Technology and data capabilities are just two ways the world is changing. With more interconnected devices, we now have access to even more robust data sets. But big data has been a tremendous challenge for many organizations to scale and utilize effectively. And you have to have the right skills, time, and tools to even try and attempt it on your own, so how do you get started?
In this webinar, Keith Johnson, Chief Product Officer, and Renee Smith, Chief Research Officer, of GutCheck, demystify big data while clearly demonstrating how you can leverage this powerful tool to drive success across your organization from research, to product, to media buying.
Demystifying Big Data
Big data can be defined as extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions—it isn’t just data for data’s sake. How big is big data? One of the data management platforms (DMPs) we leverage at GutCheck, has over 900M consumer profiles globally with 10,0000 different data points associated with it. To get even close to that amount of data from consumer surveys, you’d have to run about half a billion surveys. So while big data has been most impactful to programmatic advertising and media, it also provides a lot of opportunity for market research. Due to the insight it provides into consumer behavior as budgets continue to shrink and the speed of decision making continues to increase, big data is pivotal.
Infusing Survey Research with Big Data
The obvious benefits of using big data in marketing includes gaining a better understanding of people, content, and media. But infusing survey research with big data also means the volume of questions that need to be asked are reduced as big data provides more answers. So our understanding of consumer behavior is going to grow exponentially over time as we bring these two worlds together. We value the ability to incorporate big data to use fewer questions to help us deliver more speed and value in the agile market research space.
There are certainly still challenges to infusing survey research with big data before organizations can reap the benefits. Since DMP’s were originally meant for advertising, they haven’t been made research-grade, so oftentimes there are errors or inconsistencies in the data related to an audience. As a result, it is important to find an agile partner that has already vetted the data quality by source, and one that has the experience and skills to help you uncover the highest-value insights. Watch the full webinar to learn more about our process and how to connect the dots and unlock the power of audience intelligence to drive consumer segmentation. You’ll also learn more about
- How to pair survey data with big data to improve your media effectiveness
- Why audience-first market research is essential to effective customer segmentation
- How a thorough understanding of personality characteristics can transform your brand’s creative and copy to connect with your consumers