Is Everything in the Big Data Market “Big”?
Posted by Ramla Jarrar on Feb. 10, 2017 in Marketing
How Small to Medium Size companies benefit from Big Data & Marketing Analytics
According to a recent report from IDC, the Big Data Market was worth 130.1B$ in 2016 and will grow to 203 B$ in 2020 with an 11.7% compound annual growth rate (CAGR). But is everything in the big data market big?
Large international companies have understood the importance of Big Data and have already either put in place internal data science divisions or started to outsource their data Analytics needs to specialist external consultancies.
But is Big Data only for Big Companies? What about small to medium size companies?
One could wonder why Small/Medium sized companies are lagging and are still reluctant to join the trend. When this question is addressed to key players in this category of companies, the answer becomes clearer. Most of them believe that Big Data analytics is only for Big companies. When we try to dig deeper, it turns out that they either think they lack the data with the required quantity and/or quality, or that they do not have the right resources to pilot such projects.
As a matter of fact, and regardless of the size of the data, a good data scientist will always be able to find ways to enrich the data available at hand and extract useful patterns. The moment small and medium companies get over the myth that big data analytics is not for them, endless business opportunities will open thanks to the benefits of advanced analytics.
Let’s take as an example Marketing Effectiveness analytics which help companies understand the impact of their different marketing channels, predict future business performances and optimize ROI. For a long time, this service has been exclusive to Big companies. In fact, Marketing Mix Modelling, as it is often called, has always been an expensive service affordable only by big advertisers. This is today no longer the case thanks to the advances achieved in the field where modern technology is increasingly used to develop dedicated affordable software that can be easily adopted by any company willing to run this capability in house.
Indeed, MASS Analytics, developed “MassTer”, a modern advanced yet easy-to-use marketing mix modelling software. In addition, and to make this technology more accessible, Mass Analytics offers companies a comprehensive competence transfer program by the end of which they become proficient in Marketing Analytics and capable to run their own MMM projects internally. This program, which is designed to suit any company or agency regardless of its size, proves that all companies can benefit from the ever-growing positive vibes of Big Data.