As demonstrated in the recent presidential election, a simple statement that created an emotional connection with millions of voters undid big data analysis. You may be asking how did this happen and how was it misdiagnosed?
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Devin Wenig, President of eBay Marketplaces recently spoke with McKinsey & Company about how digital technology was transforming the retail marketplace. One of his insights that can apply to companies serving the aviation industry was his take on the importance of small data vs. big data.
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“Big Data” is a misleading term. It’s not a technology, but rather involves using data to gain insight. Big Data helps you visualize structured, semi-structured, and unstructured data. This visualization of combined data provides a multi-dimensional view of the ecosystem your product or service resides in.
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Here we are in the age of “Big Data” where everything can be tracked and scrutinized. For aviation marketers is means one more hurtle to jump when trying to justify investment of marketing funds for inbound marketing programs.
Traditional RIO measurement seems very simple – take the gain of the investment, subtract the cost of the investment, and divide the total by the cost of the investment.
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Big data is the buzzword of the day. The techno savvy number crunchers are heralding big data as an “end all, be all” for tracking RIO and determining which marketing initiatives to fund. I’m in agreement that big data, when properly interpreted, can provide customer insight as to the purchasing habits and the media channel that culminated the sale. No argument – this is valid tactical information and should be considered when planning marketing initiatives.
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Life After Advertising 2.0 