In the world of online marketing – your digital identity is just as valuable to marketers as your physical self. Customer data as currency is more relevant today than ever. Companies pay big bucks to get their hands on customer data.
What kind of data are we talking about?
Our online preferences, triggers, and daily habits are broken down into data points. Those data points are organized and strategized using various forms of technology.
Who uses online data and why?
Recently, a big shift in online consumer experience happened. The communication business and its consumers are now instant and personalized. Your data is used by businesses in retargeting and customer segregation. This information helps businesses improve their offerings and make sales. Think of it as a survey that you automatically take whenever you’re online.
According to the industry analyst, Jaimy Szymanski, “We’re on the precipice of a power shift in the tale of consumer data ownership, use, and sale.”
Consumers are realizing how much power their “digital identities” really have. The new age of data-driven business models is forcing businesses to evolve to keep up with trends. In addition, seeing customer data as currency is increasing and more people are recognizing data as an asset.
Let’s put this into perspective.
Walmart is currently building the world’s biggest data cloud. Using this cloud, they collect 2.5 petabytes of data every hour. How big is a petabyte? That’s 1 quadrillion bytes! In other words, it’s the equivalent of 20 million filing cabinets of text. Every. Single. Hour. They use this data to analyze customer paths, problems, and to make valuable conversions.
It’s only going to grow! By 2020 data budgets are projected to increase by 40%.
Are you ready to leverage data for your business and get in on this growing trend? We can help, let’s get started.
Sources: Forbes, Edelman Digital