Big Data Is Your Friend
In IT, Big Data is a group of data sets so huge and complicated that it is hard to process using on-hand database management apparatus or traditional data processing software. Leaders in all sectors will have to deal with the implications of big data, not simply a couple data-oriented managers. The growing volume and facets of information captured by enterprises, the rise of multimedia, social media, and the internet tracking will fuel exponential growth in data for the foreseeable future. Big Data has the ability to change the way humanity perceives its world. At the very least, Big Data has the ability to change the way marketers and advertisers see their customers.
The frontiers of Big Data seemed daunting not but a few years ago. With rapid changes in the ability of technology to gather, store and interpret huge data sets; Big Data has become more and more viable as a tool. There are five general ways in which using big data can be valuable.
First, Big Data can give value by making information transparent and viable at much higher rate.
Second, as groups create and store more transactional data in digital form, they can gather more accurate and thorough performance information on everything, and consequently render out unpredictability and boost results. Top firms are using data collection and examination to perform controlled experiments to make better management choices; others are using data for high-frequency decision making.
Third, Big Data allows for a more in depth understanding of what your customers want; allowing for a pinpointed approach to marketing.
Fourth, sophisticated analytics offered by Big Data can improve decision making.
Fifth, Big Data can be used to look into the future and create products and services tailored to the information garnered by Big Data.
An unsettling deduction of the value offered by Big Data, shows that it attempts to replace human activity. Computers using Big Data sets are able to simulate thousands of human experiences in mere seconds. Computers however are not humans, and as such lack some attributes which through history have proven vital to the marketing profession. Humans have fears and desires which uniquely drive human intent and create truly inspired marketing. The results of Big Data are algorithms and patterns. As marketing becomes more and more automated, the value of human innovation will become more and more prized.
One important pitfall of the Big Data revolution is the belief that a more focused marketing campaign is always the goal. In utilizing large data sets, marketers see an opportunity to locate and define their customers. Through this definition, customers are targeted using the methods most likely to placate people already buying your type of product. This method of using Big Data limits the audience targeted. It leaves potential customers who may not have previously been interested in your product out of the equation.
Big Data is and will continue to be a vital tool to the marketer; it must be used as a supplementary tool and not blindly followed.