How Did Big Data Technology Shaken And Transform The Market
By David Ip, Global Business Advisor & General Manager, Global Advertising Unit, Qihoo 360
Qihoo 360 Technology Co. Ltd., the Chinese based Internet Company was established in 2005 to provide users with secure access points to the Internet via its market leading web browsers and application stores.
“BigData”, commonly understood as the information to enhance insights and decision making. There are four dimensions of Big Data, also known as the “4Vs”: high-volume, high-velocity, high-variety and high-value.
In the era of information explosion, an immense amount of data has been derived. The applications of “Big Data” therefore have become the swankiest topic over the industry leaders for years. Each and everyone is chomping at the bit, exploring its commercial value as well as monetizing it with the integration of different marketing strategies. The rise of “Big Data” technology has unquestionably shaken the traditional marketing approaches, and become a transformational leader of the industry.
According to “The New Media Blue Papers: The Development of Chinese New Media Report” from the Chinese Academy of Social Sciences (CASS) released on 21 June 2016, total revenue of 2015 on digital advertising in China, has resulted a YOY increment of 36.1 percent, reaching at RMB 209.67 billion; while the revenue on traditional advertising has recorded a drop of 12.59 percent, reaching at RMB 174.35 billion. The vast number differences between the above have indicated that the advertising tools have modified into a brand-new strategy from traditional push advertising to a targeted digital advertising.
“Applying big data technology helps to cope with the ever-changing business environment with insightful information for planning and reviewing marketing strategies.”
The figure above demonstrates a growing number of Chinese marketers have already decided to shift to the digital platform of advertising. Perhaps you were previously made aware of the fact that China is one of the most potential markets in the world that owns the largest population, and hence it is a challenging task for Chinese marketers to target to the right customers.
Lately, an internet giant in China has developed “Big Data Tools” to improve and enhance the most updated advertising skills over the digital platform. The system consists of 514 million PC users and 800 million mobile users to gather a tremendous amount of demographic and geographic data along with users’ behavioral patterns for data mining purpose, and offers integrated big data analytic solutions.
Digital marketers are now able to take advantage of “Big Data Tools” to create analysis on specific keywords in order to target to the right consumers. The system exhibits demographic and geographic distributions of the terms and therefore is capable to locate more relevant information with respect to targeted consumers. Moreover, this powerful tool also provides a real time data on traffic, sources, and visitors, and hence enables marketers to track and follow its potential customers.
With reference to the big data report of the financial industry released by Qihoo 360 in recent, the stock market trend has been affecting the industry performance in terms of website traffics. In 2015 Q2, a slight downfall in the stock market brought about a drop of assets management and investment related websites, while a rise in banking and internet financial websites is shown.
Besides understanding the industry trends, “Big Data Tools” also reveals the characteristics of target audiences to digital marketers, allowing them to prepare for a more comprehensive and precise marketing approach. “Users interested in financial services in the mobile side are mainly male office workers, aged from 25 to 34 with a bachelor degree.” The above insights suggested from “Big Data Tools” benefits marketers to utilize the budget more wisely and effectively when compared to the non-targeted traditional marketing methods such as massive marketing on outdoor billboard or TV commercial ads.
Applying big data technology helps to cope with the ever-changing business environment with insightful information for planning and reviewing marketing strategies. Unequivocally, with the application of “Big Data Tools” on digital marketing, marketers are now able to target to specific consumers precisely, and will definitely bring a long-term business success.