Big Data the Key Player of Your Market Research |
Posted: October 18, 2019 |
What comes in your mind when you listen to the three keywords – Big Data, Market Research, and Business? The trio is closely related to each other. Although, Big Data and Market Research play a vital role in the world of business. Big Data analytics tools and techniques are gaining more importance due to the use of Big Data in industries. Big Data and market research together represent a giant set of tools. The toolkit works excellent when users know how and when to utilize both to their full perspective. What is Big Data?Big Data can be defined as a large set of data that may be analyzed computationally to exhibit patterns, trends or a particular behavior. Big data are large data sets having structured and unstructured data that can be analyzed using analysis tools to perceive a specific pattern, trend or human behavior. Well, Big Data is a megatrend. Currently, the topic is the subject of many hypotheses. There are multiple definitions of the term. Although, everyone has a different meaning when they talk about it. All in all, Big Data is a colossal amount of data, which are generated automatically with the help of latest technological evolutions, and analyses how this data can be transformed into useful information. However, Big Data can be segmented into two broad categories – data used for predictive research and social network data. Firstly, data used for predictive research collect and store information for further analysis. This type of data can be used for analytic purposes. For example, a shopping site recommends products to its users based on their purchase history. Thus the predictive analytic hold power to predict future actions in business. Secondly, another type of big data is social network data. The social networking platforms like Facebook, Flickr, LinkedIn create unstructured data. Users comment or react on the posts and other information present on the portal. The flow of comments and data does not have a fixed structure. So, there are some tools to track such type information and derive meaningful data from it. Such a team is also known as web analytics team, and there is a high demand everywhere. Big Data and Market ResearchThere are many posts across the internet saying big data will replace market research or vice-versa. In fact, the two things are entirely different but can be used together for best results. The concept of big data is already described in the article. Whereas, in market research, a large amount of data can be collected by using different methods or large sample sizes. But the data is not received on the same scale. Despite that Big Data cannot replace market research. It is because the technology lag behind while addressing small project goals. Market research is and will persist to be a high-powered tool ever and ever. We cannot even imagine the marketing world without market research. What will be the combination of Big Data and Market Research?Combining Market Research and Big Data bestows future benefits as mentioned below:
Moreover, the combination of big data and market research can be called “Big Data MR”. It is the art and science of fusing consumer data, behavioral data, attitudinal data, and advanced analytics to develop better and faster decisions that produce superior business results. Use of Big Data in Market ResearchA standard application of Big Data Market Research is to utilize research to comprehend the key drivers of some observed behavior. Also, there are other applications of big data in the market research industry. They are as follows: Enhanced forecasting and outliningMarketing industry always depends on prediction to perceive how individual marketing strategies handover success. Big data empowers marketers to escalate the volume and scale of data sources while speeding up reporting, enabling relevant forecasting and smarter decision-making ability. Precise audience targetingMarketers gain from a large amount of targeting alternatives in case of online advertising. The increasing cookies and information-rich social media indicate the data is there to go beyond simple demographics, time-based, and geographic targeting options. Using Big Data, one can set an ideal customer profile citing audience targeting. A market with big data does not make a guess now. Instead of that Big Data deliver accurate and precise information about work profile, geographic, demographics of the target audience. Understand the best quality of content to heighten salesWith Big Data, it is possible to comprehend the material that is impressive and strong in a marketing push. Businesses can get such type of information with content scoring tools that are present with some translation management system tools. For example, a marketer can gain insight on which assets were successful and also reveal how adequate they were. With the results, the marketer will get content well-liked by the buyers. Keep Track of CompetitorsNew tools that offer social monitoring have made it easy to gather and examine data about their rivals. The tools can also be used to reveal their efforts regarding marketing. Thus the businesses can use this data and have a discrete competitive advantage. Impact of Big Data on Market Research IndustryBig data is opening up a wide array of possibilities across the conventional qualitative and quantitative spectrum of market research. Two features of Big Data can boost market research. Predictive analytics can play a vital role in the organizations that bear giant customer information warehouses, can append data to inspect information to add segmentation value. Additionally, survey researchers can create custom reports or segmentation by using data mining tool. There are some tools like CHAID, Neural Networks that are used by both Predictive Analytics and market research. On the other hand, Big Data poses unique challenges for the market research industry. It is by no measures efficient to master the technologies for processing massive amount of data. There is a need to construct separate market research algorithms so that they can be applied to new data. While both Big Data and market research are evolving at an exponential rate. Though, marketer can use Big Data, the powerful tool to predict the precise customer segment.
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