Big data has become somewhat of a buzz word and the more it is used, the more varied and confusing its meaning and uses become. This article aims to provide simple insights as to what big data is and how big data can and should be used for marketing.

What is big data

The collection and collation of massive data sets and structured and unstructured information has been qualified using the three V’s.

Velocity. This is the speed at which this modern form of data is received, processed, and shared. Cloud computing has allowed for this speed to be increased as data can be streamed directly into memory.

Variety. The type of information that constitutes big data is incredibly diverse. There was a time when analysts only dealt in nicely structured data sets. The rise of big data has seen the evolution and improved understanding of unstructured data, which is received via text, video, short clips, and transactional paperwork.

Volumes. The aforementioned data types seem to be never-ending and will range from tens of terabytes to hundreds of petabytes. Its simply massive amounts of information, from simple click activity of individual clients to detailed buying habits and demographic information.

How marketers use big data

KYC or 'know your customer' is the main aspect of big data that marketers are most interested in. It's a term that was primarily used in banking to create heightened banking security but has become as important for all other business aspects, especially marketing. Social media, online purchases, and the sharing of data in the cloud allow more than just the big banking institutions to be able to thoroughly know their customers.

The customer and market information that is now available in huge quantities will also improve customer engagement and provide business intelligence in real-time.

How the humble text became a powerful marketing tool

One of the best examples of the power of big data for marketing is the text message. Without big data, only bulk, generic texts were sent, and they did more damage to brands than good. Customers and clients became fatigued as overzealous naïve marketers sent everything to everyone.

Big data, however allowed for the text to become targeted, specific in nature, and aimed to elicit a particular response from the different recipients.

Some of the best marketing is done by the politicians as they come up for possible re-election and the text message political campaign examples such as the Ted Cruze campaign proved precisely how powerful the text message has become as a means to initiate action.

Conclusion

Big data has begun to provide some of the best insights as to how to market and approach your customers and clients. As long as your business is in the cloud and online, there will be customer contact points to collect such data. In the current context, it will then be imperative to use this data as the basis for any marketing and advertising.

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