The last 10 years – A look back on the growth of Analytics and technological fads
Analytics is exploring the data you have. It encompasses the discovery of tends and patterns in data. It is the heart of many consultancies as well as many marketing functions. In this article we will look how this industry has changed and some of the main, more noteworthy changes, as well as some technological fads that haven’t stood the test of time.
More Channels, more Data
With the social media bubble still growing, many more are trying to use this advantage. In the chart below (supplied by the FT) we can see not only are there many to choose from, but they are growing quicker!
Because the amount of social media channels available, it creating an increased need for analytics, be it internal or external. As the Online space grows, we will continue to see more diversity of techniques to allow marketing practitioners to attempt to unpick relative social media channels’ impact on their business.
Although Google analytics has been around since 2005, Google have made changes to their cross-tracking. This involves users’ activity across the web being tracked via their Google account, rather than signing accounts related to the web pages they visit. By introducing a more continuous tracking methodology, it enables brands to incorporate and utilise more attribution related techniques to monitor marketing effectiveness. Thus, more accurately measuring hard to reach digital channels as well as improving the efficiency of re-targeting.
Artificial Intelligence (Machine Learning)
Interest in Machine Learning (a subset of AI) is increasing over time. Not only is it becoming more popular in marketing effectiveness measurement but also in many other fields and walks of life. A quick search on Google trends reveals the below graphic. Indexed search popularity over the last 5 years has almost quadrupled.
Advancement in Machine Learning techniques not only allow for the discovery of patterns in data but also aid decision making. For example, Snapp, uses machine learning to help identify snake bites on victims to help doctor treat patients. But machine learning isn’t perfect. Courtrooms are using AI to help sentence criminals. As these techniques are built on historical data it could provide unfair biases such as that on minority groups. Many companies are using a combination of AI and human decision making to make these processes more efficient. Analytics conducted by ourselves use a strong combination of model automation being guided by the hand of an experienced consultant, to remove potential biases.
Things that haven’t aged well
This section takes a look back at technologies that were meant to be the next big thing, but didn’t quite live up to the hype.
Social Commerce – Marketplaces on social networks gained interest in the 2010s. While these have become a common feature, marketplaces turned into a niche phenomenon.
QR Codes – Whilst still being relatively popular in China, in the west, they have failed to have the same impact.
Augmented Reality – While still relatively in its infancy, Augmented Reality hasn’t taken off as quickly as people thought.
Speculation of Facebooks downfall – 10 years ago, speculation that Facebook would be over taken as the social media giant was very strong. Today, it’s still has the globe encapsulated.
AI in the job market – Artificial Intelligence was expected to disrupt the labour market as machines become smarter than humans, although it progressed much slower than anticipated.
The Brightblue team have decades of experience helping clients understand media efficiency by truly digging into the drivers of sales and revenue. We have experience across automotive, retail, travel, entertainment, telecoms, FMCG, white goods, financial services, health and many other sectors. Our unique way of modelling the entire client journey truly helps marketeers understand what they can do to shine in their organisation by driving business and making a real difference to their bottom line. Get in touch if you have any questions on this article or any of the ways Brightblue can help.