Top 4 Ways to Maximize Big Data Potential

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Big data has the potential to maximize your firm's customer experience and engagement.

Big data is of paramount importance but not without its critics. The New York Times released a blog entitled "Why Big Data Is Not Truth" last week that shook up what some consider the useful aspects of big data. Author Quentin Hardy criticizes big data when it is purported as truth. Big data ‘truths' are then utilized in order to ride the next market trend before it hits. This is true and big data can do this.

However, the problem with Hardy's argument is that big data does not offer ‘an objective truth' but rather innovative suggestions, tangible solutions, and specified trends in markets for businesses to utilize. Recognizing big data as not truth is why it offers so many brilliant angles and alternatives to business strategies and marketing teams.

The Financial Times offers a response to what The New York Times argued last week by offering four methods to maximize big data in your firm:

1. Customers can be grouped by trends and this is a fantastic.

A firm's relationship to a customer is no longer just a representative talking to a client but rather, the customer is understood as operative within larger trends of a social base. This customer base discusses, argues, and reaches solutions within itself all outside of the company. A business has the potential to recognize this big data to keep up loyalty and engage the consumer base. This is collective consumer influence that empowers both the individual customer and marketing strategies.

2. Track physical objects.

Using sensor technology allows firms to understand how physical products move in markets or through the production process. This comprehension is achieved through big data analysis. Lags and successes can be identified and capitalized upon as ‘event-driven data.'

3. Data sets are endless and must cherish diversity

Data: big, small, and everything in between is important. One customer's location activity and tweets for the day could be just as important as analysis of entire markets and big data can help unite these two sets. Valorizing one type of data over the other prevents reaching informed and nuanced observations.

4. Big data does not just offer trends, but also ideas from customers.

When ideas coalesce in intra-consumer communication spheres (Twitter, Facebook, Pinterest, Instagram, blogs) the firm can get ahead of the game. Don't just reply to customers on Twitter, but follow them because their ideas could be yours next week.

Big data should not be taken as truth but as an integrated and diverse set of informational data that can intelligently inform customer experience and marketing.

There will be a case study presented at Big Data World USA called "What to take into account when creating a big data strategy" by eBay that will probe these kinds of ideas and offer tangible solutions.

[Image: ellajphillips – Flickr]

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