Data is something very important to deal with. We need data to analyze everything, the most precise data we have, the more accurate results we get. You might have learned the importance of data from your statistics textbook but, apart from all those things you need to learn more about “Big Data” and how this works!
What is big data?
When you’ve information of someone then you call it data, but when you have a lot of information of a lot of people’s then we call it “Big Data“. Big data plays a very important role in the current business industry, even big data is given more value than paper money. The companies who utilizes big data is getting far more sales than the ones who don’t use big data.
I’ll explain you more about big data and the uses of it using some examples. Assume that you’re running a company and the company is dealing with a food industry. You got a variety of hotels in your database, but you don’t know anything more about your users, you just have their email, phone number, and name.
So, to improve sales with your current data, you can mail the customers with the list of top hotels or dishes or even you can message them about this. So I’m running a company like Zomato and I know the taste of some of the users in your database. So, you decided to sign a contract with me to use my data and make your marketing more accurate. From the very next day, you’ll search the database for a number or email and you’ll get to know the taste of the user. Suppose a user is interested more in eating Pizza’s then you can target those pizza lovers and mail them the nearest pizza stores. To locate the nearest pizza stores, you need their location too.
So here, we got their taste, location, contact details and the conversion rate will be 10 times more than the old one. This is how we utilize the big data to make businesses and marketing activities perfect.
The top tech giants like Google, Facebook, Apple, Whatsapp etc got all the major data of ours. Especially facebook is having all the data which also got your personal data as well. Facebook got your picture, your phone number, your relationship status, your relatives, your friends, your location, your interests, your favorites, your messages and a lot more data to make a wonderful marketing activity.
I think facebook is having most precise and accurate data of a human being which other companies doesn’t have much. Facebook can surely use these data’s to make their advertising platform rich in conversion. The facebook advertisers can easily categorize people with perfect targeting hence resulting out great results for their campaigns. Suppose if you’re managing campaigns with facebook ads, then you’ll see the things which I’m talking right now. So you can categorize the data and even the behavior of users to get more attracting conversion rates.
One of my experience: Yesterday one of my friend shared a screenshot of an ad which is quite interesting. He found that advertisement on his timeline and the targeting of the company was perfect. My friend used to go to Gym and he used to take selfies there and he used to post those selfies on his timeline with the hash tags #GYM #Selfie etc. I think that these guys have analyzed this behavior of many people’s out there like my friend and they used that method to create an attractive piece of ad with this image.
After when you see this ad, you’ll be shocked that how they tracked our behavior perfectly. Suppose if I was taking selfies at gym then I’d have seen this ad too and damn sure I’ll stop at that point and I’ll surely investigate more about the product or service which they’re offering. So, here the conversion rate will be damn too high because of the perfect analysis of data.
Big data Analytics
Having a lot of data in your database won’t make sense until you utilize it to make money by selling it or by utilizing it for better sales. Some of your data might be useful for other companies and surely they’ll be signing contracts with you to share the data. The most important part of all these data game is to analyze the data we have. Perfect results will come out of the data only if we analyze the data perfectly.
From removing the fake data to analyze the new and old data with certain parameters, you’ve to take care of each and everything that can result a better conversion. Being a big data analyzer is not a small job but if you can become one, then that’s one of the coolest jobs one can ever have. Putting in some psychological stuff while analyzing this data will surely help out.
Data > Paper Money
The primary aim of collecting data is to generate revenue, the startups these days are giving a lot of values to the big data and even they’re considering it as one of the revenue models. A majority of the top startups are considering big data as their core revenue model. Companies give comparatively more value to data rather than paper money as because big data can make out a lot of revenues instantaneously. The story of big data never ends, as time passes away more and more companies are attacking our privacy by taking out as much as data as they can to make enough money in the future. Well, you know about Trucaller the killer app with a lot of contacts data (billions), these companies are really freaking out there with the data they’ve. Even a small piece of data can change the way we implement things, so what about big data? 😉 .
Moral of the story 😛
More knowledge (data) we have, more intelligent we are.
Share your thoughts about big data with me and I’m really interested in discussing more with you 🙂