances in distributed computing, a growing number of marketers are finally able to put their data to work.
Xuhui explores four ways digital advertisers can benefit from Big Data:
- A clear view of their customer’s media consumption – which provides a true understanding of campaign performance
- Multi-channel targeting experimentation – which allows audience discovery, planning and testing for sophisticated optimization
- Real-time budgeting – which allows marketers to act immediately on the freshest, most relevant and reliable information available
- Insights leading to new thinking – which provides whole new areas of exploration that allow marketers to imagine, test and validate creative new approaches for story-telling
Big Data is leading to big changes. These changes are exciting and will make the work of marketers even more effective. We’d love to hear your thoughts on Big Data. Are you leveraging all of your brand’s cross-channel data assets today? Are you planning to do so soon? Let us know.