Big data vs market research
We live in a modern world with limitless access to multiple sources of information. In fact, the amount of information is so big, it may sometimes leave us intimidated and confused. Living in a global network isn’t easy, especially when there is a lot of fake news and articles with literally no credit or source available. However, we can find use in a very powerful weapon – Big Data. How do Big Data and market research differ?
Big Data, according to Wikipedia, is a field that treats ways to analyze, systematically extract information from, or otherwise, deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. In simple means, Big Data allows us to create new opportunities and entirely new categories of companies that can combine and analyze any type of data. It is defined by three characteristics:
- Volume – the quantity of stored data
- Variety – the type of data
- Velocity – the speed at which the data is generated and processed
Big Data in our everyday lives
We have to realize that we take part in Big Data every single day because each day generates gigantic amounts of data that need and will be processed by a variety of companies, such as Google, Facebook, Amazon, but also smaller ones like post offices, your local gym or even loyalty program at your favorite grocery store.
Big Data and market research
So, how does it work for market research? Should our market feel threatened by the inevitable automatization of data that we create? Not really.
Big Data is still only data. Its future changes rapidly and people are the crucial factor that makes these changes possible. Without proper compiling, it remains complexed and hard to understand. One needs to process them, analyze and present in a digestible way – so the easiest way to do that is to let qualified people do their job, especially in market research. Modern world technology is so advanced right now it helps us with literally everything. Yet, these are still human beings that need to do the interpretation of data. We need to know how to use that data in order to make relevant conclusions.
How to use Big Data?
Remember, don’t feel threatened if you don’t understand it yet. There are so many available sources that will help you easily crack seemingly unsolvable code of Big Data – all you need to do is use your own curiosity and thirst for knowledge!
…Or you can simply ask our market researchers to help you, that’ll do as well!