The Rise of Big Data Marketing
Over the past decade, there has been an explosion in the amount of data generated and collected by companies. Everything from website clicks to purchase history to social media interactions are tracked and stored. Additionally, advancements in data storage and analytics technologies have enabled marketers to leverage large volumes of data, known as big data, to gain a deeper understanding of their customers.
Big data marketing refers to the use of advanced analytics techniques to extract valuable insights from large, varied sets of customer data. The application of big data analytics has become a crucial component of strategic marketing in the digital age.
Defining the Key Characteristics of Big Data
For data sets to qualify as big data, they must possess certain key characteristics:
Large Volumes of Data
Big data is…well…big! It comprises huge volumes of data that are generated continuously and at high velocity. Walmart, for example, collects over 2.5 petabytes of data every hour from customer transactions. Traditional data warehouses struggle to handle the immense scale of big data. The volume demands cost-effective, scalable data storage and infrastructure.
Variety of Data Types and Sources
Big data comes from a myriad of different sources and in diverse formats. While transactional data from e-commerce sites is structured, big data also includes unstructured data like text, images, video and audio. Social media conversations, GPS location data, online clickstream data also add to the variety. Data from mobile devices, smartphones and IoT expand sources further.
Velocity of Data
The speed at which new data is generated and needs to be processed adds to its complexity. Clickstream data from user websites arrives continuously and needs real-time analytics. Streaming data from sensors, server logs, mobile devices etc. flows at immense velocity. The dynamic nature of big data requires analytics to keep pace.