Following an event which distilled the thoughts of advertisers, agencies, publishers and technology providers from across the world of online, this report from Criteo exposes the myths behind big data.
Featuring presentations from Twitter, Microsoft, Google and Engine; ‘Exploding the myths behind big data’ identified five points which companies should be thinking about online. Big data should be placed at the top of the agenda to make sense of the inordinate amounts of data that are increasingly being collected.
1. Advertisers aren’t capitalising on their own data: Contrary to accepted wisdom, the majority of sales often actually come from existing or active users (up to 70%) rather than new customers. It is therefore imperative that advertisers understand the interactions of this group of individuals.
2. The role of premium content is changing: Despite an increasingly user centric marketing world online, premium content is still important. Context will play a lesser role with a re-emphasis on the performance and returns derived by advertisers from publishers investments in rich content.
3. Advertising is the same whether in social media or on publishing sites: Whether presented as a sponsored tweet or on a publisher’s site, the principles are the same, only the executions differ. Understanding the consumer’s intent in each channel is the main requirement.
4. The importance of fostering creativity: Robin Wight, President Engine said: “If data is the new oil, then creativity is the new drill.” Data need not be the enemy of creativity, but too much can stifle originality. Better analysis of data can improve understanding of consumer intent, which can stimulate more creative executions. Increasingly “Data scientists” or “Detectives” will be required to provide this insight and data literacy will drive the next level of growth for creative advertising.
5. Analytics doesn’t just sit in the analytics team: The whole organisation, from the CEO downwards, needs to respond to data in real time. There is a growing talent gap for the right people to work in these roles. It needs to be at the top of the agenda for companies as data is changing the way in which we do business.
Michael Steckler, Managing Director Northern Europe & Benelux Criteo added: “Most of the growth online is coming from companies that are able to manage an inordinate amount of data. I see advertising following the same route – thriving in the era of big data means analysing it in ways that add value to your customers, understanding consumer intent and then delivering compelling, creative executions that transform intent into measurable action and sales. For me the event showed there is a massive opportunity for advertisers to use data not only to understand consumers online but also to provide them with creative and relevant content.”
Source: http://www.criteo.com
