A recent Cambridge/Stanford study showed that Facebook data can generate a more accurate view of a person's personality than their friends, family - even their partners. This is another wake-up call to the power of social media data, something all marketers need to be taking seriously.
As more of our lives are mediated by technology, we're all becoming data generators. That data, our digital DNA, gives marketers more ways to find us, more ways to connect with us, more tools to make better educated decisions on what audiences will respond to. With that being the new normal, traditional wide-bracket demographic targeting is dying - it's time for brands to welcome the world of individual targeting.
In the past advertising and marketing was pretty straight forward. Girls like pink and boys like blue. Women belonged in an apron and men in the garage. Furthermore, the power was in the hands of businesses rather than those of the consumers. Thankfully, the cultural and digital revolution changed everything we once knew about advertising.
In order to maximize profits in today's digital landscape you must be able to capture and analyze customer data. Top online marketers are able to achieve more than three times the conversion rates of other marketers. Which side are you on?
Today you need to see through all the hype of Big Data and know truly what is important and what is marketing mimics. To help solve this issue I want to put a creative twist on the traditional 4-Ps of Marketing with some context around Big Data. Specifically, I have coined the following concepts as the NEW 4P’s in Marketing to help folks clearly understand why they care about Big Data in their marketing programs.
Digital marketers seem to be too engrossed in using more innovative means of marketing their business that there is one aspect of their digital marketing that should be a high concern yet often neglected as it can give a better and a long term turning point of their business success and that is privacy.