understand and embrace big data This is the fourth of five thoughts addressing tends in marketing that all marketers need to understand, and many will need to embrace sooner rather than later. There is a lot of talk these days about so called ‘big data’. Yes, it is irritating jargon, but big data offers enormous […]

understand and embrace big data This is the fourth of five thoughts addressing tends in marketing that all marketers need to understand, and many will need to embrace sooner rather than later. There is a lot of talk these days about so called ‘big data’. Yes, it is irritating jargon, but big data offers enormous opportunities to reduce costs and increase returns. It is certainly more likely to increase the return on your investment in marketing than intuition will ever do. Recent research in the United States found that 50% of business executives believe that big data has fundamentally changed their businesses. Further, the growth rate in business expenditure on software designed to collect and process big data is growing at a rate of 10.48% per annum – from $42 billion in 2018 to $103 billion in 2017. McKinsey Analytics asked business executives why they were using big data. Their…