In a recent article published by Forbes, the rising trend of “fake Big Data” products is discussed. As of late, more and more companies are adding the adjective “Big Data” to their marketing in hopes of gaining more traction with their target audiences.
For every business platform, there are “big data” players, and then there are Big Data players. It’s important to be able to distinguish the difference. “Big data is an all-encompassing term for any collection of data sets so large and complex that it becomes difficult to process using traditional data processing applications.” Other platforms can be grouped into a “nice to have technology” category. From research conducted by Platfora and Luth Research, 55% of respondents said that small data solutions were being repackaged as Big Data solutions.
Riding the coat tails of a trendy and popular buzzword is nothing new in the technology market. Just as in the early days of the internet when companies were simply adding “.com” to their name to be buzz-worthy, Big Data must overcome being used simply as a buzzword within the industry. True big data companies prove they legitimately deserve this title by making access to big data more tangible and useful – making it so clear and straightforward that, according to the Forbes article, “your mom and dad could use it or a data scientist could use it to do something they could never do before”.
To put this into perspective, the phrase “don’t talk about it, be about it” certainly applies here, as Tracx pulls data from anywhere on the Internet that a conversation can be held. Data is sliced and diced to become manageable and actionable by everyone, from community managers up to research analysts across the enterprise. The key: It’s useful. It’s efficient. It’s insightful.
“…DATA IS LIKE CRUDE OIL. IT NEEDS REFINING BEFORE IT BECOMES GASOLINE.” – JOSEPH TRIPOLDI, FORMER CMO COCA COLA.
In today’s market, data must be easily actionable to truly be considered “Big Data”, otherwise it’s simply a database of information sitting on a server. Next time you hear a company claiming they are “Big Data”, take a look at what their company actually does by asking, ”Does this product reveal insightful, new insights and allow me to use the data easily in ways I could not do before?”
For teams using social media dashboards, like those in Tracx, making sure everyone who uses these tools understands these changes should be a top priority.
Brands that have not relied on organic reach in Facebook and Instagram will not likely see any changes this year. Those who do will need to take a serious look at other options.