Big data are the complex data sets that the traditional data processing application software are inadequate to deal with them. The main challenges in big data are the difficulty in capturing them, storage, data analysis, search, transfer, visualization, querying, updating and information privacy.
By using Big Data Analytics, the organization can capture all the data that streams into their business and using big data analytics they can get significant value from it. The advantage of big data analytics is the speed and efficiency. So a business can make immediate decisions by analyzing data faster than before. As a result, it leads to smarter business moves, more efficient operations, higher profits and happier customers.
The main advantages of Big Data Analytics:
The main Big Data Technologies available in market are Hadoop and Cloud-based Analytics. These bring significant cost advantages when it comes to storing large amount of data and identify more efficient ways of doing business. Thus, it helps to save cost and time for a business.
Faster and better decision making
Businesses are able to analyze information immediately and make decisions based on what they have learnt by making use of the speed of Hadoop and in-memory analytics, combined with the ability to analyze new sources of data.
Creation of New products and services
With this analytics a businessman can know the customer interests. To satisfy these needs they will produce new products. Thus the business will grow.
Like this, Big Data Analytics lets you do things those you never thought about before because of the high volumes of data.
How Big Data Analytics actually work:
⦁ Big Data Analytics consists of various data visualization tools that can help you to go through the data like customer behaviors and interests, shopping peak period etc.
⦁ With this analytics the business performance can be tracked to get maximum return from customers. Data visualization software can be used effectively to go through thousands of data megabytes coming in real-time through various sources.
⦁ By using the data-driven approach, marketers can analyze what is actually worked in the past so that they can make better decisions to move forward. ie., The data about past events can definitely help you to plan for the future.
⦁ The most important use of Big Data Analytics is to target customers. The big data sources those can be used for the success of a business are non-conventional data sources like search information, consumer transactions, social posts etc.
Some of the big data sources:
- Search Data: By using some special tools we can track the data from browser activity which can be used to detect consumer behavior and intent. Some certain customers can be matched through a method called ‘Onboarding‘, hence target them to further contact.
- Web Mining: The data compiled from the Internet is called ‘Web Mining’. Some automated tools are used to extract customer information from servers and web documents.
- Social Networks: Studies have proved that an average Internet user is using social media networks for about 2 to 3 hrs a day. From social networks a marketer can harvest a wide range of customer data like personal preferences, brand mentions and tastes through tracking various posts like comments, shares etc.
- Transaction Tracking: A marketer can collect customer information from their transaction details such as insurance claims, purchases, orders and requests, withdrawals and deposits, reservations and bookings and credit card transactions to gain insights into activities of their target audiences.
So, Big Data Analytics is all about targeting the audience with highly-qualified and purchase-ready prospects and easily building them into loyal clients by anticipating their needs and hence offering true value. This is the true power of Big Data for digital marketing.