Big data. Do you know what this is? Sure, it sounds like a new fast-food meal, but it’s actually a term that 63% of business executives are unaware of – and maybe you happen to be one of them.
Simply put, big data describes figures that are so complicated, conventional database management tools can’t even comprehend it. Big data is limitless. From purchases and mobile phone records, to digital and social media, sensors and online sharing, big data helps us make decisions, monitor cases and even pinpoint problems.
So what does big data have to do with marketing? According to an infographic by Demand Metric, big data is crucial for marketing analytics. For example, for-profit organizations utilize big data to boost revenue; not-for-profits use it to increase donations; and academics use big data to scrutinize problems.