Thank you everyone for joining me at The Big Data World Canada 2013. A special thanks to Terrapinn for putting together such a fantastic event. Below is a copy of my presentation on Big Data strategies for online marketing. There will be an audio track to accompany it shortly, for which I will keep you updated.
There is a lot of discussion these days on the topic of Big Data. How the growth of data has reached exponential rates over the last few years. How this data needs to be stored. How to analyze this new abundance in data. What to analyze.
The simple fact is that Big Data is more than just large sets of data, it is a revolution in information that reaches and includes anyone with access to an internet connection. The information and capabilities of Big Data are available to all organizations small, medium, and large alike. The size of these data sets may differ from gigabytes to terabytes or even petabytes but the fact is, organizations with a presence online can all begin to access the potential of the Big Data revolution. From simply installing a free version of Google Analytics onto a website, paying as little as $2000 a year for Splunk, or accessing the data already collecting on a website’s structured database, the capabilities of collecting increasingly large amounts of data insights are a reality. The difficulty now lies in knowing what to look for and having the right people looking for it.
Deciding what kind of information will help drive your organization’s success before you start mining data will save a lot of time and frustration. This can be anything from Customer Lifetime Value to email Click-Through Rates to just simply site visits. Define these initial KPIs early then experiment with new data insights as they become available. But just as important, ensure that you have the right people extracting and creating these insights because without them, the data is just another stream of endless information. These people include your analysts, developers, marketers, or anyone with access to your data stream that can provide insight.
Please join me at the Big Data World Canada 2013 Conference on March 5 as I and other speakers present this topic and other related Big Data topics in more depth.
The story about these boxes is important for three reasons:
- It was a task we had never planned on undertaking.
- We learned everything from scratch.
- We didn’t pay anyone to start until we found a reasonable price.
It was very extremely frustrating at first. We had no idea where to start or who to talk to but we not only found what we were looking for, we also found it for a great price with quality work. The final price was literally a quarter that of the highest “bid” for our project. We spent hours searching and calling around until we found someone that would do it for a reasonable price.
Most importantly, when we found that price we bid it down anyways.
Why should you do this?
Well, besides the obvious reason of paying less, it’s for psychological reasons. If you accept their first offer they will automatically feel that they undercharged you. Think about it, haven’t you ever started bargaining for something and when they took the first offer you immediately thought: “I should have asked for more!” That’s why, if you have a bargaining position, always use it, even if you feel like you are already getting a great deal. Plus, this way you find out what the true value of the product is!