“BIG data” is a new business term that you want to learn and understand. When I asked Siri the definition of big data, it gave me the following - “data sets that are too large and complex to manipulate or interrogate with standard methods or tools.” Yet, in this age of advanced tools such as Google Maps and geographic information systems (GIS - location analytics), there is a great benefit to use big data to learn the following about your organization:
- Where do my customers come from?
- What do my customers spend their money on?
- How far are they willing to travel to visit my business?
- How do I find markets and customers similar to the customers we already serve?
- How much competition, if any, is present in the market relating to products or services we are likely to produce?
These are the questions big data can unlock and lead your organization in the right direction to grow. It is a wonderful marketing research tool. Past clients have been amazed with the information out there to help make smart business decisions.
Check out the following website from the nation’s leader in geospatial technology, Esri, at the following url: http://www.esri.com/news/arcnews/fall12articles/location-analytics-the-next-big-step-in-business-analysis.html Or, review this summary of my Effingham Chamber of Commerce talk on location analytics at (http://www.effinghamdailynews.com/news/local_news/answer-to-economic-development-may-be-in-data/article_1a3a1c12-1954-5f69-86ec-a1891aa33dbc.html).
Are you thinking about moving locations for you business or opening another store?
Has your organization used "big data" before?
Are you able to answer the 5 questions above right now?