Data is the strongest currency in marketing and there may be too much of it VentureBeat

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The data and information obtained through its analysis has been used for years in marketing decisions. It wasn’t until the first years of this millennium that talk of “big data” began. Especially in the last 10 years, the quantity and importance of data in marketing has increased rapidly. Ironically, the adjective “big” has been downplayed in this context.

According to many estimates, more than 90% of all data globally has been generated in the last few years alone. It is estimated that by 2025 people will generate 463 billion gigabytes of data per day. According to statistics, at the beginning of 2021, 4.66 billion people used the Internet – about 60% of the population – and this number is growing by the millions every year. With the massive increase in usage and digitization, Cybercrime Magazine estimates that by 2025, cloud services will have more than 200 zetabytes of data – 1 zetabyte = 44 trillion gigabytes.

Where does most of it come from?

At the beginning of this millennium, marketing data was used primarily to track sales transactions and analyze the impact of email campaigns. Today, human-generated data for marketing is generated from a wide range of sources: online shopping, clicks, search behavior, social media activity, geographic movement, and more. Brands want to meet customers more effectively in the digital world, which is happening. For example, according to Business of Apps statistics, about 70% of Instagram users saw images and videos posted by brands in 2021.

At the same time, as the amount of data increases, its storage has become increasingly challenging with changes in various consumer protection regulations (e.g., GDPR and e-privacy) and services. For example, changes in how Apple and Facebook allow their app users to make decisions on their data are very welcome for customers, but they reduce the chances of data collection for apps and make it difficult for service providers to provide customized services. Is. Apple’s decision to devalue the use of their unique IDFA (identifier for advertisers) files in the same category. These changes have fundamentally affected marketing strategies and created new challenges for marketers.

The quantitative infinity of data and its inevitable growth are major problems for today’s marketers. No team has the physical ability to process that much data, let alone the ability to perform truly useful analyzes. Fortunately, the data-driven world seems to recognize and solve its own challenges, as many new intelligent products and services for data analysis have emerged to support marketers around the world to truly take advantage of the ever-increasing amount of information. This development is still in its infancy, and can be witnessed, for example, in my own company, new clients of Supermetrics: 80% of them have never used this type of service before.

The need for marketing and data rules

Legislators and decision makers around the world have also been active in regulating data, although in many places it is almost impossible to keep pace with change. Actual exploitation of data requires rules and regulations, as growth always increases the likelihood of misuse. The job of technology companies is to build data pipelines that ensure the reliability and security of AI and analytics.

Data is the new currency for businesses, and its tremendous growth rate can be scary. The key challenge is to use the data in a way that benefits both marketers and consumers. And in doing so, manage “big data” in an ethically sound and customer-friendly way. Fortunately, there are many excellent services for data analysis, effective regulation to protect the rights of consumers and a never ending supply of information in our hands to create better products and services. The key for businesses is to adapt to these technologies so that they can avoid drowning in their own data.

Mikel Thunberg is the CEO and founder of Supermetrics,

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