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Marketing Using Big Data is Unexpected Featured

Marketing Using Big Data is Unexpected Xavi Cabrera

Big data analytics is the leading technology that most modern organizations are venturing into. Without this technology, most companies are blind and deaf and cannot take advantage of the massive amounts of data available in the connected world. Using big data in marketing helps uncover valuable information about the customers, allowing you to connect with them at a personal level. Unlike a few years ago, current businesses do not need to rely on shoddy market research companies to gain insights. Rather, they dig into their own datasets, get past superficial metrics such as location, age and gender of the customers, and uncover valuable information about different demographics. Under the traditional datasets, this was difficult and unattainable until recently.

Regardless of what you are trying to do in your organization, big data in marketing has proven to be one of the most important tools that any organization can rely on. It is useful in improving customer loyalty, enhancing the performance of an organization and making pricing decisions, all of which are important in marketing. These are aspects of big data, which include not only the analytics but also data ingestion, storage and integration and others, all of which are necessary to improve marketing. With big data and its related technologies, data can be filtered, curated, processed, and analyzed in vast amounts gathered during transactions.

Finding new leads

One of the key benefits of big data analytics is that it can help an organization gain insights regarding how users feel about a particular product or service that you offer. With this data, you can easily identify services or products frequently purchased. With this data at hand, you can link it to sites such as social media platforms where you can identify challenges that customers face in that particular product or service, tap into the new markets using these insights and gain access to an even bigger audience. This offers your business new leads that increase social selling.

Generating new leads

Data gathered from social networks can also be used in recommender systems. For example, Amazon has a recommender system that creates a customized homepage for each client based on their profile and history of interaction. This is good in generating repeat sales, therefore, increasing overall sales. Such is possible if the record of sales of every user is kept in a database. Since various tools in the market are available for such a job, reviewing sales reports has become easy. Marketers do not need to overburden themselves by using spreadsheets that need regular updates. 

Improved customer acquisition

Enhanced customer acquisition is another key benefit of big data to marketing. According to a McKinsey survey, intensive users of customer analytics were found to be 23 times more likely to outperform their competitors in customer acquisition. Therefore, the cloud allows organizations to collect and analyze personalized data from different sources like web, mobile application data, emails, live chats and in-store interactions.

Although using big data in marketing efforts has many advantages, challenges need to be surmounted to achieve efficiency. Some of the problems that marketers encounter include disparate data systems, which cause a disconnect, making customer personalization ineffective, lack of cross-department collaboration, and poor quality of streaming data sources.

As a marketer, the first step in big data marketing is to integrate data from different sources. Once you use big data analytics, you will understand your customers much better. This will ease your ability to connect with them with relevance and help them turn interactions into conversations with ease. Therefore, big data will play a critical role if you want to grow your small business into a larger one.

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Scott Koegler

Scott Koegler is Executive Editor for Big Data & Analytics Tech Brief

scottkoegler.me/

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