How Analytics Can Solve Advertising Problems

One of the biggest challenges that companies face is that they lack the proper expertise to analyze their large quantities of collected data, then proceed to taking action from their results. It is through getting insights into the behavior patterns of customers that plays an important role in developing campaigns that are specifically focused and targeted. “Big data can be used to help create targeted and personalized campaigns that ultimately save money and increase efficiency by targeting the right people with the right product” (entrepreneur.com). Companies are able to pay close attention to which products advertisements are not only the most popular, but also how do these popular ads translate and convey to them making money.

The big data information acquired makes it so that companies can target users in current online communities, and subsequently use the data to assist them in better understanding and identifying certain patterns in how the user behaves. A main goal of advertising is to reach their target audience at the right time. Big data can help in predicting purchases, as well as analyzing the type of performance in designated segments of their audience. Companies are now able to mine their data to improve both their bottom line and customer service.

See the full article here: https://www.entrepreneur.com/article/293678

The Music Industry and Big Data

In a world where everywhere you go you are surrounded by music, it’s no question that the Big Data must play some sort of role. Whether you listen to Spotify or Pandora at work or in the car, or Shazamming a song when you’re in a store, the songs downloaded or searched online is plays a part in affecting what songs are marketed, sold, and even become popular.

The Charts

Think of that really annoying song on the radio. You flip through a few different stations and they’re all playing the same song. Who decides which songs become popular or would fit into the playlist Pandora had compiled for you? Big data and data science play a big role in this. Businesses are increasingly turning to analytics and big data to help access the information of which artists might be easier for record companies to market. One chart in particular that gauges the exposure of a recording is the Billboard Hot 100.

Pandora

“The Musical Genome, the algorithm behind Pandora, sifts through 450 pieces of information about the sound of a recording. For example, a song might feature the drums as being one of the loudest components of the sound, compared to other features of the recording” (theconversation.com). Pandora uses the information they collect to help listeners find music that is comparable in sound to what they have liked to listen to in the past.

Shazam

The data in which Shazam uses comes from which percentage of songs in a certain genre are the most popular. The way the app works is by the user hearing a song and putting their phone towards the speaker. The app takes a characteristic from the audio and lists the artist, title and album. “The listening habits of Shazam’s 120 million active users can be viewed in real time, by geographic location. The music industry now can learn how many people, when they heard a particular song, wanted to know the name of the singer and artist. It gives real-time data that can shape decisions about how – and to whom – songs are marketed, using the preferences of the listeners” (theconversation.com).

Spotify

Spotify is a company driven by data, in the sense that data is used in nearly every part of the business. Because Spotify’s “discovery” page looks similar to something one would see on Pinterest, it has drastically proven positive user feedback. The recommendations featured go through algorithms to make sure content provided is what the consumer would be interested in hearing. Back in 2013, Spotify used their data to predict the Grammy Award winners. “Spotify did this by breaking down its users’ listening habit, taking into account song and album streaming, to determine the popularity of the music. In the end, 4 out of the 6 predictions made by Spotify turned out correctly” (datafloq.com).

The more data that a company uses to help give consumers recommendations and even better predictions, the more payouts there will be to the rights holders in the music industry. Spotify specifically was able to change the music industry through their tremendous attention to detail in big data. When you think about it, it is truly incredible how accurate the algorithms are in selecting music to your taste. Personally, I rely a lot on preselected playlists conjured by Spotify than creating my own. Through this I am also introduced to new music that I would have never discovered. Thousands of current artists have become ‘mainstream’ because of the playlists Pandora, Spotify, or Shazam created.

Read the articles here:

http://www.newsweek.com/spotify-shazam-how-big-data-remade-music-industry-613325

https://datafloq.com/read/big-data-enabled-spotify-change-music-industry/391

Big Data in Retail

Let’s say you walk into a store to buy a few things. When it comes time to pay, you swipe your loyalty card and are presented with discounts on certain products and coupons. Maria Pope Toliopoulos, the Senior Vice President and Director of National Retail Leasing and Services for RPAI stated: “Retailers have a better sense of how to market directly to me, not me as a class or type of shopper, but me, Maria. Customized coupons and specials are made possible by that competitive advantage as are specials targeted for one’s birthday and curated suggestions based on my previous purchases and browsing patterns” (globest.com).

Retailers who avidly use analytics and study their big data results are watching what links you as a shopper are clicking on, which sites you went to before clicking on theirs and which sites you went to afterwards. Online stores put tracking cookies on their site, and when you agree to browse a site that uses them, you are ultimately agreeing in a sense to publicly display the data you share. Companies online are realizing the importance of focusing on understanding the conversion rates on their sites. Improving the conversion rates can lead to a growth in brand awareness and profits.

Read the full article here: http://www.globest.com/sites/johnsalustri/2017/05/16/big-data-the-ultimate-in-customer-tracking/?slreturn=20170418213740