The term ‘Big Data’ is used regularly by those who work in the digital marketing, technology, or data industries. If you’re a business owner trying to market your brand, product or service, however, you may be a little confused as to what big data actually is. Analyzing data and marketing based on those results is no longer essential to only online stores or big businesses. Small and middle-tier companies are reaping the benefits of third-party data, including increases in brand awareness and revenue.
Big data may seem overwhelming, but you don’t have to be a data scientist to learn the essentials. Below are three big data basics you should know:
There are hundreds of definitions for big data. For years, it was determined by the big Vs: volume, variety, and velocity. But big data is not as simple as its size; it’s also the technology that consumes and reads the data.
First-party data is gathered first-hand, like when an online store asks their consumers to fill out customer experience surveys. Third-party data is learned from other sources. By utilizing both first and third party data, businesses can gain the most comprehensive and useful insights possible.
When news of big data started circulating in the tech community, some people were skeptical of its size and capabilities, but it has become an essential asset to digital marketers and an impressive money-maker.