Simplifying the Understanding of Big Data
The dawn of the 21st century witnessed certain technological advancements that transformed our lives in a way which we could have never envisioned a decade ago. Facebook, Smartphone, Google have not just changed consumer habits but also ushered new opportunities in terms of career, entrepreneurship, advertising and marketing. Amidst all this, a new trend that has emerged is in the form of “Big Data”. Within a short span “Big Data” has struck a sweet chord across departments and industry verticals. However, in spite of all the excitement there is a lot of ambiguity concerning it? A lot of people are still unaware about the dynamics of “Big Data” and the science behind it. And most importantly, what is the promise it holds? Therefore, the attempt of this post is to dispense all myths centering “Big Data”, at the same time discussing ways in which it can extend high value insight into ones marketing endeavors.
Often “BIG” in “Big Data” is interpreted as the process of managing and storing huge size data on a server or cloud. Although it may be the most basic motive behind big data management, the real essence lies in enunciation of analytical tools and technologies that assists from fundamental processing to advance data mining to predictive analysis. It is a process that involves streamlining of large chunk of corporate data which an enterprise can rely upon for effective results, profit and growth.
In the ear of social media, a user or consumer is aware and enlightened. At the same time the internet revolution has unleashed the development of several small time entrepreneurs and startups companies which has made the market fiercely competitive. Giant cartels have become a thing of the past, as small time companies with strategic planning and minimal investment can strike in huge profits. Analytic has become the focal point of business operations that often considers real time and batch time scenarios.
The processing of data in real time is perhaps the most revolutionary aspect of big data management. This is particularly relevant for a retail setting, advertising and marketing where procuring instant information followed by appropriate action is the call of the day. On the other hand, batch scenarios are more to do with processing numbers of transaction that take place every day. In a compelling work environment, a great deal of information is accumulated without any direct interaction with the customers or user. Such information are usually sales figures of a given time period, notices and correspondences. The use such scenarios are very common in Insurance companies and finance sectors.
For further understanding of, here is a comprehensive description of how Big Data management is crucial for marketers, advertisers, finance institutes, retail- in fact almost every other sector of operations today.
1. Helps read mind of your audience….
The transitioning market forces have made it imperative for businesses to focus on the right things at the right time. One bill does not fit all, and there is impending need for customization of services and products. Therefore an understanding of individual preferences which are usually determined by age, sex, social group, interests, environmental conditions and city of residence of a user is extremely important. In order to procure logical results it is crucial that all marketing activities are relevant and carefully targeted. Big Data management exactly does that, it helps merchants or marketers find out individual habits and preference of users by careful analysis of their habits and preferences.
2. Helps procure holistic Insight ………..
In today’s time and space relying solely upon traditional marketing practices is not wise. Efforts have to be made to explore other channels of outreach, especially social media and online marketing. As opposed to mass media, social media tools are more direct and less ambiguous. With the assistance of social media platforms Facebook and Twitter marketers can easily understand user preference, the pages their visit and the purchases they make. This has given the marketers the advantage of target marketing.
3. Helps develop customized products & services….
Today, consumers are as conscious marketers. They look into specific details of a service or product that suit their need and requirement. Everyone is looking forward to a customized treatment. Analytic helps tap into the users mind to find individual demand and need.
4. Helps launch marketing campaigns….
Upon finding on the exact preference of the users, marketers can device marketing campaigns that put forth the cause of target marketing. There are two facets to target marketing. One is where; marketers target the existing customer, and other where new customers are sought after. The flavors of both campaigns have to be different and it should renew the faith old customers and seek acceptance of new ones.