Big Data to ascend orthodox marketing research and drive consumer behaviour
Traditional media research predominantly depended on personal interviews, though the interview mechanism almost never used to be efficient because respondents did not open up about everything. Biases and lies use to be, and even today are, common occurrences during interviews. Discerning the actual responses of respondents is becoming critical yet challenging in a fast changing scenario of media research. Various organizations are devising ways to reach beyond the conscious awareness of respondents. This includes several psychological means to know about the outlook of the consumers, their consumption habits and the overall consumer behaviour of the audience.
In such a scenario, we are staring at a future where research through interviews is becoming redundant, and ‘Big Data’ is the key to the present and the future of media research. What is Big Data? It’s simply ginormous amount of relevant data which can be mined for information. It has already penetrated into all forms of investigations. The consumer might be predisposed with his opinions but the big data scrutiny does not go wrong. Relying on ‘Big Data’ is the best way forward today. Smartphones are everywhere and they collect all the data (Google Dashboard and Analytics, Facebook Analytics and Insights) there can possibly be for analysis of the consumer behaviour. For example, Google in the present day displays customized search results and ads to a consumer which suit his necessities and inclinations. Not only that most advanced and impeccable algorithms such as Google Adwords and Adsense permit several of the unassuming free content websites to function owing to the fact that they display cost per click targeted ads.
The telecom sector is in the heart of the media research revolution. As Communication Service Providers (CSPs), they have all the tools necessary to pull themselves out of the stagnant economy of the telecom sector. Several telecom companies are utilizing their reach to improve customer experience, drive new products and develop customer centric outcomes. For example Vodafone and Argyla used data to combat fraud and Ufone utilized big data to capitalize on consumer behaviour. Since big data analytics is all the rage, media students of today need to keep themselves updated with the trends of the industry, and how big data is being bought and sold in the industry to analyse consumer behaviour. Grasping the intricacies of analytics will be a deciding factor in how well they do when they start in the frenzied world of media.
Analysing consumer behaviour is not only a common exercise, but also requisite in today’s competitive world. As consumer behaviour deals with understanding each stage of processing that a consumer goes through before buying a product, it is important, as marketers, to be able to manipulate each stage of their behaviour in favour of the product. Big Data, in such a scenario, helps in the course to evaluate the unsaid emotions of the consumer. His interests are well known and this helps to serve him better, causing consumer delight.
Both big data and consumer behaviour are highly discussed entities for marketers today. It helps them devise ways and means to survive in a highly competitive market. The new age students are all set to learn the tricks of the trade from industry stalwarts. The enlightening talks from them can only serve them well in the future.