Will Big Data Bump Market Research Out of the Picture?

Will Big Data Bump Market Research Out of the Picture?

What’s extremely large and is packed full of data? If you said big data, you get the prize. But aside from its immensity, big data still remains a fuzzy term to legions of marketers. These bewildered souls know they should use it. But they’re still in the dark when it comes to understanding the nature of this beast.

Understanding Big Data

Big data in its general usage is a massive amalgamation of information analyzed to reveal specific patterns and characteristics, particularly those related to human behavior. To really know big data, however, marketers must see it in terms of its two primary functions.

The first of these functions is forecasting. Big data gives marketers a massive amount of information that can be analyzed top to bottom in order to predict possible consumer actions. Who will like this new model sports coupe? Who most likely would be interested in and suitable for a new refinance program?

The second function relates to understanding social media conversations. Oh sure, we know what people are saying – most of the time. But taken in their totality, what do these messages really communicate about the individuals doing the posting? How do markers derive actionable meaning from the mass of unstructured info? Big Data enables marketers to interpret this message mass, utilizing two promising new disciplines – social media network analysis and sentiment analysis.

With big data power clearly established, are conventional market research techniques such as the tried and true survey doomed to extinction? Not likely. Big data offers a generalized picture of consumer behavior. And in that regard, it’s nothing short of astounding. But when specific answers are required, there is still no substitute for traditional research methods. Yes, the survey will survive.

Clearly, big data and conventional market research each rules its own dynamic sphere. Thus, the best possible solution is syncing the two into a formidable analytical front.

If you have any questions or comments about big data, or about any other brand-related topic, feel free to send them our way.