Big Data is a complex phenomenon that has received a great response in all areas of human activity. Big Data is called the revolution of the digital age and is associated with oil in terms of its importance to society. It is not a part of any industry, but a whole science – Data Science – capable of predicting the future. In the field of Internet marketing, Big Data is a kind of trump card that allows you to predict demand, identify and find a target audience, create unique selling propositions and build a successful business.
On the one hand, the concept of Big Data includes a huge amount of unstructured information, on the other, a set of approaches and technologies for working with it. As with raw materials, a huge amount of data in its pure form is of much less importance than the products obtained as a result of its processing and analysis. That is why Big Data is called “new oil”.
Sources of Big Data are everywhere. These include computers, mobile devices, GPS devices, browsers, social media. networks, search engines and more.
Experts describe the Big Data phenomenon with 3 variables:
- Variety (variety of types and sources);
- Velocity (processing speed).
To date, there are about 26 known methods for analyzing Big Data, including machine learning, data mining (Data Mining), crowdsourcing and others. For example, machine learning is widely used in internet marketing.
It is important to note that the result of data processing always assumes a certain percentage of probability due to the presence in them of various kinds of “noise” and cannot be considered as the most accurate and reliable.
Information is an advantage that any firm seeks to possess. In particular, for marketing purposes, information about the target audience is of the greatest importance. Knowing your customers, their behavior, interests and preferences, you can build effective communication with them and, moreover, predict demand.
In addition to search technologies, Big Data has been successfully used in display advertising. The model RTB, which ensures that banner ads are shown only to interested users based on an analysis of their behavior on the Internet. Thus, the largest ad networks, working together with data suppliers (Data Suppliers), help entrepreneurs find their target audience.
The importance of Big Data for business development is not limited to advertising. Knowledge about the target audience can and should be drawn from personal data sets and available open sources. First, it will allow you to better understand the habits and characteristics of established customers and, through causal relationships, find a similar audience (look-alike) among other network users. Second, analyzing the data will tell you the current state of affairs: what is working great and what is bad, what preferences are there for a particular type of customer, and how the service can be changed to meet their needs. Thirdly, data management will allow creating unique services that will be in demand and popular with users.
Many firms do not use their own assets at all, which is a big mistake. The learned knowledge can be very useful and save a lot of money on advertising. There are many examples when, thanks to the analysis of Big Data, collected in the course of their work, firms received excellent results that contribute to the successful development of their business.
For example, a startup Jawbone, which launched gadgets for tracking sleep, movement and nutrition, earned several million dollars. But the firm’s cunning strategy is not only about making a one-time profit: their product helps to collect a huge database of impersonal data about the life cycle of people around the world. This is a serious marketing material for research, the results of which can be of great importance for manufacturers of furniture, medicines, health products, food products and representatives of other sectors of the economy. Ultimately, the revenue from the sale of information can significantly exceed the revenue from the sale of the bracelets themselves.