With the rise of social media and technology usage increasing on a daily basis, we are expending a very large amount of personal and behavioral data in our everyday life, which has a very meaningful impact on our lives as well as the economy. The term Big Data is being thrown around everywhere nowadays but there are several myths about Big Data that overshadow what it can actually do and how beneficial it can be.
Myth 1: Big Data Has a One Universal Definition
If you were to walk around your office right now and ask your co-workers to define Big Data, you would most likely get quite a variety of definitions. This is because, contrary to popular belief Big Data doesn’t have one, concrete definition. However, for a deeper understanding of Big Data, see our previous post, Big Data Gets Defined, Finally.
Myth 2: Big Data Is New
While the volume of data available today and our ability to process it at an increased level is certainly new, the idea of relating and analyzing large amounts of information is not. In fact, well before the first databases, monks would cross-reference every word used in the Bible, called “Concordances.”
Myth 3: Big Data Means Big Marketing
Big data is helping markers not necessarily have a bigger marketing strategy but a more narrow and effective marketing strategy. It is providing companies with key insight to what their customers want, creating the challenge of turning information into action. Understanding Big Data means it’s crucial to manage data from multiple sources, in all its different formats.
Myth 4: Bigger Data Is Better
Bigger doesn’t always mean better. The key to Big Data is having people to interpret it who know your business and its objectives. It is an organization’s responsibility to use the information it is given to provide the quality products and services that customers are looking for.
Myth 5: Big Data Will Dictate Your Marketing Approach
As previously mentioned, the importance of data isn’t that it exists; it is what we are going to do with that data. With that said, the only relationship that it will have with your marketing strategy is that it will provide the foundation of what the goal and focus should be Use of data analysis is useless if there is no one there to relate it to the company, the company’s mission and what consumers are looking for.