The Importance of Big Data & Analytics in Marketing

if you're in digital marketing you have a lot of data but what do you do with your data what should you do with your big data Digital Marketing has changed from a soft science for salespeople and turned into a hard science that demands the measurement of data to remain viable in your increasingly competitive marketplace CMOS CFOs and CEOs are working hand in hand to find ways to monetize this data so today we'll give you a brief but in-depth education on the type of data available as well as how to analyze that data to turn you into a digital marketing guru so you can impress your friends at the Catalina Wine Mixer first party data is your data you own it it may be located on your CRM website analytics or social listening tools and displays trends or buying behaviors that you own second party data is shared data a cooperative of data sharing with non competitors and a complimentary vertical space for example Veronica goes and buys a new smartphone knowing that she'll break her smartphone the retail store shares her data with the electronics repair shop the repair shop used the shared data to target Veronica with their advertisements two weeks later Veronica drops her phone in her drink but remembers the and she saw and goes to the repair shop the repair shop then shares this data with the retailer and begins targeting Veronica with new smartphone advertisements last but not least of the data trio is third party data third party data is the refined data data management platforms aggregate first party data from multiple publishers neatly packaged this data and then sell it to media outlets like DSPs and SSPs so now that you have your data what exactly do you do with it well you need to be able to analyze it so let's talk analytics because you know what they say if you don't use it you lose it analytics has two sides and when properly used resembles the water cycle consisting of precipitation condensation and evaporation the cloud represents the data that you already have by creating a target a message and medium you have an advertising campaign that rains in sports where to your target market now your filter data is collected into a pool of information where it gets analyzed and then evaporates back into the cloud only now where data is refined helping you create healthier campaigns making your target market happier and impacting your bottom line the world of digital marketing is a complex place but the educated use of data and analytics allows marketers to use information to understand the world around them at programmatic advertising org we're here to educate you on better practices for using your big data so sign up to our newsletter to stay up to date on how you can make educated marketing decisions and turn your marketing department from a cost center into a profit Center [Music]

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Length: 3min 7sec (187 seconds)

Published: Wed Jan 29 2020