Big data, quite literally, is projected to be the next ‘big’ thing. We're all about big data right now. Big Data is the ocean of data now available to businesses via the social web, machine data and transactional data. The big data varies in terms of volume

1. The Big Data Effect on Marketing
Big data, quite literally, is projected to be the next ‘big’ thing. We're all about big data right now.
Big Data is the ocean of data now available to businesses via the social web, machine data and
transactional data. The big data varies in terms of volume (tons of it), velocity (collected at
frequent intervals), and variety (different types of it).
According to a BMO Capital Markets report, $50 Billion is what marketers are spending on Big
Data and advanced analytics in the hopes of improving marketing’s impact on the business.
‘Big’ misconception: Big data is not for the small guy
Irrespective of the size of an enterprise, it always needs the leverage that data analytics (of the
right data of course) can provide. For any size of business to stay competitive, it’s imperative to
get a handle on its data because its counterparts are likely already doing the same with theirs.
However, it is important to not get overwhelmed by large amounts of data, which can’t be easily
accessed or understood, much less utilized. As new software increasingly allows for better
collecting, analyzing and utilizing data correctly are going to excel faster than we have ever
seen.
How can marketers use big data analytics to their favor?
1. Asking the right questions: Just like with Will Smith from I, Robot, the response, or the utility
of it depends on the quality of the question. With the glut of data available with the businesses

2. today, they have to be cautious not to get trapped in an endless analytics exercise. The right
questions need to be asked right upfront, and the sight of the end goal should not be lost. For
e.g., the right question to ask for an automotive company could be what is the marketing spend
to revenue ratio in different zip codes for different models. This will lead them to fine tune their
marketing dollars flow.
2. Being creative with what you have: More data generally means more work for the analyst.
However, it also means more opportunities for the business to model important factors like
consumer behavior, allowing for more accurate views of opportunities and risks. Most utility
companies are like credit card companies – they allow usage before getting paid. Such
companies can set limits on these credit lines by creating risk models for low-income consumers
through say, payment histories for other utilities or credit cards.
3. Optimizing spend and impact across channels Even now, in the age of cookies and
click-throughs, it’s not always easy to optimize spending allocations. Big data can take the
guesswork out of this exercise, and provide precise, near real time inputs about the
engagement / response of the target audience to your marketing / advertising endeavors.
In Super Bowl XLVI big data was used to analyze the actual engagement of all the Super Bowl
ads during the game. ​The traditional measure provided by USA Today AdMeter suggested that
Coca-Cola had done rather poorly, yet when re-examined, the actual levels of consumer
response and engagement Coca-Cola’s was top of the charts​.
4. Keeping it simple: Too much information is overwhelming. No one likes models and reports
one needs a Ph.D. to decipher. Big Data and advanced analytics help create some method in
the madness by providing powerful yet simple, visual models for easy data manipulation and
control.
Big data is seemingly all-pervasive today. If used correctly, it can be used as a powerful
business tool that adds a significant competitive edge. However , it is equally easy to get lost in
the way and become overwhelmed by the data. Enterprises need to be creative and smart in
their approach to this still evolving platform.
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