Big Data is a term that has been around for decades. In digital marketing, it allows marketers to know how customer behavior is. Use it for collecting, classifying, and analyzing data to make great marketing strategies and campaigns.
But what is big data?
Big data is a volume of information that arrives daily in a company. The relevance lies in how they choose to organize the data: needs, wants, and buying habits. Data is classified as volume, velocity, variety, and veracity.
Volumes are a large amount of data collected from different sources like social media, online forms, online transactions, and machine-to-machine data.
Velocity is the speed at which the content is generated, stored, analyzed, and archived.
Variety is how data comes from different sources. The data, structured or unstructured, can come from various sources and formats (videos, written documents, images, etc.).
Veracity means that data needs to be meaningful. The most important part of a data strategy is to ensure that your company is not storing any irrelevant data.
What is the contribution of Big Data in Digital Marketing?
If the term isn’t new, you can only affirm that neither is its usage in the digital industry. The first case of use was around 1990 when a considerable amount of data was analyzed to measure the effectiveness of television advertising. Since then, it has grown exponentially and now plays a major role in social media.
It has advanced so much that companies can look at that data and predict movements or decisions people will make, just based on previous analysis and information collected. This helps them to make important business decisions, based on solid evidence that will strongly support future entrepreneurial endeavors.
For example, Nike has used not only the data collected from its client’s purchases and social media. Also from a very wide range of health products that allowed them to connect the dots and cross data to track even the way you work out and how this affects your purchase decisions.
Thanks to that, Nike has a very powerful tool to determine how to impact our decision-making processes and how they can advertise their products to have better sales. Big Data is a very good way to have insights into marketing and visual impacts.
So, with Big Data, a business can use this information to determine when to advertise its product or service, how much to charge for it, and how to present it. And that’s a fundamental thing to do in our current world.