Fact: Big Data is Big Business. Conservative estimates say that in the space of two days, humans are now capable of producing the same amount of information that was generated from the dawn of time until 2003.
‘If the statistics are boring, then you’ve got the wrong numbers.’ Edward Tufte
Many people in the marketing industry describe data as ‘the new oil’, a commodity that will keep the wheels of big business turning in a new, online world. In many ways they’re right. Big Data reveals more about customer habits and behaviours than ever before, equipping marketers with unprecedented amounts of information to tailor campaigns and speak to people on their terms. But as we try and swim in the Big Data tsunami, are we tracking and analysing the right kind of information? Last week we talked about the tools you can use to measure your data. This week we’ll explore the kinds of data you should be measuring in the first place.
I read a sobering statistic this week. It initially shocked me, but as the surprise subsided it was replaced by a gentle acknowledgement that it’s a sign of the times: