You probably know about big data. It has been heralded as a game-changing tool and has already transformed many aspects of many industries. According to Forbes, big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis. There are different types of big data and it’s not just the realms of the digital world that count – offline interactions happening in large volumes also count. Forbes splits the field into 2 major areas – unstructured and multi-structured data. The former cannot easily be organized or interpreted by algorithms or databases (think social media posts), and the latter refers to interactions between people and machines (a wide range of interactions including web apps and social networks). But what does all this mean for advertising?
With more data at our disposal and better ways of storing and analyzing what we have, big data looks set to be a game changer for advertising. So what is changing? Well it’s not necessarily how we advertise that will change, but rather the insights informing advertising decisions will be stronger and smarter. Big data can help us get better at understanding customers. This means better honing messages with predictive analytics and gaining new insights on the way customers interact with advertising. Big data isn’t the next generation of advertising, but rather a tool that can help us do things better.