Thinking about Big Data sends me into a spiral of looking at so much information on consumers, to which I have no idea where to start. Big data is a list of information usually extracted from a company’s CRM system. Utilizing big data can give a company the information needed to properly analyze and even retarget consumers in order to build profit. The hardest part is trying to analyze the data. There are two ways to make sure your big data is analyzed correctly. One, understand your marketing objective, what question do you need answered? Knowing what questions need be answered will help you organized your data to find the answers. Two, eliminate incomplete information within your big data. For instance, if a consumer didn’t complete the company’s sign-up sheet in its entirety, missing fields such as the age, sex, or income, then you eliminate that data based on the marketing objective your trying to accomplish. If your objective was finding an average age of your consumers, then eliminating that consumers information, can provide more accurate results. Understanding big data can become overwhelming, but if you use these two techniques you too can become a big data expert.
Tag: predictive analytics
As humans we have always had this quest for knowledge, a constant curiosity that allows us to come up with new inventions or inspire creativity. Wouldn’t it be great to take that curiosity a step further, to understanding and even predicting future behaviors? As marketers we have this ability now, through the use of predictive analytics. We take a deeper look into historical data collected from our consumers to driver consumers to make decisions. Since it’s very difficult for people to predict the future we use machines and AI (Artificial Intelligence) to make these predictions. We use historical data as a source of information, input this data into a machine, and now based on similarities or certain pattern we can make predictions. For instance, Netflix uses the same thought process. After watching multiple movies, Netflix will then make a recommendation on which types of movies you would most likely be interested in. Because of this you would then choose that recommended movie to watch, therefore my decision to choose a movie is already made. Predictive analytics allows marketers to drive consumers to make a decision, which comes to an actual interesting thought. Can consumers actually think for themselves? (insert X-files intro music.)