Published On: Tue, Apr 25th, 2017

Big Data Marketing: Why it’s Important to Your Startup’s Success

By this point, you’ve likely heard of the term “Big Data”. The term sounds impressive but not everyone is familiar with its meaning nor are they aware that it is a growing trend that will definitely be making more waves in the future. If you haven’t jumped on the big data bandwagon yet, here are some reasons why it is important and some tips on how to begin implementing it as part of your marketing strategy for your startup.

What is big data?

If you’re just getting started with big data, before you jump in headfirst, it is vital that you have a good understanding of what big data even means. The simple gist is that big data technologies is the term used for large sets of structured and unstructured data. Typically, big data is commonly defined in a 3V model: volume, velocity and variety. Volume relates to how data is stored. For instance, businesses gather data from a variety of sources like social media, sales transactions, etc. and store this never-ending data. Velocity refers to data streamed in real time that needs to be dealt with immediately. Lastly, variety stands for the diverse forms of data like text, image, audio and video. Businesses should be able to harness big data and be able to arrange and store it in every format.

What does all this mean. In essence, big data refers to the collection of all data – in every form – and the collector’s ability to analyze and make use of it. It is the increasing datafication of our world (everything we do leaves a digital trace) and our enhancing ability to analyze this data in a way that was never possible before.

photo/ Gerd Altmann

Why use it?

Before you know how to implement it as a tool for marketing and monetization, it is important to know why big data is worth your time in the first place. For starters, it helps businesses to understand their customer’s better. It can help them predict what their customers want in advance, giving the business the chance to provide better products or service. It gives businesses the ability to act promptly whether it’s to help keep customers happy or resolve any issues.

Big data can also help you to understand present market conditions and gives you certain opportunities, such as the chance to get ahead of your competitors. For instance, by analyzing customers’ purchasing behaviors, you can discover which products are sold the most and produce your future products based on these trends. What’s more, among other benefits, big data can also help you to control your online reputation and can lead to cost savings.

How to use it

Once you have a better grasp of big data and why it is important, you’ll then come to discover that the real challenge isn’t collecting data but figuring out how to best analyze the data that is collected. Being creative is key, and for many startups this means employing the use of graph database technology, which maps information between data points via an intricate web of connections. Such technology, which has been popularized by Google and Facebook, has helped to revolutionize the field of data in our world that is constantly flooded with more information than ever before.

Since this is the case, businesses look to other companies like Neo Technology – one of the early pioneers of graph database technology that created the Neo4j prototype – to help them build intelligent applications to be able to meet today’s ever-changing data challenges. In other words, if you’re hoping to harness the power of big data, you’ll likely need help from graph database technology experts.

How to monetize it

You know that effective website monetization is key to making money from your site. In terms of big data, there are different ways that you can monetize it should your company every possess it. For instance, you can make targeted offers by segmenting your audience and creating better offers and presenting them to the consumers who are the most likely to be interested based on their demographics, browsing behavior, buying patterns, etc.

Another way is to retarget consumers using data collected from your web visitors. Someone who visits your site is already showing interest in what you have to offer and is likely easier to convert than a first-time consumer.

When it all comes down to monetizing big data, always remember that it’s just as good for growing your customer base as it is for retaining customers.

Author: Sarah Watkins

photo/ Gerd Altmann via pixabay

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