Marketing Research for Brands Series
What is Big Data?
Big data refers to the vast amount of information or data assets, a company obtains from its customers and tools of doing business.
Whether floating on servers and product forms or formatted and being processed, this could be considered the raw data derived from our customers.
This at scale, or in large enough quantities, provides for enhanced insight, better decision making, and key automated processes.
This new digital era has created a plethora and information overload. When used correctly, big data, which is ever so ubiquitous, can provide valuable insights to your business.
A great way of classifying proper big data mechanics is to remember the three V’s; volume (amount of data), velocity (the rate at which it is received), and variety (types of data obtained).
Big Data Analytics
While big data is a treasure trove, it can also be challenging to manage, interpret and store. The very nature of the subject is changing at a second’s pace, and upending common knowledge.
That is to say, aside from its challenges, big data analytics are key to driving insight from the obscure metrics, observations, data points, and patterns.
The analytics and observations of data can uncover a wealth of knowledge or descriptive analysis about customers, while simultaneously prescribing predictive insights.
Benefits for Brands
Big data analytics can also provide customer retention patterns, marketing insights, risk management, service, and product development ideas, and supply chain improvements.
Some of the best ways to optimize big data, is to use it to align specific business goals, ease skill shortages and organize with aligned, yet, unstructured insights.
Not only can businesses make instant decisions with the information at hand, but proprietary data and predictive customer habits can prove invaluable.
Statistics showing a whopping 40% of large corporations have invested in big data strategies since 2012.
Brands that harness big data will surely rise above the competition. Although costly and arguably difficult to manage, it is a competitive advantage for those that can maintain its benefits.
Learning our customer’s end goals and cutting costs and risks provides a step in the right direction for brands.
The business exchange and marketplace improve overall because of it.
For a brief read on the difference between data points and data insights, click here.