Data Is The Strongest Currency In Marketing And There May Be Too Much Of It

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The information obtained from its analysis և The information has been used for many years to make marketing decisions. In the early years of this millennium, he didn't start talking about Big Data. Especially in the last 10 years, the amount and importance of information in marketing has increased dramatically. It is strange that the "big" face is really small in this context.

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It is estimated that more than 90% of the world's data has been generated in recent years. By 2025, humans are expected to produce 463 billion gigabytes of data per day. According to statistics, by 2021, 4.6 billion people, about 60% of the population will use the Internet, and this figure is growing by hundreds of millions every year. With the sharp increase in digital usage, Cybercrime Magazine estimates that by 2025, cloud services will receive more than 200 zettabytes of data: 1 zettabyte = 44 trillion gigabytes.

Where do most of them come from?

At the beginning of this millennium, marketing data was mainly used to track sales and analyze the effectiveness of email campaigns. Today, man-made marketing information comes from more and more sources: online shopping, clicks, search behavior, social media activity, geolocation, and more. Brands want to know consumers better in the digital world, don't they? For example, according to Business of Apps statistics, almost 70% of Instagram users have seen photos and videos posted by brands in 2021.

At the same time, as the amount of data increases, it becomes more difficult to collect due to changes in various consumer protection regulations (eg GDPR և ePrivacy) և services. For example, the change that allowed Apple և Facebook to make decisions about the information of its users in their applications was welcomed by consumers, but the software reduced data collection capabilities and made it difficult for service providers to offer personalized services. Apple has decided to stop using special IDFA (Advertiser Identifier) ​​files of the same category. These changes have had a major impact on marketing strategies and new challenges for marketers.

Excessive quantitative information և their inevitable growth is a big problem for traders today. None of the teams has the physical capacity to process so much information, let alone the ability to perform many useful analyzes on them. Fortunately, the data-driven world knows how to respond to challenges, as many new data analytics products and services have been developed for marketers around the world to take advantage of the increasing amount of information. According to my company New Supermetrics, this development is still in its infancy, 80% of them have never used such a service.

The need for marketing rules և data

Legislators and decision-makers around the world also play an active role in regulating information, and in many places it is difficult to keep up with change. The actual use of data requires rules and regulations, because growth always increases the likelihood of abuse. The role of technology companies is to create data channels that ensure the reliability and security of AI analytics data.

Information is a new currency for business, and its incredible growth rates can be intimidating. The biggest challenge is to use the information in a way that benefits marketers and consumers. And at the same time manage big data in an ethical and consumer-friendly way. Fortunately, there are many great data analytics services, effective consumer protection guidelines, and better information delivery to make our products and services more accessible. The key for businesses is to use this technology to prevent their data from being compromised.

Michael Tuneberg is the CEO and founder of Supermetrics.

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