Without a clear perception of customer motivations and demands, organizations cannot successfully market products or services to target audiences.
A digital footprint is left behind everywhere users go. Every cell phone interaction, website visit, social activity, search engine query and email is gathered, analyzed and saved resulting in large amounts of data collected over time that need to be processed from its raw form and translated into valuable information.
In the past, market research was needed to gather information about customer wants, market demand, and competition. Now, after advances in technology, access to an abundance of interaction and transaction data is readily available.
The process in which high velocity, high volume, and high variety data is analyzed is called big data processing. This approach is used when traditional mining is unable to handle the sheer complexity of data collected.
Does this imply that focus groups, surveys, and interviews will become obsolete? Absolutely not, big data will never replace market research; in fact, big data and market research will work together and compliment each other.
By integrating traditional market research with big data analytics, organizations are equipped with more accurate analysis and have a full understanding of not just the what but the why behind customer intent.
The integration of traditional research and big data analytics provides a greater understanding what customers are doing and why they are doing it. Marketers will be able to make more confident business decisions, improve operational efficiency, and reduce cost and risk when capitalizing on both resources.
By: Mia Mattingly is an experienced digital strategist working in the Atlanta area.