One way to think about Big Data is to think about a day at the races – not the Marx Brothers movie, but a real racetrack where real horses run.
Every track has its regular bettors, and the ones who regularly win are the ones who are motivated and patient enough to take a Big Data approach writ small. What are the horses’ records? What were their recent times? Ditto for the jockeys. What do the data say about how weather and track conditions affect each horse and rider? Handicappers who can systematically crunch those multiple data streams will have the best chance of beating the odds.
The horse race for the consumer dollar isn’t all that different. Big Data, when properly sorted and analyzed, gives business decision-makers all the relevant information about past performance they could ask for. Next they try to draw correct inferences about the future – what bets to place next on products and packaging, price discounts or brand messaging.
But, turning back to the racetrack, think of what those data-rich bettors could accomplish if they could talk to the horses. They’d get unique insights into the next race that would make a winning bet much more likely than one based on past performance data alone.
Luckily for business decision-makers and insights professionals, you can talk to consumers if you know how to speak their language and approach the right ones at the right place and time. Survey data from well-designed mobile studies gives you testimony from the horse’s mouth about what consumers are thinking, feeling and planning to do today and tomorrow, and why they want to do it. They’ll let you know how their past experiences inform their present thinking.
There’s a lot to know about how to choose the best solutions for obtaining the “who,” “why,” and “how” to go with Big Data’s “what” and “when.” Michael Smith, MFour’s Chief Product Officer and Director of Panel, will explain how to do it in a presentation at this week’s Big Data Summit in San Francisco. Michael will be speaking Thursday, April 20 at 2:30 p.m. on how to combine Big Data with demographics and survey data from real mobile consumers. He’ll give a rundown on how to match the Big Data brands and advertisers have amassed to an engaged, representative panel of validated individuals whose profiles and opinions can be accessed on the smartphones that are today’s essential information and communications tools.
With its quality all-mobile panel, innovative, app-based research technology and consistency of service and outcomes, MFour has the horses. Contact us at firstname.lastname@example.org and we’ll talk about how to get you saddled up and on track to bring home the insights you need.