What’s All of the Excitement About Big Data?
There are many concepts which have entered the lexicon of modern sales and marketing campaigns. While most of us have heard of terms such as content management and search engine optimisation, the notion of “big data” might not be as familiar. In fact, some businesses are even intimidated by an idea that may initially appear to be a bit over their heads. Let’s take a look at why big data is proving to be an important component of any successful marketing campaign as well as some of the benefits that interpreting this information can provide.
Big Data Defined: What You Need to Know
The concept of big data has actually been around since 2001 when analyst Doug Laney provided a general definition. This idea can essentially be broken down into three components:
- Volume (the amount of data being collected).
- Velocity (how quickly this data streams into an organisation).
- Variety (the types of data to be analysed).
So, we can see that the basic tenets of this idea are not that different when compared to more traditional marketing campaigns. The main concept to appreciate is that big data is associated with a big potential for success if it is leveraged in the correct fashion. So, why are businesses of all sizes excited about what it can provide?
The Practical Side of Big Data
Big data represents much more than a digital concept. The main takeaway point is that businesses are able to glean invaluable insights in regards to their client base and what consumers may desire. How do clients perceive a specific product or service? Has a recent sales campaign been successful? What is the typical age of a target audience? How have profits changed in relation to industry standards? These are a handful of the questions which can be answered if these data sets are interpreted correctly.
Let’s look at a real-world example to cement this point. A consumer visits an online retail website. By using the correct software, management will be able to know his or her buying habits, past purchases and general interests. This enables the site to present the potential customer with the most relevant products and services. After all, the ultimate goal is to offer the individual a more personalised experience.
The Flexible Edge
It can be argued that the main excitement surrounding big data involves the ability to enact on-the-fly changes when required. To put this another way, they can adapt to the changing needs of their customer base. Just imagine how much of a difference access to big data would have made to the captain of the Titanic! Some other advantages include:
- Targeted dialogue with clients.
- The ability to rebrand products.
- The creation of tailored revenue streams.
There is no doubt that big data is here to stay. Those businesses which appreciate its numerous benefits will enjoy a competitive edge within today’s modern marketplace.