The internet continues to transform how individuals and businesses complete daily tasks like reading news and shopping, but a study from the Direct Marketing Association (DMA) suggests that Big Data will continue to evolve internet marketing advertising. Part of this has to do with the fact that the "data-driven marketing economy" started in the United States and the fact that a majority of businesses have caught on to this trend.
Based on a sample of 650 businesses that collect personal data through cookies, email subscriptions or shopping histories, the online marketing industry brought in $62 billion in 2012. Authors of the study expect growth will continue as people consent to social networks' collection and sharing of their personal data for commercial purposes.
The authors suggest that this phenomenon should be similar to the wave of the internet in the early 1990s. If this is true, then businesses that want to maximize their online advertising efforts may want to begin implementing these solutions before competition becomes fierce.
"Data also gives small businesses a leg-up in matching of products to customers," the report explained. "The advent of low cost or open source Web scale analytics software means that data intensive market insights are now more accessible to mid and smaller size enterprises."
Before Big Data, web traffic did not provide too much information to advertisers and businesses. Now with tracking technologies, marketers can determine exactly where a company is getting most of its incoming impressions. Companies that partner with Key Media Solutions can begin implementing targeted online marketing solutions early on, making the most of this growing industry.