Big Data Innovation Summit
October 19, 2014
Recently, I had the opportunity to speak at the Big Data Innovation Summit in Boston. The summit is the largest gathering of Fortune 500 business executives leading Big Data initiatives, with more than 800 attendees with multiple tracks on Hadoop & NoSQL, Data Governance, Big Data & the Cloud, Big Data & Marketing, Data Science and Data Visualization.
I was honored to speak on a panel titled, “Data Driven Advertising: How to Successfully Incorporate Data into Advertising Efforts” hosted by one of our programmatic media partners, Varick Media Management. John Turner of Mullen and Keith Gooberman of Programmatic Mechanics were also on the panel.
In case you missed the discussion, here’s what we covered:
• The use of 1st party data and 3rd party data in digital advertising:
o 1st party data is any data created or owned by the marketer. 1st party data is usually collected from a website, CRM database or proprietary customer data and used for remarketing or retention program.
o 3rd party data is data collected and aggregated from publishers, retailers, e-commerce providers, offline data providers, and data exchanges like BlueKai and Exelate. 3rd party data is used to compile audience databases or “cookie pools”.
• The impact of “Do Not Track” legislation or banning cookies on digital advertising:
o Some companies are starting to identify alternative technologies, such as MD5 hashing or looking at best practices for other countries. For example, the European Union has opt-in requirements for data gathering vs. the United States’ industry self-regulation providing opt out. Currently, .00015% of users who click on the Ad Choice icon on banners opt out of tracking.
• The importance of protecting customer privacy by using non-personally identifiable information (PII) and aggregating data:
o I find that humor helps create moment of levity when discussing geeky subjects and explained that there are some bad actors using data for advertising who act like “creepy uncles” – the kind that you invite to your wedding as a courtesy but then regrettably hit on all your friends.
After the discussion, we joined in on happy hour, where we learned there’s now a band called, “Big Data”, you know a topic is hot when a band names themselves after it! We were also introduced to a great big data tool called WolframAlpha®, a computational knowledge engine that provides ,“access to the world’s facts and data and calculates answers across a range of topics, including science, nutrition, history, geography, engineering, mathematics, linguistics, sports, finance, music.” Check it out and let us know what you think!