Big Data is an emerging trend in the marketing world. Every way you turn, companies are capturing data about consumer preferences and buying habits. Terabytes of data flow in each day from sources around the world. Where marketers once relied on surveys and focus groups to learn about shoppers, they now can gather vast amounts of data from myriad sources, such as shopper loyalty programs and social media.
A recent BMO Capital Markets study says marketers are spending $50 billion on Big Data and advanced analytics in hope of improving the impact of their marketing efforts. With all the data being collected, Thomas Ordahl, chief strategy officer of Landor Associates, says the challenge is to provide effective analysis that derives insights to help marketers better understand their customers.