Big Data is the buzzword today… Everything is about gathering and predicting data. In every field that we hear of, big data has made inroads. Call it exploitation or what have you to… but Big Data is here to stay.
We’re told that the potential for beneficial insights mined from anonymous, adequately protected data is enormous. So where does all of this indispensible data come from? There are structured and unstructured data according to those who bandy jargon.
One of the most transparent sources of big data is the social media network. Social media connects everyone to each other. They may not even be acquainted in real life, but online they know each other very well.
It’s like there is a whole virtual world connecting every part of the globe. This world is magical because it rises up in spite of its flaws. Of course, the social network also renders us vulnerable to so called surveillance by governments and other agencies…
In spite of this rather glaring flaw, social media has easily captured the attention of the world. According to a study by We are Social, an agency that helps companies understand social media, 26% of the world is engaged in social media. North America takes the cake with the highest amount of social penetration at 56%. South Asia comes in at a meagre 7%.
Facebook it seems, rules the social media frenzy with a whopping 1814 Million users. Whatsapp comes in with 400 Million. Twitter has a user base of 232 Million and LinkedIn comes at 259 Million.
The great part of the social media generation is that they are connected everywhere and all the time. Especially because of smart phones. According to We are Social numbers, 93% of the world has been taken over by the mobile phone. Central & Eastern Europe have the highest amount of mobile penetration with 151%. North America follows at 101%. South Asia comes up at 72%.
The Smart phone generation, it seems, is omnipresent and omniscient. Big data provides the same power to be all knowing. Combined, these two make a formidable entity. To combine these two, the easiest method is to understand the 3 Rs…- recognize, react, repeat.
While big data and social media are not new concepts, the way we are able to streamline the process of analyzing big data with computers and directly reach our target audience through social media provides a new, and very efficient way, to tackle marketing.
Now that retailers and other service providers have started to utilize social media, as well as mining big data, they are in the unique position to understand their customers better. At Intelligence Node, we believe that social media and big data analytics are inextricably interlinked. Together, these will take the marketing world by storm.