Big data analysis is a valuable business tool that helps companies and managers to improve their operational capacities through a faster and more intelligent decision making process.
However, the main question for marketers is how big data can be used to gain unique advantages over competitors in the world of digital marketing?
Whether it is structured or unstructured, the analysis of large data sets of information can be appalling, slowing simultaneously companies’ decision-making processes. But, when big data is evaluated under the sphere of The Four V’s (volume, variety velocity and veracity), it can help marketers to make smarter decisions.
Four V’s of big data applied to decision-making processes in digital marketing:
- Volume: massive amounts of data are created every moment between brands and their followers in social media. When such information is gathered, curated, visualized and shared, it helps to understand important facts about the brand reputation, social media influencers and trending keywords.
- Variety: structured and unstructured data comes from multiple sources and is created by machines as well as consumers. For example, structured data represents existing information in databases and unstructured data can be information obtained from hashtags analysis in social media.
- Velocity: companies must track web analytics variables such as visits, hits, views and relational marketing information like sales calls and social media interactions in order keep up with the speed of information creation.
- Veracity: big data is obtained from diverse sources and multiple devices. cleaning, normalizing and collating those large volumes of data, helps to make truthful and comprehensive decisions.
The way marketers face different challenges associated with how to manage the vast amount of information generated every second in digital media, will determine if big data is useful in improving the decision-making processes.
Structuring a comprehensive analysis of big data sets under the sphere of The Four V’s, will help to create actionable, useful insights that can support marketers’ efforts and business strategies.