Big Data has moved beyond being the newest (and most hyped) technology. Companies are now realizing the marketing advantage of a strategy that gives a better understanding of the consumer as a whole – real – person.
The challenge is how to measure and manage that data effectively. There are five key questions companies need to ask about managing Big Data:
1. What should be measured? Simply collecting and measuring every aspect of customers will lead to poor results. You will need to come up appropriate and actionable strategies based on targeted insight.
2. Is the data accurate? You want to be confident that the information you collect and analyze is really the information you want. Contemporary marketing guru Seth Godin points out that “Human beings are pattern-making machines. That’s a key to our survival instinct–we seek out patterns and use them to predict the future.” But sometimes the patterns aren’t really there.
3. How will you share the data? Technology enables information to be delivered in a number of ways; you will want to find the most appropriate way to communicate your findings to each audience.
4. What action will you take? Once the data is analyzed and understood, it will provide the basis for your recommendations. You will want to outline a plan of action based on the anticipated results. This is the application side of big data analytics.
5. Where will you store the data – and for how long? Security and accessibility will drive your decision.
The point of being fully in control of your data collection, distribution and storage is to create the best value for customers and clients, as well as create a competitive advantage.
The Mind Commerce report Capturing Big Data in Social and Detection Systems: Market Opportunities and Challenges 2013 – 2019 provides critical evaluation of the front-end of Big Data – capturing data from various sources.