But how did we come about to have so much data ready to be used? Well to put this into perspective we need to know how much data we actually have. From the start of civilisation to 2003 we created 5 exabytes of data, which equals around 1 million gigabytes. Now onward from 2003 to present day we are creating that same amount of data every two days. Now all this data isn't ready to be used or easily understandable. It's massive and can't be analysed by traditional methods. We call this data 'Big Data'. To me this is an incredible example of all the data we can utilise (for good reasons of course). So let's put this into context. Imagine having access to people who uses the internet's behaviours online, where they've visited, what they like, who they communicate with and more. By having the right analytical tools to dissect these huge amounts of data, this can open pathways to match patterns online, predict behaviours, directly drive revenue or just use this data to integrate it with your strategies as a business.
With all this data comes great responsibility however. Know when to use it and in an ethical manner. Firms can focus on profit through targeting irrational behaviour, meaning communicating an advertisement of McDonald's to an obese person. This is purely a manipulation of data and the consumer would not really want the product.
Another factor to consider is the "Filter Bubble" effect. Programs that analyse data leave out outliers but outliers in a real human context are the people that are interesting or inspiring. By leaving these "outliers" out we leave out people who have the potential to make a bigger difference.
All in all the massive amounts of data present in the internet can be utilised very well by marketers in order to gain insights and benefit the company. But we must consider ethical factors when targeting the customer base and also consider factors outside the analysis of big data, because things may be left out.
Thanks for reading :) Hope you all enjoyed.
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