In 2015, a massive amount of valuable data is streaming daily from social networks, mobile devices and the Web. With this, companies are looking to gather information in one fell swoop, rather than siloed divisions of input/output. Big Data is, presently, disrupting the marketing, analytic and business landscape as it is the absolute definitive source of competitive advantage and understanding of the marketplace.
The bottom line to understanding the power of Big Data is that in these analytics, companies - big and small - finally have significant tools to solve real business problems. Data scientists have developed advanced technologies that allow for recognition and insight to consumer behavior and patterns.
Daily, there are over 2.5 exabytes of data generated via internet, mobile, purchase transactions, social networks. Now, visualize 20 million filing cabinets worth of text per one petabyte. That is an extraordinary amount of data that is curated each day. Utilizing Big Data technologies allow for the visualization, storing, search and breakdown of a constant output of digital activity.
Big Data analytics illustrate a shift in mentality, especially within the marketing landscape. Companies must understand how everyone is now a creator of content. Therefore, it is crucial for businesses to look at the big picture and embrace Big Data as it holds an enormous potential value to gathering patterns and understanding thinking behind consumers. The value of Big Data, in this era of technology and constant evolution, is great for marketers in regard to effectiveness and success of campaigns and outreach. But what is often under-represented is the value it brings to consumers. Businesses understand their customers on an unprecedented level and as a result are able to deliver the products and services that make the most sense for customers in the most convenient way possible.
The explosion of digital data is crucial in driving successful marketing campaigns. Insights generated through consumer interaction give marketers the opportunity to close the communication loop and open a pathway of transparency between audiences and brands/companies/etc. To capitalize on Big Data, you also need to look past size. Obviously, the term in itself alludes to the infinite dimension of information available. Yet, for marketers to really debunk the power behind the term, it is necessary to see the availability of this information as an opportunity to uncover insights in new and emerging data types across and within various sectors. To utilize Big Data fully, the business and marketers must remain agile and respond to ever-changing and emerging responses and data.
The proliferation of digital information is growing in size and speed. By efficiently gathering this data and analyzing accurately to distribute through targeted marketing strategies, a fully transparent, informative world of technology and business will develop and continue to evolve. To be sure, Big Data isn't limited to businesses; it's valuable to anyone who values information: philanthropic organizations, political groups, environmental organizations, social issues organizations, online communities, governmental agencies, NGOs, etc.
As with any major trend that develops there will be advocates and detractors. Many operate under the misconception that Big Data is costly and prohibitive for anyone but the largest corporations. This simply isn't true. Large amounts of data can be gathered and processed with a level of accuracy and at a fraction of the cost of other traditional means.
There is also the argument that simply collecting massive amounts of data doesn't automatically equal a keen understanding of current or prospective customers. This is true. I don't know anyone who thinks gathering Big Data for the sake of having Big Data will transform their business. They understand that it's about actionable data - information that can be used to extract meaningful ways to bring their product to market or continue to improve their service for existing customers or whatever they're hoping to achieve with their campaign.
Ultimately, Big Data holds the key to marketing experts and businesses, both large and small. If gathered, processed and analyzed successfully, data scientists provide technology that can boost campaigns within high-level, Fortune 500 corporations and smaller brick-and-mortar stores. As the economy becomes more and more information-driven, the trend leans more and more toward competitive, timely growth in regard to data transmission and development. For businesses to be successful, in 2015 and years to comes, Big Data must be embraced. With deep, visual and complex statistics and facts, not only will marketers accomplish more goals through strategies, but consumers will experience stronger, targeted and personalized messages from brands.
David A. Steinberg is CEO of Zeta Interactive.