big data

Opinion/Commentary: Big Data’s Dirty Little Secret: Why Cleaning Up Set-Top Box Data Is Not Optional

via Broadcasting & Cable
(source: Kelly Abcarian – SVP, Nielsen Product Leadership & Molly Poppie – SVP, Nielsen Data Science)

The race is on to understand identity across both TV and digital, and when it comes to using big data to understand audiences, there is no such thing as perfect information. The biggest misconception today is that set-top box data represents the universe of actual TV viewing behavior. In reality, it’s far from it, and we must first ask ourselves if this data even represents true-person’s behavior.

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How Netflix Is Using Your Data (Streaming, Sharing, Stealing: Big Data and the Future of Entertainment) via Fortune

Professors Michael Smith and Rahul Telang answered the following questions on this article:

“The making of House of Cards illustrates how a bunch of different changes coming together at the same time can be really disruptive to the traditional industry. The thing that Netflix had that nobody else in the industry had was they knew exactly who those Kevin Spacey fans were and they could use the platform to target them directly. So, Netflix went out and created nine separate trailers for House of Cards and targeted them directly to those users. So, I think part of the story is the power of detailed customer data to help you do a better job of marketing the content.”

  1. People have made a big deal about the idea of “binge-watching” as the embodiment of the changing way we consume media. But, what about the tailored content, based on users’ tracked habits? Which is more important?
  2. Both. It’s understanding at a detailed level how individual consumers are accessing the content, and then using the platform to help them discover and find exactly the right content that’s going to meet their tastes. What the academic literature says is that consumers get an incredible amount of value from being able to find exactly the kind of content that meets their unique tastes—and that consumers’ tastes are incredibly varied, more so than what you can find with traditional broadcast channels.
  3. What’s the biggest reason streaming services have a leg up over traditional media companies?
  4. Netflix, Amazon, and Google all own their own data and they don’t share it with anybody in the entertainment industry.

Access full article from Fortune

Extracting Insights from Vast Stores of Data via Harvard Business Review (Rishad Tobaccowla & Sunil Gupta, authors)

Companies have invested millions of dollars in big data and analytics, but recent reports suggest most have yet to see a payoff on these investments. In an age where data is the new oil, how are smart companies extracting insights from these vast data reservoirs in order to fuel profitable decisions?

Companies that have been successful in harnessing the power of data start with a specific business problem and then seek data to help in their decision-making. Contrary to what Anderson preached, the process starts with a business problem and a specific hypothesis, not data.

Access full article from the Harvard Business Review

83% of Technology and Business Stakeholders Capture IoT Data, 8% Make the Most of It

The intersection of the Internet of Things (IoT) and big data has great business impact potential. This article by Chuck Martin, writing for Media Post, presents findings from the study “IoT Meets Big Data and Analytics.”  This study, conducted by Dimensional Research for ParStream, sought to understand the stakeholder experiences and challenges related to IoT. The study presents the results of an online survey of 200 business people with professional responsibility for IoT projects.

Among the findings:

-While 83% of these stakeholder collect data, only 8% are making the most of it by fully capturing and analyzing it in a timely fashion.

-77% view data collection and analysis as important in their IoT projects.

-44% believe there is too much data to analyze effectively.

-36% feel that it is difficult to capture useful data.

-34% of the respondents either don’t store or don’t analyze any IoT data.

If the challenges involved in IoT projects could be resolved:

-76% of respondents would collect and store more data.

-70% believe they would make improved business decisions if they were able to capture and store data faster and more cost effectively.

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Data is the Next Big Thing in Content Marketing

Alexandra Samuel, writing for the Harvard Business Review analyzes data journalism, which the author views as an important trend.  Data journalism draws on the growing availability of data sets and data analysis tools to uncover and tell stories.  Big data offers marketers the opportunity to develop data-driven stories involving new insights, to tell stories in a compelling manner, and to have the stories disseminated via social media.

However, Samuel points out that data visualizations driven by original data are rare.  While infographics are frequently used by corporations and marketers, these infographics do not focus on original data-driven content.

Benefits of offering data as a content marketing resource include:

-Increased traffic: data visualizations and reports are likely to be shared on social media.

-Value: by offering unique information and actionable insights, the company’s content will provide value.

-Authority: by offering a report or infographic with new information or key trends, the company’s expertise is highlighted.

-Learning: by releasing some of the corporation’s data in a form that readers can use to create their own charts or analyses, new insights may be revealed.

-Transparency: by offering information on the patterns revealed by consumer data, brands can help consumers feel more comfortable with the use of their personal data.

Samuel feels that some companies have successfully used their own data to drive original stories, such as OKCupid, General Electric, Kickstarter, and Jawbone.  However, the potential of data-driven marketing is not being fully utilized by most companies.

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For more on this topic, check out the Marketing Tab in Morning Coffee.



Big Data: Too Many Answers, Not Enough Questions

In this Forbes article, Bernard Marr reminds readers that data on its own is meaningless. To avoid drowning in data, and for data to be useful, marketers must first know what data is needed.  Otherwise, too much data will obscure the needed answers.

Marr stresses the importance of starting with a strategy and identifying the right questions. Know what you are trying to achieve, then develop the questions to which answers are needed.

By knowing the critical questions, the data needed to answer those questions can be accurately identified. By following this process, you will be able to improve performance and harness the primary power of data.  Decision-making will be supported by the data developed by asking the right questions

Marr concludes that data is a strategic asset, but it must be used constructively and appropriately, as he has outlined above, in order to deliver optimal results.

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