“Sea of gold” (CC BY 2.0) by 0niRAM
The internet might be a sea of opportunity. However, if you don’t know how to navigate the potentially choppy waters, you and your business can quickly sink. For entrepreneurs, the online world is awash with valuable data that can unearth gaps in the market (gaps you can fill with a business idea) and improve your products. Indeed, we now live in an age where virtually everyone does virtually everything online. Whether it’s via their computer, mobile or TV, the world is more connected than ever and that means there’s a pool of data you can tap into at any time.
However, much like the ocean can look like a never-ending expanse of blue, the world of big data can seem like a constant stream of seemingly identical information. As a business owner looking to dive into the world of big data, it’s important to realise that there’s more out there than meets the eye. Indeed, when you scratch beneath the surface, you’ll see that there are hidden depths you need to explore if you want to get the most out of information available to you.
Defining Big Data
For example, the online casino gaming industry has become a $51 billion empire over the last two decades. From a small handful of sites offering a small handful of games, the industry is now flooded with products and innovations. For anyone looking to tap into this market, the wealth of data out there is great. However, sifting through it is no mean task. Today, there is no “average” player. What’s more, players expect to have all things on all devices at all times. In other words, lines have been blurred in every way possible.
A good way to describe the gaming industry is that it’s like a blanket. Because there aren’t any clear lines, it’s easy to adopt a universal approach when it comes to marketing and the like. In some respects, that’s okay because the “typical” gamer doesn’t exist anymore. However, in such a competitive market, blanket statements aren’t the way to get ahead. One company to learn from in this regard is Mr Green. Trading under the name, Mr Green Co, the iGaming operator formed a media buying partnership with NetEnt and Ve Global in 2018. As part of the deal, Mr Green is now able to use big data in a more productive way.
Use the Right Information in the Right Way
“Wikipedia Concept Map” (CC BY 2.0) by juhansonin
Along with its own data insights, the casino operator uses NetEnt’s global database in tandem with Ve’s Demand Side Platform (DSP). According to the 2018 press release, the partnership allows Mr Green to be more “accurate and precise” in its marketing activities. Essentially, what the company has is the ability to analyse data in a more granular fashion. To put it another way, the company can redefine the lines that have become blurred by the mass of information out there.
From this, the three companies are able to identify and utilize trends through Ve’s first-to-market programmatic solution. The end result is targeted media acquisitions and adverts and personalized products. For the aspiring entrepreneur, the lesson here is that any business, new or old, shouldn’t simply consume as much data as possible without chewing it first.
The internet is a great place to harvest massive amounts of information. However, as the old saying goes, you always have to separate the wheat from the chaff. As a business, collecting as much information as possible is great. But, if you fill your ship with too much, you’ll quickly sink. Therefore, if you want to get ahead of the game, makes sure you find ways to analyse big data and not simply collect it.
About Carson Derrow
