Big Data’s entrance onto the business sector has been nothing short of revolutionary. Firms’ ability to gather incomprehensible amounts of data and make sense of this data is something that we’ve never seen before. Big Data…
Is basically identifying a blimp on a large radar. Hearing a singular violin amongst an entire orchestra. Vast amounts of continuous data that companies are bombarded with are now able to be stored, analysed, and eventually turn into valuable information for managers.
Want to know what areas of your business ‘Big Data’ would be most influential for? Take a look at the graph below, or check out the full blog at Forbes.
However, as proved by the graph above, Marketers are now relying on Big Data to change their company. Trying to identify and create trends for marketing managers to use or even to track how current marketing strategies are being responded to. Before I get into why this is an issue, watch Usain Bolt help demonstrate my argument.
What did we just see? We saw Usain Bolt dominate. But now imagine Bolt as all the current/future marketing trends and the other participants as ‘Big Data’. What’s the underlying point? No one can keep up.
This is the current trend with Big Data. Marketing managers are trying to use long-term indicators and lump-sum figures to comprehend the current market and adjust their company. Managers should remember the initial purpose of Big Data and not try and turn it into a multi-dimensional tool. Because (like the video above) Big Data cannot simply keep up.
How to fix this? Small Data!
‘Small Data’ is the baby of Big Data (the Usain Bolt of the video above). Collecting new, fast and specific fragments of the vast amounts of data splurged into a business. This ‘Small Data’ is perfect for understanding consumer-response to a new strategy or area within your business or even for predicting what consumers are going to demand in the upcoming year. Need a bit more information, have a look at what Forbes Magazine has to say about the benefits of Small Data.