Tapping into large data sets can be a complicated task, but imagine all the possibilities you could uncover if you did. Digital signals come from all sorts of channels, and taking this data and turning it into actionable information can have a positive effect on your bottom line. Imagine taking all of your digital metrics like click-thru rates, page views, bounce rates, time on site, cost per click, et al., and turning them into information that your business can use to make scientific decisions. Finding reputable outside help to make sense of your “Big Data” can be profitable.
Big Data is hot in 2012, but what is it?
Defining Big Data is important because the term has been given a variety of different meanings. For some, the term simply means any set of data that has become so large that it can no longer be analyzed using normal database management tools. For Fathom’s purpose, Big Data presents a marketing opportunity. It indicates the process of taking large amounts of data from a variety of sources and using that data to uncover hidden patterns, correlations, and other useful information. This collection can be used to gain competitive advantages over even the toughest of competitors. The resulting insight from predictive analytics will also have a positive impact on your inbound marketing strategy and most importantly, your bottom line.
How do I know if a Big Data solution is needed for my company?
Not every company is an ideal candidate for a predictive analytics solution. Before you go “all in” with Big Data, you should have a few things already in place to ensure the data you are collecting is statistically significant. Big Data solution-seekers should have a high-energy inbound marketing plan in place. In order to make calculated predictive decisions, a company must have a strategic inbound marketing plan that produces a significant amount of digital signals. What this means is that you should have solid search-engine optimization, paid search, social media, and digital marketing presences before you dive into full data-based solutions.
We call this the “acquire” period of Big Data. Next, you need an efficient way to organize or integrate the data collected. Lastly, you need to analyze the organized data in order to understand what it implies and make educated decisions that give your business a competitive advantage.
If you deal with a lot of data, don’t lose sight of the opportunities today’s technology and digital marketing afford.