What is big
data ?
Popular term, used to
portray the exponential growth and availability of structured/unstructured data.
3 Vs of Big Data (articulated by industry analyst Doug Laney) :
ü Volume- many factors creating an increase in data volume.
Data is flooding in from social media, more and more data being collected.
o
Data storage use to be a problem but now new problems arise such as how
to find relevance within the data and how to create value from the existing
data.
ü Velocity- data flowing in at extraordinary speed and has to
be dealt with in a reasonable time. To deal with torrents of data, RFID tags,
sensors, and snart metering is used.
o
For many organizations it is challenging to act fast enough to deal
with the data velocity.
ü Variety- data comes in all kinds of different formats. (Structured,
unstructured, email, audio, transactions.)
o
Many organizations struggle with managing, merging and governing different
variations of data.Source: Sas.com, (2015). What Is Big Data?. [online] Available at: http://www.sas.com/en_us/insights/big-data/what-is-big-data.html
-----Interesting Video: Big Data- What It Means to You
http://www.sas.com/en_us/insights/big-data/what-is-big-data.html
How and
when a company should use media agencies?
ü Marketing and communications needs
ü To solve a problem/issue
ü values & opinions of consumers
ü looking for enhancements
ü research
Sources:
- Olap.com, (2015). Big Data Collection: What’s in it for Me? | OLAP.com. [online] Available at: http://olap.com/big-data-collection-whats-in-it-for-me/
- Kantar, (2015). Coverage. [online] Available at: http://tgi.kantarmedia.com/international/about-us/coverage
How to
collect and analyze media habits ?
v Web analytics:
Used often by companies
using ecommerce. Provides answers to whos looking at your site, unique visitors
or not, and how they got there, key words searched..etc.
Important information
for any company with a website, facebook page, twitter or other social media
site.
Source: Webopedia.com, (2015). What is Web analytics? A Technology Word Definition From Webopedia.com. [online] Available at: http://www.webopedia.com/TERM/W/Web_analytics.html
What
are the ethical and legal issues related to data collection ?
ü PRIVACY ISSUES
ü incomplete/ badly done anonymization- when companies
try to protect the privacy of indivudals but it doesn’t work as planned.
Example:
Massachusetts Group Insurance Commission released data which was part of
a study showing state employees’ hospital visits in the mid-1990s. The data was meant to by anonymized. To prove
limtiations in anonymizations, a graduate student was able to identify the
governor (William Weld.)- The same student (Latanya Sweeny) resumed her work and was later able to show that 87% of Americans could be recognized by just using the following points: birthdate, gender, and zip code.
Aug 2006, AOL released 3 months of search
queries by 650,000 of its users to the public. Anonymization was tried
however the users could be recognized just
on the pattern and substance of their searches.
Source: Davis, S., Lambert, E., Geibelson, M. and Rader, M. (2015). Big Data raises big legal issues. [online] Insidecounsel.com. Available at: http://www.insidecounsel.com/2014/03/28/big-data-raises-big-legal-issues
·
How to make
a media plan ? (different steps)
·
Examples of
a media plan
Media Funnel”à “Engagement Pyramid”
Instead of starting with the most extensive reach vehicles, and going
down to the 5% that matter. Things can be done vise versa, starting with the 5%
and then going to the broader reach.
Some advertisers using this method, like Nike
had decreased spending on traditional media by 40% in the past three years despite
the fact that they have had a rise in total budget.
Source: Blogs.imediaconnection.com, (2015). The Engagement Pyramid: Turning Media Planning Upside Down « iMediaConnection Blog. [online] Available at: http://blogs.imediaconnection.com/blog/2012/11/29/the-engagement-pyramid-turning-media-planning-upside-down/
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