Taken literally, it means the compilation of as many data points as you can imagine.
It’s what’s powering the wearable health device revolution with scanners for measuring heart rate, blood pressure, sleep time, wake time, exercise time, and even blood sugar.
It’s all of those data points and more that allow machines like your smartphone to provide you analyses with actionable solutions to your queries or problems.
In layman’s terms, it’s all that stuff you can know about something or someone and put that to good use.
The Infinity Room by Microsoft
Microsoft made a fancy little room to demonstrate, visually, the concept and power of big data, and the results are pretty mesmorizing.
Check it out:
The Implications of Big Data for Improving Sales
Often, all this data is used for sales.
It gives you a much fuller insight into what’s going on in the minds of each buyer persona your product or service attracts.
Think about the opportunity to know a new customer intimately as if they had walked into your shop and you both had a nice long chat.
In our modern day of cellphones and pagers (I kid…), having those types of conversations are much more scarce and that makes the process of finding new customers that much harder.
Cue big data, where you get access to a whole host of information about the client that helps you determine where they’re coming from, what their issue is, what they need in order to solve it, and how to approach them about trying your product or service.
Getting to Know Your Customers
Having CRM software allows you to register every piece of information you can find about the customer.
It helps you record interactions to pull from later.
It helps you build a successful portfolio where you can get better with each new customer that walks through your door.
But not only that, big data that you collect and gather will help you provide a better ongoing service for existing customers so that you can increase retention, thus assuring repeat sales.
Big Data is Pure Power
Even just the name “big data” is brooding enough, but the concept and application can be extraordinary.
Imagine having a process for winning new customers that continually improves as you gain more data.
It’s like a train with inertia. It would take a lot to slow that kind of growth now.