Big data is an industry term being touted as the next big thing to innovate and propel the way companies understand and market to companies, but what is it exactly and how can it help your business? We answer those questions and more below.
What is big data?
Big data is essentially all the data that is generated online – it essentially presents a blueprint of your entire online presence. From your comments on Facebook to your Google search history, Big data collects all this information and allows companies to create a composite of consumers. By learning their online purchase history, the types of interactions they perform online, and much more, companies are able to learn a surprising amount of information about people they may want to reach. Many people also classify big data as a marketing term that refers to technology trends that are opening up new ways to understand consumers and the decisions they make.
How do companies use big data?
Because big data presents such a large amount of information, many companies use third-party data sift sites, databases, and their own marketing software to classify and segregate the data into information that is easy to understand and use. Many companies also employ machine learning to sift through data quickly. Machine learning uses algorithms to recognize relevant data while filtering out information that is not useful or relevant.
Once companies have sifted through this data and recognized the most relevant information, they can use it to make marketing or business decisions by recognizing trends and forecasting decisions. For example, if a hospital uses big data to see people in the area are searching for “flu symptoms” at a high rate, they can assume a large number of people will seek treatment for the flu in the coming weeks and can prepare accordingly. Big data helps companies guide their marketing and business practices.
How can big data help SMBs?
Big data might sound like something only large corporations can use, but SMBs can definitely use it to improve their businesses as well. Analyzing the information you already have available is a great way to use big data. Look over your sales records, analyze your interactions with people on social media, and use tools like Google Analytics to determine whether or not there are any common factors or trends in the way people are interacting with you, the type of people you are attracting, and how customers are finding and engaging with you online.
As a small business owner, you want to ensure you’re using the Internet to grow and enhance your business, and SocialCentiv can help. Visit our website at http://www.socialcentiv.com/ to learn more about our Twitter marketing software.