What is big data? Effectively big data refers to raw data which is accumulated and stored by businesses in order for businesses to analyze the market as well as their customers’ spending habits. Which will allow businesses to make informed decisions on which products to order and how to go about marketing their products to their target audience. Steven Scott Google thinks If you’re interested in learning more information about why businesses of all sizes can benefit from collecting big data, simply continue reading!
Understanding Big Data:
Big data comes in two forms, structured data, and unstructured data
Structured data refers to big data which can be easily organized, accessed and analyzed by a business’ employees, while unstructured data refers to data which can not be easily analyzed and can’t be analyzed using traditional analytical tools.
Big data tracks a variety of different factors
Big data collates information on your business’ transactions, your customers’ engagement levels on your business’ social media accounts as well as machine to machine transactions and sensor data. All of which is stored as big data, which can then be analyzed to paint a picture of how well your company is currently faring.
Big data is collected in real time
As big data is collected in real time, in order to get an up to the minute picture of your business’ transactions and customer satisfaction levels, it’s important to analyze new data which is collected as soon as possible. Thankfully you’ll be able to search for the latest data to be stored, which will make it a breeze to see how your business is faring on a day to day basis.
You’ll be able to use specialist big data tools in order to gain instant feedback about your business
If you choose to utilize specialist big data tools in order to conduct sentiment analysis, you’ll be able to search your big data for comments which may have been left on social media platforms about your business. If you’re lucky you may find that highly satisfied clients have left glowing reviews for your business, while if you’re not so lucky you may find your customers talking about issues which they’ve experienced with your company. Which are well worth addressing at your earliest convenience.
Remember that if you fail to respond to your customers’ criticism and worse yet fail to rectify any problems which they may choose to complain about you risk alienating your customers and losing market share. Which could prove to be detrimental for your business.
You can analyze big data in order to tailor your products and your marketing campaigns to your clients
One of the biggest advantages of analyzing big data is that you’ll be able to gain valuable data which will help you find new, innovative ways to tailor your products and marketing campaigns to your clients’ preferences.
So if you haven’t used big data in order to order to gain a sense of your business’ current position in the market, it’s definitely worth paying to analyze your business’ big data.