“One of the key messages we’re trying to land with our clients is about the value of data. Everyone is running around a bit crazily at the moment just trying to have as much data as they possibly can,” says Matthew Bayfield, group director of data for marketing agency Ogilvy EMEA. “The old school thinking has always been to hold your data, it’s a bit like wanting to have a reservoir that is stocked to the gills with water so that if you do ever need some it’s there. That kind of thinking falls over completely if you start talking about social data. Because there is so much of it and the rate of growth in that area is so vast that there is no way you can house it.
“The new way of thinking about it is more like trying to read the river, you’re trying to spot patterns. There are numerous pots of information that exist in a digital ecosystem that agencies can tap into to try and understand more about the consumer and what the consumer wants.”