Join Curtis Richardson for an in-depth discussion in this video Pinpointing with big data, part of Marketing: On Assignment.
- Hypothetical question. What if someone could track your likes? Or your dislikes? Your taste in content and in advertising? Your taste in movies, music? Your thoughts, ideas, opinions? Kind of scary isn't it? Well, it's a thing. Called Big Data. And it is not nearly as scary as this jacket makes it. Actually just a bit, I'm not, its not that bad. It's actually, it's actually really, really helpful. See look. See every transaction you make, whether it be like a financial one or even a social one online, is literally tied to a Non-Personal Identity.
Because of information we share online, marketers can know what people want. And it comes in all formats. Structured data, numeric data, emails, video, text documents, tweets. See, we are constantly producing data. In fact, we produce 2.5 quintillion bytes a day. Which is a lot. Which is like a lot. And with this information about people and their preferences businesses can help improve their products. Understand their audience better and plenty more. Not a lot of information right? And because of that, naturally, it can't be simply sorted through.
So with a complex system of algorithms which I looked into and I cannot explain it all, machines can help pinpoint things to improve products. Hypothetical situation, I researched. So let's say an online streaming service wants to make better forms of content on their platform. I'm doing this for a purpose. And with Big Data, companies can pinpoint exactly what they need to improve. (sound of dart hitting target) And Big Data allows us to understand our market. (sound of dart hitting target) And pinpoint the things they exactly want. (sound of dart hitting target) Nice.
And by utilizing Big Data, it helps marketers become just that more efficient. And it's not that scary. (sound of dart hitting target)