Big data is a collection of everything that is related to consumer behavior for the purpose of collecting consumer data and predicting how they will react or behave in the future. Big data collections include transactions, orders, steps taken, images, etc. Basically, it is the art and science of collecting and compiling consumer data, attitudinal data, and behavioral data and using advanced skills to produce better and faster decisions that help services and products to create products that the audience wants and that give the brand a competitive advantage.
Before Big Data, marketers just had enough data about the consumer’s wants and needs, but now researchers have gone one step ahead and started collecting behavioral and psychological data to help them understand people’s behavior and general behavior so that they can predict the future.
Advantages of Big Data:
- It helps products and services to predict the future and help them to plan accordingly, making the chances of failure very slim.
- Big Data helps marketers understand consumer behavior, allowing them to create products and services that are tailored to their wants and needs.
- Big Data helps companies by giving them data that helps them to create a competitive advantage over other brands.
Challenges face by big data:
- Time: It takes a lot of time to collect big data and sometimes by the time you collect all the data your audience has changed and the data might not be useful.
- Cooperation: To collect Big data you have to make sure that everyone cooperates in the process to collect the data so the audience, researcher, company, etc have to be aligned so that the data can be collected.
- Collecting data: Collecting big data is very challenging as there is a lot of content to choose from, also in the process of collecting data you might just collect a lot of data that might not be useful, so make sure that you have some filters while collecting data and also have some software that would help you to keep your data safe.
- Responsibility: While Big Data makes the marketers earn more profit by predicting their behavior, it can also create a question about consumer privacy and safety. As a researcher, you have to be responsible while collecting the data.
Big brands like Google, Amazon, and Facebook are already using big data to understand their customers and if you are a brand that wants to grow in the future then collecting big data is the right direction to take. Your brand would be successful with the right market research and Big data.