Big Data (an Introduction)
The very name "Big Data" has the vibe of overwhelming complexity, and yes, Big Data can be complex when looking at it from multi-industry perspective, but this is true of nearly anything that spans the breadth of entire marketplaces. Instead, in order to get beyond any limiting hiccups you might have, let's break Big Data down into small steps that more directly relate to your SMB mindset. After all, practical Big Data solutions have been around for many decades already, but it's the SMB arena that is about to be up-ended through the creation of Big Data products and services. So what is it? In short, we're talking about a lot of information (a lot) that has been, is currently, and will continue to be collected on nearly every interaction made by people, objects and other bits of data as they all interact over time. What does this include? First, let's start with the raw data points:
- Basic Profile: Traditional name, age, address, date of birth and other identifiers that is used to specifically target your audience.
- Demographics: Household information, education, language spoken, religion, ethnicity which can help you better hone your marketing approach.
- Lifestyle: Insights on motivators such as whether or not they have pets, travel, make political or charitable donations, etc.
- Financial: Economic capabilities and liabilities that can help you identify ROI and/or actionability on your target's behalf.
- Property: Information detailing many consumers' single-greatest financial asset (can aid in forming a credit/risk assessment).
Now, any one of these data points can help you form a more complete picture of the person you're looking to reach with any given marketing campaign but combined, they can form synergistic insights on motivators and that's really where the gold is when it comes to data. Because while it's interesting to know more your target market as it is right now, it's in data forecasting (projecting models of likely action or inaction by each person individually) that you begin to really highlight opportunities you might otherwise overlook. You can see this in offrs' predictive analytics algorithm, which utilizes Big Data points similar to the ones above to predict which homeowners in a given neighborhood are most likely to list their home for sale in the next 6-12 months. For a single real estate agent, this offrs Big Data access solution can be a powerful tool that slices through competitive barriers in their area.
How Do You Access/Use Big Data
This is where the rubber meets the road when it comes to practical ROI for your business. Since 2013, offrs has been innovating and delivering Big Data solutions into smaller market verticals (such as SMB real estate operations nationwide). A good portion of this comes about in the productization process. This is a fancy way of describing how we create and deliver data products and data services to you. We do so through familiar technologies (a standard internet browser like the one you're using now) and what this means to you and your team (if you have one), is that accessing business intelligence (data that you can use to build better marketing campaigns, for instance) is now easier than ever. As easily as you check your mail online, you can secure and access data on countless thousands (or millions) of users of your own product or service and either directly market to the list or, use the list to form complex and more effective, pinpoint marketing campaigns with very specific calls to action.
Why Is 2019 The Year Of SMB Big Data?
2019 is expected to be the year of SMB Big Data and we see this trend rising in popularity due to the evolving nature of data access, sure... but also the need to monetize Big Data across new markets. Okay, so that's a lot of buzz... what does this translate to? Well, we all know that the internet needed to be paid for by someone and for the most part, larger data collectors have been funding nearly every aspect of the web for the last 20 years. They've been doing so on the promise of a payout in information they can use to better their own portfolio of business, but also on the reselling of that data to a larger audience... and you are that audience. Until now, Big Data has been tied to the image of large computer networks saved only for multi-billion-dollar corporations that could afford such network infrastructures. But now, it's small-to-medium-sized businesses that are interested in building vast, yet pinpoint marketing campaigns in order to maintain or grow their market influence. And in 2018, this became economically practical.
What Does Big Data Look Like?
Well, that's a bit like asking what the internet looks like. =) Sure, you can start large and work your way inward, going from "a series of tubes" down to a mobile landing page or even a social comment, but how this relates to your business (how you can bank on this as a viable tool) depends largely on how best you might utilize the tool for your own needs. In short, it just depends on a lot of factors. This is why we encourage you to reach out to us and to go over your small business needs in person, over the phone or via a one-on-one webinar. Whichever method is best for you and your team, we'll meet you there. And... the overview of our services (as well as how best you might deploy them for your needs specifically) is totally free. Want to see what all the hype is about? Want to get a heads up on what your competition might be up to this next year? Want to see if your operation is ready for a marketing overhaul? We can help Connect with one of our SMB Big Data specialists today and we'll get you up to speed!
Tags: SMB, Big Data, small-to-medium-sized, data, small business, intelligence, insights, marketing collect, buy, list, demographics, calls to action, CTA, CTAs