About This Lesson
When you are deciding what marketing you should do for your company, you will need to determine what target market you wish to reach that will most likely use your products or services. One way to research for this information is to analyze your own databases and compile what you know about your customers. The large amount of data you have on your clients is called big data. Here are the aspects of this.
The Definition and Care of Big Data
Big Data is utilized when you gather all of your customers’ data and use it to determine what products to launch, what your clients need from you, and what changes you need to make to your corporation to be more successful. For this information to be at its best for you, you need to maintain it regularly and keep only what is useful for your calculations. You will also want to streamline the way it is gathered and compiled into the reports that you need to use. Be sure to install measures that will protect this information from outside sources that want to corrupt or steal it. You might consider implementing data virtualization so that the servers holding this will run at their optimum level as well as allow all of your staff to use it at once.
The Differences of Big Data and Analytics
While they might behave the same, there are some significant differences between Big Data and analytics. Big Data is able to handle large amounts of information from your company’s systems. Programs such as an excel consolidate can help you and your staff make sense of the billions of gigabytes that it can manage. It can assemble the specific criteria that you are looking for far faster than analytics can and presents them in a form that you can work with. It can provide you with the numbers that you need in real time, seconds after what you are looking for has happened. It can draw from many different sources including your own servers, social media, GPS information, and any other media or electronic device it has access to. As technology is ever changing, so is the capability of Big Data. This allows you to work with the information from several different mediums that analytics has little chance of retrieving from.
How Big Data Works For Your Business
The biggest advantage that Big Data has for your company is that it can offer you the information that you need the second that you require it. This allows you to adapt your marketing instantly to respond to the change in your client’s habits. You can build your advertising specifically to each customer so that it caters to what they want and are more likely to purchase. It can influence how your corporation operates to eliminate down time that might occur if your product arrives at a point in its production that has yet to prepare for it. It will streamline manufacturing and distribution from the point of purchase to the moment it leaves your shipping department. It can even offer those customers an additional item they might be related to what they just bought by analyzing their records and the records of places like theirs.
Real Examples of Big Data Use
Netflix is a great model of a company that utilizes its data collection. If you are unaware, Netflix is a streaming service with nearly 200 million subscribers. This platform allows its members to watch movies, TV shows, documentaries, etc. ad-free at a monthly cost. If you own a Netflix account, maybe you have noticed how you receive new recommendations of what to watch. You see which TV shows or movies match your previous watching history, and you see categories such as “Trending Now” and “Popular on Netflix” to give you an idea of what to view next. Netflix collects its users data to accurately represent what each individual will be interested in watching. In return, they are informed with what types of shows their subscribers have responded well to for future use, and are able to keep their customers satisfied by recommending entertainment they actually watch and enjoy.
Another example of a company that has made use of their big data is Amazon. This company is drastically changing the way people shop by offering almost everything online from groceries to designer clothes, with fast and free shipping if you are a prime member. Amazon collects and outputs its data to each user, similarly to Netflix. Amazon collects your previous purchases and recommends what you would like based on using predictive analytics. Amazon also securely collects and saves your shipping and payment information to provide its users with One-Click ordering. This allows members to buy an item immediately without having to provide any of their personal details, since it has already been saved in the past.
Preparing To Use The Information
Having the ability to have Big Data on hand means that your company must know how to use it effectively. You and your managers must know how to read the information provided to you and present it in a way others can understand it. You should know what areas of your business it can affect and utilize it appropriately so that it provides the biggest return. You need to determine which aspects of technology you want feedback from and learn how to acquire this data from them. Big Data is a vast pool of knowledge that can benefit your company greatly if you know how to use it. It can better develop your marketing and streamline your services. Knowing how to use this tool is vital if you want to bring additional customers and profit to your business.
