Tag Archives: google

Big Data done……. but what’s next ?

Today big data, is considered to be yesterday’s news as most successful companies have already moved on with it. But what’s next is more important and for these global or progressive organizations.

Few of the major advancements are data integration(automated machine learning or AI),  big little data (basically the tremendous proliferation of small data sets across the web) & video data. The emergence of these are a result of the limitations that big data has as it has been successful in finding trends & correlations across large dimension like population, GDP, timelines, etc. But big data itself is formed with small fractions of data and each fraction has a significant impact on the overall output. 

Data integration is also currently happening with the help of technology and combined with big little data, it will throw insights that may change the way we see at information and decision-making. For e.g. models based on not just industry data but sentiment data, inflation, demographics or any other predictive models which may seem unrelated.

But the transition to big little data isn’t going to be easy, as there is tons of information stored in HTML tables across the web that may look ambiguous but will have contextual relevance. Leading this phase are companies like Google & University of Michigan who are looking at these smaller sets and how to make sense of them, so that it can be made user-friendly.

Data integration has been spoken about for sometime but currently its limited due to human intervention. Its needed since massive data sets need a human mind to figure common aspects between otherwise 2 unrelated pieces of data. Currently the algorithms can relate 2 sets of known data sets which are linked but cleaning the data, resolving issues with data and then finding a pattern by its own is still a challenge which can be tackled only by a beautiful mind now. Although there are noticeable breakthroughs achieved this by crowd-sourced data repositories but there is still some way to go. Yet one of the biggest sources of big little data will  be the smart phone that houses tons of data which isn’t available out in the market once that comes out data integration will reach another level.

 Now the most interesting one – Video data. This actually means extracting streams of data from video. Today world is moving towards video and everywhere videos have taken precedence over pictorial data and this trends has just started and growing. This make big data seem like big little data tomorrow.

All 3 are game changing innovations that are currently worked upon and highly anticipated, just cant wait to see how they change the way we see the world.

Evolution of Marketing

All of this started during the pre-industrial revolution during the 18th century where everything was hand-made and was made to order. Barter of goods and services was the way, trade operated in those times. This was known as the trade era where traders had an upper hand in selling stuff for a margin in terms of getting upgraded products/services in return for their offerings.
Then came the production era where mass production was the name of the game. One size fits all was thought that all believed in and the belief that “people buy what we make”, it worked well especially considering that there was no or extremely limited competition. This era lasted from industrial revolution from 1860’s to early 19th century.
Following the production era was the era where sales played a pivotal role in the industry forming it the sales era. Due to the mass production markets got saturated which resulted in product demand plummet. More and more companies entered into the production era and commoditized the market making it difficult for the companies to sell their products as there was hardly any differentiation. Pricing played a pivotal role in convincing the consumers to buy products from a particular manufacturer. This era lasted till the middle of 19th century.

After sales era there was dire need for the companies to give the consumers products that they needed rather than what they could make. This innate need started the era of marketing where companies realized that consumers now had multiple options and they would need to differentiate their products from other manufacturers. In other words real branding started emerging during this phase where all companies started targeting certain segments in the society to ensure that they catered needs of that particular segment through their product/services. Later on during the same era customization also played a key role and changed the way companies made products. Businesses existed because they fulfilled some unmet consumer need, and they realized that consumer is now the king who needs to be served with what he wants and how he wants.
And today in the marketing era the role of digital marketing is not just a fad but whole new way of reaching and engaging consumers. A couple of years back, large companies mandated the use of this medium and allocated specific budget like 10% of the total media spends have to be on digital but today, the medium has not just proved itself but redefined how marketing has to be done. I would say it has enabled marketers to achieve individual marketing rather than segment/mass marketing. With the help of tools made by companies/brands like Google, FB, etc it has enabled marketers to market their products and services to an extremely specific set of people which is the IDEAL TG. Products and services are now being launched online and that launch has a much better impact / result as compared to traditional launch since it reaches the right audience, in time and is completely measurable. A simple e.g. to showcase importance of this medium is to see any established company today when they dish out a role for a brand manager / marketing manager it has a mention of a particular skill-set i.e. Digital Marketing.
I think the future of marketing will be something where consumers will try and create products themselves by just customizing everything. Depending on he consumer preferences which is tracked by Google and many other companies marketers could show them creatives that they are more likely to get influenced from. Although this may be an expensive proposition of creating multiple edits but if we look at the end result I think the effort will really lend value as it will generate higher sales.