How Big Data is valued in Marketing

How Big Data is valued in Marketing

Source: medgadget

Big data as the term says is a large collection of data. Organizations are learning how to leverage the data to gain a better knowledge of consumer behavior, target audience, competitors and insights in order to progress better. As a marketer, this means gold, it helps the marketer to understand consumer’s on a wider scale and gains more useful insights in order to promote, upsell and cross-sell products.

Marketing departments should have sufficient knowledge in order to do so and be careful when harnessing the data which is readily available for them as critical information is readily available  and if used properly can help companies make better decisions. The power is in the hands of the marketeers how they use this data and how they create the right customer segments to deliver the right messages.

“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.” (Geoffrey Moore)

How big data is beneficial in Sales and Marketing

Whether the  company is small-sized or A multinational Corporation, the use of big data has been tremendously important. It can help businesses boom with an extra advantage over their competitors.

Better audience insights

Big data helps in acquiring better insights of the targeted audience. The concept of Know your customer(KYC) which was initially used many years ago to prevent fraud is now being used to provide insights to customer behavior to businesses. Big data is also used to help bring positive changes in business by improving products whether new or existing or even by increasing revenue per customer.

Forbes Insights, market leaders in ten sectors identified in a recent survey, are achieving greater customer engagement and customer loyalty through advanced analytics and big data

Data-driven Marketing, Source: Forbes

Brand awareness

Big data can have a significant impact on ads in a different way. Aberdeen Group's Data-Driven Retail study showed that "data-driven retailers experience a 2.7-fold higher annual growth in brand awareness (20.1% vs. 7.4%) compared to all others."

The 360-degree perspective of big data helps marketers to deliver customer-specific content when and where it is most successful to boost brand recognition and recall online and in-store. Big data allows you to be your product category's Band-Aid, even if you don't have the Johnson & Johnson marketing budget.

Better Customer Acquisition

Big data can help advertisers exploit real-time data in cloud computing settings by collecting and analyzing reliable and customized data from multiple sources, such as internet, mobile applications, email, live chat, and even in-store experiences.

No other tool can equal the power of big data to collect, store, and interpret real-time data rapidly and reliably enough to take immediate, effective action. This is important when analyzing data from GPS, IoT cameras, web-page clicks or other data in real-time.

BIBLIOGRAPHY

Moore, Geoffrey(@geoffreyamoore).
"Thoughts from the week #1: Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway."April 24 2005, 3:29 Am. Tweet.

CIOReview (2018), The Impact of Big Data in Marketing.
CIOReview[Online]. Available at:
https://www.cioreview.com/news/the-impact-of-big-data-in-marketing-nid-25983-cid-15.html(Accessed: 22 February 2020)

Shana Pearlman(2019), Big Data in Marketing 101: Why it’s Important - Talend.
Talend[Online]. Available at:https://www.talend.com/resources/big-data-marketing/
(Accessed: 22 February 2020)

Louis Columbus(2016), Ten Ways Big Data Is Revolutionizing Marketing And Sales.
Forbes[Online]. Available at:https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/#4d5a94f121cf
(Accessed: 22 February 2020)