Mastering big data analytics isn't just a challenging task, but an unprecedented one. Gathering information about consumer habits is nothing new in the marketing world, but the scale of current information is an order of magnitude beyond what most organizations have been accustomed to handling. According to IBM, 2.5 quintillion bytes of data (that's a 1 followed by 18 zeroes) is generated in a single day.
For those who are new to the realm of data analytics, the goal behind this unprecedented task is to achieve an unprecedented goal. By analyzing the collected information, an organization can derive clearer insights into what consumers best respond to, pinpoint when the best opportunities are for reaching them, and how to best connect with them.
The Reality of Big Data
So with this goal in mind, what are the practical steps towards making reaching it? Whether your aim is to improve your marketing efforts or learn more about your consumers, one other issue needs to be resolved: How will you store all this data you've accumulated?
Although a great deal of it may not be worth keeping for a lengthy period of time, you'll need the right equipment for storing it long enough to analyze it. Even if it's not information that you'll maintain for long, you'll not only need the storage capacity, but a secure and easily accessible system. When implementing a solution, keep in mind that having a system that can last for years to come will save you from having to start all over again in a few years.
Going from the Universal to the Specific
So a mountain of data has been assembled from customer orders, social media and comment boards. You have a good cross-section of what your consumers are doing, sharing, and purchasing. The next step is to take this large, impersonal, and universal set of information and then distill it down to the specifics: a personalized strategy that your audience will respond to and act on.
That means designating some well-defined targets within the data you'll be examining. Is your goal to increase your customer base by learning what will draw consumers to your brand? Do you want to know how current customers are responding to your products and services? Or are you interested in tailoring your marketing efforts to customer behavior?
The lure of big data is that it can provide a great pathway to connect with people on a personal level, but only if specific goals have been outlined. The potential end result could be a means of shoring up your customer base and making your company more successful in meeting customer demands.
Adapting to the New Normal
Data is growing with every passing year, possibly with every passing month, so creating a data strategy now will help you take advantage of the information being produced so that you're not scrambling to keep up. Many businesses realize that this amount of digital activity is here to stay and that harnessing big data, despite the challenge, is an opportunity that can't be passed up. By trying to see patterns in all the data created by social media, e-commerce, and other online activity, a business can devise a customized recipe for giving consumers what they're looking for.