Today, big data refers to the increasing volume and complexity of information that surrounds us. For marketers, it is a foundational platform for the new marketing landscape known as the digital age.
Big data has been put into question but is its true potential being overlooked?
Big data has become a topic of debate as its importance has been put into question on whether or not it helps or hurts marketing. Although there is no right or wrong answer to this discussion, there are interesting points that can be made from both sides of the spectrum.
Big data analytics show that those who invest in the marketing strategy expect the data to provide answers, however, big data and marketing shouldn’t be targeted together in every scenario. For instance, an accountant would use big data analytics to generate an income statement and also figure out clients’ taxes. In this situation, it is expected to see big data analytics in a positive light, since it is does help the end goal. When it comes to a non-professional setting in which big data analytics are used, things can be a little different. For example, in social media, big data analytics are not guaranteed simply due to human error or circumstantial issues. The impact of big data marketing is pretty substantial but it is also not a consistent basis of measurement.
The future of marketing essentially includes big data analytics, but its success will only occur when data is properly assessed and measured. Big data in marketing should always be looked into closely because, at times, some parties use big data to expect good solutions to problems. Some data can be excessive or skewed, and it is important to spot those errors before using the data. The growth of big data is inevitable, but if strategists don’t properly use the data and work thoroughly to make sure the data is properly measured, it can turn into a data nightmare.
An excerpt from IBM perfectly describes how big data marketing trends apply to the real world:
“A bigger, more subtle problem might exist in your data – it’s not representative. Yet, you make broad assumptions based on skewed data. For instance, Facebook comments over-represent young, affluent, outgoing folks, which don’t represent the total population and might not represent your target audience. The discrepancy between predictions and results from the US presidential election are a good example of how your predictions are wrong when you assume a biased sample represents the whole.”
Big data in marketing strategy go hand-in-hand, but in order to go from big data to big impact, there are certain big data marketing trends to follow. Some marketing experts don’t understand how to analyze big data, and a lot of the times, that is the cause of issues in analysis and measurement techniques. Some firms are determined to increase their data analytics, so they hire marketing specialists who are able to gather information in a subtle collection, but the lack of precise statistics cause the firm to struggle with growth. This is why it is essential to have a team of individuals who properly analyze the data accurately and report it honestly.
Big data analytics can be observed in multiple aspects, and of course, will have positive and negative qualities wholly depended on the strategies of marketing specialists. With proper methods of obtaining and analyzing data, big data can continue to help marketing become a profitable and efficient industry.