With the development of the Internet and its presence in every sphere of our lives marketing has got new powerful opportunities for its development. People register here and there when visiting different websites, thus leaving a lot of personal information about their preferences in particular. This information is of extreme value for marketers who need it to develop their policies for better satisfaction of customers’ needs and also for sales growth. Analyzing Big Data makes marketing more productive.
What is Meant by Big Data?
Big Data is a term describing data that is characterized by three Vs: volume that tends to increase, the velocity of the data arrival, and variety of the data that includes audio, video, different formats of texts, etc. Big data is so huge that it demands special tools to be organized and analyzed. The sources where this data comes from are various starting with Telegram chats, emails, or websites. Though it might sound difficult, data engineering services can help you to analyze Big Data to satisfy your marketing needs.
For better understanding, Big Data is usually divided into three categories:
- Data can be found in the already structured form in a database. So it’s easy to find and use for analyzing any required information.
- Semi-structured data can’t be found in one assigned database. Still, it has some structural features that help to find and work with it ( e.g.XML data).
- Unstructured data is hard to work with as it’s not organized according to any models.
6 Reasons to Use Big Data in Marketing
Information received from analyzing Big Data can significantly improve sales strategies, due to a better understanding of customers’ demands and establishing trustful relations with them. But these goals can be achieved with the help of other tools. Then, why make efforts to apply the information generated with the help of Big Data? Let’s consider some reasons to do this.
1. Customers Get More Engaged
Many marketers like to use the NBA (Next Best Action) approach to their work which in real time finds the best offers for each consumer. Several factors are considered including the consumer’s preferences and also the strategies the business uses in its marketing and sales policies.
The information generated with the help of Big Data as well as technology allows making on-the-spot decisions applied in the NBA. All options are arranged according to their priority and later the best offer is chosen. The fact that Big Data contains information from such sources as messengers and social networks gives the possibility to create very personalized offers on the spot.
The decision-making process gets more dynamic as it’s possible to use information about real-time events immediately.
2. The Possibility of Offers’ Personalisation
Billions of people worldwide shop online daily. And so businesses use Big Data to develop their marketing actions to satisfy those consumers’ needs in the best possible way. Companies get information about the history of their clients’ purchases and preferences. Interestingly, a lot of that information is from the customers’ browsing history. This kind of information got available only after it was possible to analyze Big Data. A personalized approach helps customers to get good service and to increase the company’s profit. According to Forbes consumers are more interested in the expertise businesses have to share than their products or services. And the additional information got with the help of Big Data allows for showing this expertise more efficiently.
3. The Possibility to Choose the Best Way To Advertise.
Studying the preferences customers demonstrate helps to know the process of their decision-making. For example, after learning that a potential customer is inclined to expect loyalty or/and membership awards, a marketing team can concentrate its efforts on offering a loyalty program to such a customer. Or even to create such a program if it doesn’t exist and there are numerous potential customers of that kind present in the market.
The information generated with the help of Big Data helps to choose the most appropriate channels of delivering information to corresponding social groups. For example, if a certain social group is inclined to use social networks as the main source of getting information, it’s logical to promote products to such consumers via social networks. Plus it’s possible to deliver advertising at the most appropriate time. due to other kinds of customers’ personal information received with the help of Big Data
4. Optimizing Prices Policies
Analyzing prices at the market as well as the customers’ purchasing ability has always been very important for planning marketing and sales strategies. The information generated with the help of Big Data makes this process cheaper and more efficient.
5. Design for Better-planned Marketing
Social media has become an important way of organizing successful marketing activities. Big Data gives the possibility to plan those activities more thoroughly and so to make them more efficient. This happens because campaigns can be organized via several channels that are aimed at a thoroughly selected audience. And this success is achieved due to the additional information got with the help of Big Data.
6. Getting Insights
Big Data provides businesses with the possibility of a better understanding of the key aspects that drive their business. Analytics of Big Data helps with bringing down costs, generating revenue, and creating capital. Thus, businesses using such analytics are more successful in the market.
Further marketing development is impossible without analytics based on Big Data. This analytics has already become invaluable for building modern marketing campaigns giving significant benefits to those who use it. So, if you want your company to be at the head of the competition, you should implement Big Data analytics into your company’s marketing now.