There are few industries clamoring as much about ‘€œBig Data’€ as advertising. If you think about it, nearly every significant web 2.0 company has a big data component to its offering. More often than not, that data is being mined in order to yield more relevant ads (Google), more relevant products (Amazon), more relevant connections (LinkedIn), or more relevant ads, products, and connections (Facebook).
When I asked Google how she defined ‘€œData’€, she pointed me to an expert (in this case Dictionary.com) that insisted that Data is simply, ‘€œfacts and statistics collected together for reference or analysis.’€
The point worth making here is that collecting the data is about as useful as having the next ‘€˜big idea’. As any entrepreneur worth his redbull will tell you, your company is only as good as your ability to execute against that idea. Such it is for ad-tech companies and all the data they’ve been collecting.
The critical thinking portion of today’s class is this:
Consider what information ‘€“ what data ‘€“ you are collecting while delivering your product, service, or experience. How can you interpret that data to yield meaningful insights? Furthermore, what actions can you ‘€“ or your client ‘€“ take to create a more relevant experience for your audience?
Synthesize, organize and extract. (It helps to chant this mantra each morning ‘€“ even
before your coffee)
In your next brand pitch, focus less on what data you can collect, and focus more on how your insights will lead to a more relevant and profitable engagement with their audience.
