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Data is the strongest currency in marketing, and VentureBeat can be a lot

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Data and the information obtained from its analysis has been used in marketing decisions for years. Only in the first years of this millennium began to talk about “big data”. Especially in the last 10 years, the amount and importance of information in marketing has increased exponentially. It is strange that the “big” face is so small in this context.

According to many estimates, more than 90% of all data globally has been created in the last few years. By 2025, humans are estimated to produce 463 billion gigabytes of data per day. According to statistics, in 2021, 4.66 billion people will use the Internet, which is about 60% of the population, and this figure is growing by hundreds of millions every year. With the massive increase in use and digitalization, Journal of Cybercrime He estimated that in 2025, cloud services will have more than 200 zettabytes of data – 1 zettabyte = 44 trillion gigabytes.

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Where does most of this come from?

As early as this millennium, marketing data was primarily used to track sales and analyze the impact of email campaigns. Today, human-derived information for marketing comes from more sources: online shopping, clicks, search behavior, social media activity, geographic traffic, and more. Brands want to meet consumers more effectively in the digital world. For example, according to statistics Software BusinessAbout 70% of Instagram users viewed photos and videos posted by brands in 2021.

At the same time, as the amount of information increases, it becomes more difficult to collect it with different consumer protection rules (e.g. GDPR and ePrivacy) and changes in services. For example, changes to Apple and Facebook allowing app users to make decisions about their data are very welcome for consumers, but they reduce the ability of apps to collect data and make it harder for service providers to provide individualized services. Apple’s decision to cancel the use of the unique IDFA (identifier for advertisers) files in the same category. These changes have had a significant impact on marketing strategies and created new challenges for marketers.

Quantity infinity of data and its inevitable growth is a major challenge for today’s marketers. No team has the physical ability to process so much information, not even the ability to prepare really useful analysis for it. Fortunately, the data-driven world recognizes and solves its problems, as many new smart products and services for data analysis have emerged to support marketers around the world to truly take advantage of the growing amount of information. This development is still in its infancy, and I can see it, for example, new customers of my own company, Supermetrics: 80% of them have never used such a service before.

Need marketing and information rules

Legislators and decision-makers around the world have also been active in regulating data, although in many places it is almost impossible to keep up with change. The actual use of data requires rules and regulations, because growth always increases the potential for abuse. The task of technology companies is to build information pipelines Ensuring the reliability and security of AI and analytics.

Information is a new currency for businesses, and its rapid growth rate can be frightening. The main challenge is to use the information in a way that is useful to both marketers and the consumers who produce it. And by doing so, you manage “big data” in an ethically correct and consumer-friendly way. Fortunately, we have many great services for data analysis, effective regulation to protect the rights of consumers, and an endless supply of information to create better products and services. The key for businesses is to master these technologies so that they don’t get bogged down in their data.

Michael Thuneberg is the CEO and founder of Supermetrics.

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