Pegg Nadler, award-winning magazine marketing guru from New York spoke at the Big Data for Media conference on May 8 in London, sponsored by World Newsmedia Network and Reuters Institute for the Study of Journalism, about magazine business in US. She has made a survey, where she interviewed 15 major magazine publishers representing 250 titles in US.
"Big data is like teenage sex: everyone is talking about it, but nobody knows how to do it."
What is then Big Data? Traditional data is now being called in US as "big data", because there is so much of it and it has been collected for ages from multiple sources. It's also a combination of offline and online data.
The old data concerns are gone, because data storage is no longer an issue, data is easily attainable, data processing quicker than ever and data matching and cleansing improving.
The "true" big data means detailed data collected from websites and digital sources. Big is not just volume, but velocity and increased activity, size and scales not important, but the most important is, what you do with it.
How to use big data:
1. Start with determining the business needs and questions to be answered. What is troubling?
2. Identify the data that will get you there.
3. Build the technology around the information to get it.
Different business needs and questions: customer buying cycle, cross channel view, customer purchase path & preferences, customer research modes, feedback behavious, next best offer.
Data assessment: What data do you have? What data do you need? What other data is available?
After that you have to identify the different data resources and start analyzing, e.g. customer segmentation.
The future is obscure and we can't predict it from the history, so we can use big data to draw the future.
Problems
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