Carpe diem! We all know time is money and it’s ticking away leaving us behind in the race to obtain, decipher and leverage the use of data. Apart from the saturation of covering “Big Data” in recent month, many huge brands are actually struggling with figuring out how and when they should ride the big data wave.
Data is a very crucial element for businesses. However, data is, and will become incredibly powerful, especially for those who are looking to leverage their marketing, video, local, mobile, social, search and various emerging technologies, in order to compete and gain more market share.
Big Data is a term that is associated with large corporations. These enterprises have great resources to invest in collecting and analyzing data. However, data can equally be important to small medium enterprises who are seeking to grow.
The effective use of big data will actually be the determining factor of who will win, and who will lose in every sector of the economy. For instance, many analysts believe that Big Data might actually increase retail margins up to 60%.
It appears that the retail sector is the obvious benefactors of the Big Data, given the abundance of information that is being conveyed through transactions. However, every sector in the economy stands to benefit from the large amounts of data being generated. All it simply requires it so act on the findings, to have quality data and quality queries.
Big Data analysis, in its earlier life was referred to as data mining, which was considered highly useful when it came to making decisions about directing business strategy, profitability, effectiveness, increasing productivity, tax liability, marketing, sales, human resource, relationships and business operations.
Since each business is unique, the value of the data will actually vary according to the purpose of the data. Let’s focus on the use of Big Data in the context of digital marketing, search, social media and e-businesses.
The growth of the big data can be compared to a tsunami, just like the ocean, never turn your back on the growing sea of data sets.
Unstructured data, referred to as “messy data” is expected to implode to epic proportions. Incidentally, Google, Yahoo and Bing are putting greater emphasis on unstructured data that they create, when it comes to especially identifying social media and content on the web.
Big Data has always been considered as a gold mine for marketers whether they’re strategy based, social, PPC, PR, SEO or Search. Nonetheless, it is safe to suggest that the expected growth of data and the emerging of unstructured data will actually be the ‘game changers’.
Those who will recognize and embrace the power of the data mountain will be able to reap the benefits of it, while competitors will try to figure out what they did to become successful.