January - 2017 - Special issue > CXO Insights
Social Data vs. Big Data
Pratik Hambardiker, Head, HelloSoda
The nation is going Cashless. The PM is leading us to digitization. What does this mean? Good or bad we are all so used to the gadgets we use mobiles, which are no longer just a calling machine, we shop, we bank and we download hundred different apps, we surf, we socialize too. Also, our web searches and all the comments we make, the quotes we share, and the pictures we like, post and share. Everything we do is creating a digital footprint. The bread crumbs we leave behind through all our activities on internet. How big is the data and how important it is to the marketers today?
How Social Data Different from Big Data
Social Data analytics goes beyond the scope of traditional marketing that companies indulge in today to reach out to their consumers. While traditional forms of credit and risk analysis deliver results, digital footprints of an individual deliver many more insights, than what one understands. Behavior of an individual on social digital footprints gives companies an in depth understanding of their prospect/consumer or employee. This delivers exactly what companies have been missing out on for a long time. It is able to capture life events, positive events, and promotions in job for excellent marketing opportunities for financial, insurance or e-commerce companies. Personalized marketing to the consumer not only helps in customer acquisition but goes a long way in customer retention too.
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