Most marketers today would freely admit that consumers control the marketplace. This is vastly different from the bygone mass marketing era where large media organizations accumulated audiences based on content and availability in order to sell advertisers access to the audiences. Today’s disintermediated media world is characterized by consumer choice which facilitates consumer control over the media they wish to use.
Recent headlines in the press underscore the crisis in the world of advertising and media. Much of this has to do with marketers’ concerns about their ad agency’s buying tactics, potential kickbacks and return on their ad spending. In addition, continue reading.
All of the items below are from recent headlines or research reports and they depict the turmoil and turbulence in today’s advertising world caused when advertisers attempt to deal with a new technology-driven media environment.
Item: For those who plan on buying a car or truck, 27% say TV influences their auto purchases. However, leading U.S. automakers spent nearly $6.5 billion (76% of measured media) on TV ads in 2013.
Apparently marketers aren’t winning this new war as the headlines indicate. Each year, hundreds of millions, maybe even billions, of ad dollars may be wasted due to outdated communication models. Continue reading…
In his 1841 book Extraordinary Popular Delusions and the Madness of Crowds, Charles MacKay wrote of the crowd psychology that drive numerous “National Delusions,” “Peculiar Follies,” and “Psychological Delusions.” Among the various manias were the tulip bubble of the early 17th century, witch mania of the 16th and 17th centuries and alchemists who sought to turn base medals into gold.
Crowd psychology can create an emotional feedback loop whereby dissent may be stifled as the crowd, not wanting to miss out, hears only what they want. As MacKay would say, “We find that whole communities suddenly fix their minds upon one subject, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run it til their attention is caught by some new folly more captivating than the first.” Could it possibly be that all the big data hype fits this description?
In the Bible, David a young man, probably a teenager, defeated the nine-foot Philistine named Goliath with a sling and a pouch full of stones. Until David came forward, King Saul and the Israelite army had been taunted and intimidated by Goliath for 40 days. Today many organizations are overwhelmed by the prospect of taking on the challenge of the giant stream of digital data (big data) from the online world. Like the giant Goliath, big data can taunt and intimidate those who come forward to engage it. Continue reading…
Prosper Insights & Analytics CEO Gary Drenik shares his thoughts regarding the real opportunity for big data and lets readers in on a little secret. Read it here.
Plus we’ve compiled all of his recent posts on the topic in one place to tell the true story about big data and help you navigate the big data waters. These articles provide insight and understanding to identify the opportunity from hype in the big data world.
This is a must-read if your organization is considering taking the big data plunge! View the PDF.
Success in the big data world is far more than what many of the software and hardware vendors would have you believe. Simply buying software does not qualify as being in the big data world. It may only mean that considerable corporate resources have been expended with the hope of doing something productive with large datasets, usually resulting from the digital explosion. Unfortunately, many who choose to engage in big data will eventually fail to successfully exploit it. However, corporate politics will preclude many from admitting failure.
So what can be done to successfully capture the big data opportunity before it’s too late? Continue reading…
Recently I overheard someone say, “If I get one more email or see another self-serving article or conference extolling all the unbelievable ways digital surveillance (AKA big data) can be used to solve just about every problem known to modern man, I think I’ll lose my mind.” Count me in on this feeling.
Coincidentally, many of the articles and webinars are either supported or funded by the large digital consultancies, venture-backed big data firms that want to go public or software or hardware firms looking to sell you their services and training. This reminds me of the Internet frenzy of the late 1990’s, where everything Internet was gold and companies were elbowing each other out of the way to own the next ‘sock puppet’ that walked into their office. The mad dash to invest big dollars in everything big data is the reason cheerleaders point to as why it is a can’t-miss. Isn’t that the same thing they said about the sock puppet? It’s time to take a deep breath. That’s it…inhale slowly—now exhale. Slow down and let’s think a minute about what is happening here. Continue reading…
“Ipsa scientia potestas est” (“knowledge itself is power”), Sir Francis Bacon
Don’t believe the big data hype
Over the last month, I have written about all the hype surrounding big data including how it equals a big headache for executives and how the promise of big data bypasses the C-Suite. This final installment deals with the pending big data disillusionment which may result from the hype and failure of big data to deliver meaningful, strategic solutions for senior level executives. Continue reading…