According to SAS.com, Big Data is “a term that describes the large volume of data – both structured and unstructured – that inundates a business on a day-to-day basis.” Essentially it is information gathered and collected. It is used to make better business decisions from marketing decisions to budgeting decisions to even predicting how the economy will be.
Any company looking to make smarter business decisions should be using Big Data. Interesting enough, the definition according to SAS.com claims that it “inundates” a business on a day-to-day basis. Meaning that it overwhelms a business on a regular business. Knowing the statistics of Big Data, you might agree. According to Forbes, “by the year 2020, about 1.7 megabytes of new information will be created every second for every human being on the planet.”
So why would a business want to use Big Data? The fact of the matter is, yes Big Data might be overwhelming, but with some proper data analysts, Big Data has endless potential, as endless as the data itself.
So what can Big Data do for you as a marketer? Big Data can tell you all you need to know about your customer. Where they live, where they are, who they are with, who they have been with or contacted, but most importantly, what they want.
It does not end there, Big Data can you increase customer loyalty. It can tell you, the marketer, what makes them return as a customer and how to influence to keep coming and coming.
You can learn what strategies work and what does not work, where your product does well, and what platforms you can market to your target audience.
Essentially Big Data helps with determining insights that can help you make justified marketing decisions.It is important to know why Big Data is important because it’s a growing tool for every business, and if you do not plan on using it, you might just be losing a huge competitive advantage.