big data thoughts

5 ideas about big data

Supernova Big Data Summit, October 2014

www.bloomworldwide.com

Recently I went to Quantcast’s Big Data Summit to hear from

the media and adtech industry about the latest trends in big

data. These 5 ideas that resonated with me.

- Laura Dinneen, Strategy Director


The appeal of programmatic buying comes with a warning

Image credit: h"ps://unsplash.com/thomaslefebvre


Programmatic digital advertising is the fastest growing form of digital advertising, currently contributing to 25% of total digital advertising spend. Its immense opportunities for improved targeting, automation and above all else, increased efficiency and ROI come with a downside. 12% consumers have complained directly to advertisers, because of sloppy, irrelevant and annoying retargeting campaigns. More thought needs to go into the planning of automated campaigns so that brand reputation isn’t damaged and money isn’t wasted chasing the wrong consumers.

Image credit: h"ps://unsplash.com/thomaslefebvre

Programmatic buying


Image credit: https://unsplash.com/jacobvalerio

There is growing tension between creativity and data


James Dunford from Cotswold Outdoor said that his relationship with agencies has changed from creative to technical, and the technical relationships are the ones he’s concentrating on developing. But we can’t assume this means a relationship with technology alone – people are just as if not more important. There’s a current debate in the industry about data and insight stifling creativity. I don’t believe this to be true at all (unless the insight is just bad), but I do see the value in striking the right balance between the two.


Creativity vs. data


Attribution needs to focus on outcome over action



I hear a lot about the challenges of attribution and that as an industry we’re way behind where we should be. Attribution needs to mature to demonstrate the long-term effects of brand exposure and engagement. We need to make sure we’re not forcing ourselves into models that don’t consider the bigger picture. Chasing short-term ROI can be short-sighted, but is often what we’re asked to do (marketing managers are generally only in the job for a couple of years, and need to demonstrate short-term results). We should also challenge ourselves to think long-term and broader than digital.


Outcome over action


More isn’t just more – more is different

Image credit: flickr.com/photos/alkalinezoo/


Getting sick of the term ‘big data’ (I don’t like hypey terminology), I’ve started calling it ‘more data’ instead. But I’m wrong! Kenneth Cukier from The Economist pointed out that with data, more isn’t just more – more is different. Advances in data science and big data are challenging what we know and how we know it. We no longer need to rely on samples – we can just get it all. This changes the game and opens the door to not just more but different possibilities.


More is different


Image credit: flickr.com/photos/brianscott/

Big data is the new alchemy


Data has become a resource, a new raw material. Not only is it a valuable commodity but it also allows us to create, test and invent. Now that we can collect, store and process data like never before, we can play with it to discover things we’d never expect. Splicing micro data from every farm in America with meteorological data meant a billion dollars for crop insurance and seed manufacture companies. Wal-Mart uses customer data to make sure they have the right products in stock ahead of changes in the weather. For example did you know that sales of strawberry Pop Tarts increase 7x before a hurricane?


Big data is the new alchemy

Thank you all for watching

That was fun!

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