When we read about Big Data, it’s as if writers act like it is the “method of the future,” as if companies are not already implementing and benefiting from the Big Data revolution. The reality is, Big Data has already been here for some time, and the reasons why other industries are beginning to take notice is because it has been so successful for others.
If it weren’t for several pioneering industries, we would not even have these success stories to talk about. There would be nothing for new companies to look to for information about Big Data, and its benefits. Fortunately, there is an incredible amount of empirical evidence proclaiming that not only is Big Data real…it is here to stay.
Let’s look at how Big Data has changed the entire development of the telecom industry.
In traditional marketing approaches, businesses would set out to find a problem, then they create a solution, and market that solution. However, in the case of telecommunications, consumers don’t buy on “problems,” they buy on benefits. So, instead of solving problems, companies had to figure out ways to be noticeably better than their competition. But, how can you make that happen when you are a virtual David facing off against an established Goliath? Or worse, consumers had no idea how you were appreciably different than the brand they already used. This was a question every upstart telecom company had to answer.
Enter Big Data…
Now, instead of trying to find problems to answer (and coming up with the same solutions) telecom companies can use data extrapolation to look at the data itself to see if any patterns or correlations occur. In this way, companies were able to discover different issues to tackle, and approaches to take. Market segments were ripe for their version of success. The new approach blew the lid off the telecommunications industry, and allowed companies to brand themselves as innovators and problem solvers, where they were once just different colors, all trying to fill the same consumer need.
About the author: David A. Steinberg is CEO of Zeta Global, a big data company named as one of Forbes’ Most Promising companies for 2014.