Marketers are swimming in data. The amount of data available to marketers is exploding and the analysis of very large data sets, popularly referred to as “big data,” has been touted as the next wave of productive marketing practice. Such data range from records of transactions to the text of reviews and customer service interactions, to images and video. The availability of such data should make brand building easier.
Data are important. And, data are increasingly used to help us in all areas of society. However, there is an underlying issue, the role of data and research is to inform, not to decide.
Over at AdForum.com Jacques Van Niekerk, Wunderman Data’s CEO, shares his perspective on why agencies are merging with data companies.
2.5 Exabytes of data are produced everyday by internet users. That’s equivalent to 250,000 Libraries of Congress. With so many posts, pictures, reviews and videos at our disposal, we tend to think we already know everything we need to about our customers.
In his book The Paradox of Choice Barry Schwartz has shown that an excess of choice for the consumer usually has a negative impact on sales results.
