Which of the following statements about big data is true? It is true that using big data analytics will not completely restore market size. It won’t create brand new markets. But it will reveal markets that have traditionally been overlooked, like hidden markets in low-income and remote communities, as well as markets previously not measured, like the condition and health of seniors.
The first true statement about big data is that it will change everything. Today’s data analytics and technology have a profound effect on everything. Which of the statements above is true? Data is changing everything – from how companies calculate their customer lifetime value to how fast a company can onboard new hires.
Most Fortune 500 companies today conduct research to understand how customers feel about the products and services they provide. Many of those companies also use complex data visualization tools to visualize their findings, often in real time, to inform management and help executives make more informed decisions. That means there are now dozens of companies with specialized knowledge in all areas of data science, mathematics, statistics, computer science and business that have begun to analyze every aspect of the modern market.
The second true statement is this: Big data has transformed the marketing landscape. The marketing landscape was once dominated by direct-mail, coupon books and newspaper mail campaigns. It used to be that a firm’s ability to get new customers, maintain existing customers and acquire new clients was by way of direct contact, word of mouth and physical presence. Today’s market is so competitive that all of those tactics are becoming less effective. Firms are having to rely on smarter methods, like email, mobile messaging and social media marketing.
Which of the following statements about big data is true? The market is so competitive today that sales teams have to work harder than ever before to retain customers and turn new ones. Firms are turning to social media to help them keep their brands “hot” during rough patches.
The third true statement about big data is this: Most sales techniques and marketing models developed in the past 50 years simply don’t work any longer. They don’t work because they’ve become dated. They don’t work because of the information overload and the fact that so much of what they taught no longer applies. Most sales firms have also become savvy to the fact that many firms’ traditional sales approaches simply don’t work any more.
The fourth true statement about big data is this: The days of easy-to-use, easy-to-understand software are gone. Many of today’s sales models simply don’t work any more. They’re too complex, too sensitive to the changing landscape, and too vulnerable to outside influences. If you’re a salesperson working within an agency or a consultancy, you should know by now that you need to get your work done with data and interact with it as often as possible. You need to get more with every sale, but today’s software simply isn’t built to do that.
The fifth and final true statement about big data is this: Today’s technologies, such as cloud computing and social networks, are making it easier than ever for people to work together. People who used to communicate only through email are now sharing videos, images, notes, and each other’s work on their mobile phones. These advances are reshaping how people do business. In order to succeed, today’s firms need to embrace big data and think about how it can help them lead their businesses into the next era.
In the first place, though, they need to learn to embrace big data and not see it as a threat. After all, the speed and sophistication with which social networks have developed means that their users’ communication has expanded exponentially in the last few years. Businesses have adapted quickly, and there’s no sign that this pace will slow down anytime in the near future. The key today is to harness that growth for the firm. It’s not a threat, really; it’s a very promising new direction for today’s businesses.
So which of the following statements about big data is true? The first is that it is changing the way that firms do business. Today’s businesses understand the value of big data and how it can dramatically improve their results. Firms are implementing big data analytics systems and using it to map customer behavior, optimize advertising campaigns, and much more. Ultimately, businesses need to embrace big data to fully reap the benefits of it, but today that goal isn’t yet met. As a matter of fact, it’s possible that many of the leading firms today haven’t even started to tap into the enormous potential that big data represents.
The second, which of the following statements about big data is true? At this point, it’s pretty safe to say that it is true-at least if you want to use big data to your advantage. Today’s businesses are realizing that they need to adopt big data in order to get ahead in today’s competitive market; they need to fully utilize its power. Only then will they truly realize the incredible value that it offers.