Big Data has been getting a lot of mainstream attention in the last few years, even though it has been a thriving field for quite a while. The invaluable significance of the information that has been obtained from data has always been obvious, and the very concept of Big Data is aligned with this.
The sheer magnitude of data that we deal with in today's marketplace has undergone a major metamorphosis over the course of the last few years. The advent of data storage was a boon to data management, and consequently, it became easier and quicker for businesses to handle huge blocks of data in a hassle-free manner. With the subsequent evolution of companies that deal with data as a part of their regular operational tasks, these companies have begun conceptualizing what Big Data is all about. So let's find out what Big Data is all about.
What is Big Data?
Big Data refers to massive magnitudes of data that are growing exponentially over time and is considered overwhelming for most data processing application software. Traditionally, Big Data is too complex or too large and, as such, can be handled only by specific systems. Some typical examples of Big Data are social media sites, stock exchanges, and analysis of airplane engines.
When it comes to Big Data, it is practically more important to understand how data is utilized rather than how much data is there.
The perfection of Big Data in today's world
A few years back, most consumer data was derived through surveys, questionnaires, and complicated software that wasn't easy to handle. In fact, small businesses couldn't fathom possessing software or tools that they could afford and manage Big Data. In other words, Big Data has very limited access to the market.
However, with the advancements in technology, changes in customer behavior, and accessibility to the web via smartphones and tablets, Big Data is a trending aspect of the market today. One major example in this regard is the use of social media.
Social media has become a part of life for countless individuals from all around the globe. Our smartphones are continuously holding dynamic records of our personal activity on social media. Through this, Big Data is obtained from elements such as videos, text, audio, and various forms of content that one is tagged or a part of. With the sharing feature being a prominent part of social media platforms, the information obtained through this makes more contribution to Big Data.
Comparing Big Data & Market Research
One of the most important features of Big Data is its ability to convey past activities and forecast future trends. However, it offers nothing on why such activities happened. With such tremendous magnitudes of data pouring in, the relevance of the customer is often lost in translation. So when it comes to customers, who are arguably one of the most critical elements of any business, it is important to address why such activities happen as they are relevant to customer behavior.
Enter Market Research.
Market Research has been proven to be a highly efficient, functional, and powerful marketing asset that gives you a full-fledged perspective on customer behavior and market trends. Unlike Big Data, Market Research puts utmost emphasis on the customers and helps the business grow with valuable and relevant insights. With Market Research, a customer's opinion and preferences hold a high significance.
An excellent instance of the content covered above would be Facebook. Every time a user interacts with a post (through likes, comments, or sharing), information is conglomerated in order to establish a full-fledged profile of the user. While Big Data presents all this information elaborately, it offers no insight into why the customer is doing those actions.
But on the other hand, Facebook also lays emphasis on conducting polls that pertain to the browsing experience that a user has on Facebook. This is where Market Research comes into play. By conducting a poll, Facebook can gather insightful real-time data that would help them create more efficient marketing strategies that cater to the user intent of the Facebook user base. Ultimately, this gives the most comprehensive data on customer behavior and trends in a very efficient way.
How do Big Data & Market Research work in tandem?
With Big Data in tow, market researchers can derive relevant data from the huge pool of existing Big Data information. Big Data and Market Research, in essence, can go a long way in helping to eliminate a lot of guesswork and save money by ascertaining customer behavior. In businesses, marketing professionals are able to gain a complete understanding of their customer's buying trends, interests, preferences, and needs without any error.
The Relevance of Big Data & Market Research in Today's Digital Era
The digital era of the market gives a lot of focus on data, its analysis, and data analytics. So every core business decision should be aptly supported by these parameters. For instance, data analytics helps you gain value out of the obtained Big Data. Through ultra-specific Market Research, one can gain complete insight into what the customer needs are and how the market can ensure that customers enjoy the most value out of their purchases. This would help make more calculated decisions on how to pave the way to the presence of products and services in the market that reflects the user intent flawlessly.
In the last few years, the storage, collection, and analysis of data have become core parts of countless organizations all over the world. However, Market Research has been established as the more viable means to do business. As simple as that.
Big Data has its perks and will be sustained in the marketplace. Market Research, however, will remain the go-to option. In fact, Big Data will complement Market Research and help in assessing customer behavior better and lead to businesses making more effective marketing decisions. The rest will bank upon various digital marketing and customer acquisition methods that would ensure that both small and large-scale businesses are able to experience unprecedented growth.