Strategies for using big data to enhance the customer experience, according to Marketing Profs.
According to IBM, we create about 2.5 quintillion bites of data every day, and IDC estimates that the volumes of data will more than double every two years.
“Big Data” has quickly become a buzzword across industries. It is defined as data sets that are too large and complex for conventional tools to capture, store, and analyze. Just as the term was first emerging, Gartner described Big Data in 2001 via the three “Vs”—volume (amount of data), velocity (speed of data in and out), and variety (range of data types and sources), and continues to lean on these characteristics today.
Marketers have collected and analyzed customer data and used the resulting insights to improve the customer experience and boost sales for decades. Big Data poses a new set of challenges to marketers as many conventional tools and practices fail to capitalize on these vast and varied data sets.
At the same time, Big Data affords a strong opportunity for brands to understand their customers more than ever before.
