When discussing the power of first-party and third-party data, I couldn’t help but think about the efforts the Obama campaign used to transform data into usable scores that could be extrapolated to the rest of voters. By knowing past purchase (or voting) history, demographic background, and other information, companies can segment potential customers and target them accordingly. This segmentation can lead to choices between showing advertisements on channels like Lifetime vs. MTV, showing them in the morning or at night, and showing them in Gainesville or Tampa. I also found the use of different databases and silos quite interesting. This is a very similar situation to issues political campaigns run into. Voter data, donor lists, and other information have traditional been stored in different areas, instead of in a central CRM. As the whitepaper explains, this is common with marketing departments too, and I can definitely agree. Marketing and Sales could benefit from the information derived from tools like the Vocus Public Relations Suite and I’m sure there’s information the Sales department holds that other departments would benefit from. I can understand the privacy concerns that some hold, but I don’t see any of the data being derived to target personal conversations or relationships. Most are being targeted from a standpoint of someone being simply a set of numbers in a system to sell a product. Far more concerning is the relationships between the NSA and large corporations like AT&T. There’s still a lot of potential in the collection of data too. In politics, tracking past history is easy as you can simply import past voter history typically attached to a State Board of Election’s file. In sales and marketing though, much of this data is still very new. What leads to a repeat customer and what product will they want next? The data behind these answers is still very new and has room to mature.
1. Do you see any types of data that could lead to another evolution of big data marketing techniques? What types of data are still so new that they need to mature more before seeing their full impact?
2. I spoke about the relation of politics and big data, what other areas have been impacted by big data?