Creating Value with Big Data in Marketing

The new technology helps collect and store a considerable amount of information about consumers’ preferences and decisions in real-time. Thus, the unprecedented volume, speed and variety of primary data, Big Data, are available from all sources and individual consumers. The term “Big Data” is now widespread and accepted globally. The term Big Data has become increasingly known and used in many industries. Big Data is a new source of product development ideas, customer service, shelf location, distribution, dynamic pricing, etc. Big Data will have an impact on almost every area of marketing. Firms that do not develop the resources and capabilities to use Big Data capabilities effectively will be challenged to develop a sustainable competitive advantage to survive the Big Data revolution. Consumer analysis is at the heart of a Big Data revolution. Marketing specialists are beginning to recognize the importance of Big Data as the new capital and that access to Big Data offers a company new ways to differentiate its products. In this article, exploratory research has been conducted to highlight areas where Big Data allows organizations to fundamentally know about their business and translate it into better decision-making and improved performance in marketing and consumer behavior. Moreover, a global analysis (based on public data) was performed using large volumes of data in marketing and the main reasons they were stored and used.