{"id":228,"date":"2018-01-31T06:22:31","date_gmt":"2018-01-31T06:22:31","guid":{"rendered":"https:\/\/wordpress.www.revuze.it\/?p=228"},"modified":"2022-11-01T11:49:49","modified_gmt":"2022-11-01T11:49:49","slug":"90-of-the-data-was-created-recently","status":"publish","type":"post","link":"https:\/\/www.revuze.it\/blog\/90-of-the-data-was-created-recently\/","title":{"rendered":"90% of the data was created recently"},"content":{"rendered":"
\n

Market Research in a world where 90% of the data was created recently<\/strong><\/p>\n

According to a recent report by IBM\u2019s<\/a> Marketing Cloud, \u00a090% of the world\u2019s data was created in the last 2 years!!! Isn\u2019t it amazing? The world had grown 10X in data in 730 days at a rate of 2.5 quintillion bytes of data a day!\u2026there are so many implications for this \u2013 where do you save all this data, \u00a0how do you manage it, is there such a thing as too much data? What does it mean for the future? Will we have 10X data growth again in 2 years?<\/p>\n

How do you shift your market research initiatives to handle such data volumes?<\/p>\n

\u00a0<\/strong><\/p>\n

Using old Market research in a new world?<\/strong><\/p>\n

Market research used to be about data sampling and focus groups and surveys and in general peeking through the market peephole and estimating the overall market behavior and preferences based on a small group of individuals.<\/p>\n

As data became more prevalent business started to use systems that can search data, but keep in mind these systems were set to search data that was likely 1\/20 or so of what exists today.<\/p>\n

So basically in the \u201cold world\u201d you either used brute manual effort or systems that could handle some data but most likely much less data then exists today.<\/p>\n

\u00a0<\/strong><\/p>\n

How to process lots of data?<\/strong><\/p>\n

When processing lots of data, the data is typically unorganized (Unstructured is the commonly used term). Data can come from every brand encounter with consumers \u2013 emails, calls, surveys, website feedback\u2026.it also is available in the public domain online on eCommerce sites, review sites, social media etc.<\/p>\n

This is a lot of data\u2026sometimes in different languages, with a lot of different formats! To tackle it you need several core competencies:<\/p>\n

    \n
  1. Deep understanding of languages<\/li>\n
  2. Ability to relate data to a topic<\/li>\n
  3. Learn to recognize latest ways to talk about a topic<\/li>\n
  4. Understanding of sentiment<\/li>\n<\/ol>\n

    What is typically lacking in \u201cold world\u201d systems<\/strong><\/p>\n

    Mainly autonomous decision making. When you need to go through lots and lots of data, you can\u2019t rely on humans. Hoping humans will setup a computer system to analyze and handle any type of data is unrealistic. There are so many variations in the way people express themselves around a brand or product or feature that you can\u2019t expect one person or even a team to figure all of these up. On top of it add languages, different data formats, ways consumers express sentiment and complexity just grows and grows\u2026<\/p>\n

    Ideally if we wanted a technology that helps us handle unlimited data it would have to be one that can easily scale to multiple languages and data formats, automatically decipher the topics your consumers are talking about, automatically recognizes sentiment and can sum it all up for you.<\/p>\n

    Why is this difficult<\/strong><\/p>\n

    Let\u2019s pick and example. \u00a0Let\u2019s say we\u2019re a smartphone brand and want to analyze what consumers are saying about our latest phone\u2019s batter life. We can try to scan online reviews and search for variations of the word \u201cBattery\u201d, but what happens if consumers are using phrases such as \u201cdoesn\u2019t last long enough\u201d or \u201cphone died on me in the middle of the work day\u201d?<\/p>\n

    Conclusion<\/strong><\/p>\n

    Current market research technologies rely on humans and thus are slow to setup, miss a lot of things and are slow to adapt. In a world that generates more and more data each year, and the data grows so quickly, you can\u2019t rely on humans or manual labor to figure things out.<\/p>\n

    The good news is that now there is enough data to make sure you can get answers to your questions, and all you need is just to analyze the data. No more need for feedback groups, surveys etc.<\/p>\n

    The sad news is that most tools out there to help you do this were not build for this task. Revuze is an innovative technology vendor that addresses just this with a self-learning, fast setup and low touch solution that typically delivers 5-8X the data coverage compared to anything else, and it does it without humans\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    Market Research in a world where 90% of the data was created recently According to a recent report by IBM\u2019s Marketing Cloud, \u00a090% of the world\u2019s<\/p>\n","protected":false},"author":29,"featured_media":229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/228"}],"collection":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/comments?post=228"}],"version-history":[{"count":0,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/posts\/228\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media\/229"}],"wp:attachment":[{"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/media?parent=228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/categories?post=228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.revuze.it\/blog\/wp-json\/wp\/v2\/tags?post=228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}