In the modern age, where knowledge is global and necessary, and technological advancement is evident, it is essential to decipher the value that Big Data holds for us. Big data is all that information that can be encoded based on classification, patterns, various structures, and recurring human behavior.
Big Data can be structured as well as unstructured. By studying this data, human behavior can be comprehended. The world has now become a virtual structure of communication. Everything from transactions to trends is being recorded digitally. Thus, the information recorded is of massive importance to marketers. Therefore, it can easily be said that it is the next Big thing after IoT.
When it comes to the importance of Big Data in marketing, we can easily divide it into three categories.
- The customer category includes marketing based on behavioral patterns of the buyer, social media platforms, online sales, and virtual surveys.
- The operational category of Big Data comprises of the tools needed to measure the marketing processes efficiently and effectively. Examples include the management of assets and resource allocation.
- The third classification of Big data is financial. This relates to measuring the financial well-being of the brand.