Be it structured, semi-structured, or unstructured; data is everywhere. The various forms of data build up the “BIG DATA,” a goldmine of information ready to be excavated!!!
Marketers have been using big data for many years, and some have harnessed the rich benefits of this technology. The ones who did not get the desired results were those who did not have the proper grip on big data analytics. It has been seen that if data is utilized in the right way, it can bring riches in the form of revenue and sales. Almost every piece of information can make a huge difference and act as a game changer for an organization. This proves the notion correct, that every business has the data which can resolve its immediate business challenges like sales, revenue, and ROI.
Big Data-> Insights-> Strategy-> Plan execution-> Reaching accurate customer->High Sales conversion-> Big Revenue
So, you can see how Big data helps in getting Big revenue.
As companies explore unknown, unexplored markets across the world, they leave behind a set of data waiting to be deciphered for useful insights. Having big data is not enough, you should understand which data matters most for your organization so accurate analysis can be executed.
For this, you have to get the answers for the following questions:
- Who is your customer?
- How will you market your service to them?
- What will be the return for your marketing efforts?
Understanding your customers completely is necessary to predict which products and services will work for them; it will make your marketing tactics go in the right direction and attract them towards your brand. Big data also helps in analyzing the return on marketing investment for quantifying the effectiveness of each of the techniques.
Some of the biggest challenges which marketers face in implementing big data are:
Marketers collect data based on different parameters:
Organizations that want to succeed in marketing and increase ROI should understand consumer’s journey: Every consumer is different, so is their buying journey. You have to identify different background for winning new customers and retaining the old ones. Big data helps in identifying the different phases of this journey, thus collecting the relevant data along the marketing funnel to be analyzed for further procedures.
Big data along with an integrated marketing strategy helps an organization in making a crucial impact in areas such as-
- Marketing optimization: Big data helps in determining the optimal marketing which is spent via multiple channels as well as optimizing the marketing programs through analysis, testing, and measurement.
- Creating real-time personalization for buyers: A right message at the right time always works. Big data helps marketers in providing timely insights to customers interested in the product in real time.
- Identifying impactful content: As we know, “content is king in marketing,” and big data helps in identifying the right content which has to be promoted to a specific customer. The best content is then shortlisted for being promoted to a broader audience on different platforms. Big data helps in identifying the content topics that can truly push buyers down the sales funnel.
As per the McKinsey report, a good understanding of the customer journey can help in providing insights, which are 30%-40% more predictive of giving customer satisfaction.
A true customer journey is the sum of the various experiences which customers have on different channels and touch-points. Big data helps in tying the entire journey into one by digging deeper into the data for seeing the overall experience. All three points, which are the impact, journey points, and experience, create a fantastic journey. Hidden correlations are found like the less known paths which customers take, different time sequences, behavioral reactions, and sentiments which customers display along the journey.
Top examples of companies using Big Data
Some of the top examples where companies are using big data analytics are Delta Airlines, an American airlines company having an international network. Delta’s top concern was lost passenger’s baggage. By looking further into the data, Delta found a solution. It helped in improving customer satisfaction, thereby increasing ROI. Another example is of Google which develops new services and products having big data algorithms. It uses big data analytics for refining its search and algorithms.
Big data has now become smart data, which means this data can help organizations in better decision making, improved team performance, productivity, and therefore increasing the ROI of the organization.
With information becoming more regular and uniform; it can be easily extracted, analyzed to revamp the business and technical process of an organization. Big data analytics gives useful insights into a customer’s behavior so that companies can strategize accordingly.