Benefits of Big Data in Marketing.
In the old days, the challenges for marketers was reaching many people, convincing them to buy their products and develop positive brand perceptions, all to be done within the budget allocated. Brands create an ad, broadcast through channels and hope their sales increases. If it didn't, they make a new ad. But times have changed after the digital revolution.
Today's marketing challenges (IBM Analytics, 2013) are way more complicated than that,
Information Analytics done using a Big data platform will be using a variety of data which can be structured and unstructured such as,
Once the campaign is rolled out, big data can be used for real-time processing of various data points mentioned above to monitor the KPI’s and make necessary optimizations in content and delivery to improve conversions. (SAS Insights, 2019)
Big Data Analytics can help Marketers to
But that doesn’t mean the role of marketers will be diminished, but rather it will increase their efficiency and productivity exponentially as it will lower the amount resources of required and the time-taken from ideation to execution will become shorter than ever.
So rest assured, exciting times ahead!
Today's marketing challenges (IBM Analytics, 2013) are way more complicated than that,
- Huge volumes of structured data from various touch-points controlled by the brand.
- Huge volumes of unstructured data from all external sources like social media not controlled by the brand.
- Optimizing the message for the diverse communication channels and variety of devices used by customers to interact with the brand
- Changes in lifestyle and demographics of target customers.
Information Analytics done using a Big data platform will be using a variety of data which can be structured and unstructured such as,
- Competitor Analysis and Industry Insights
- Product and Market Research Reports
- Brand conversations in Social Media and Press Coverage
- Customer Support Records.
- Customer Feedback post-purchase.
- Device Data
- Third-Party data (external stakeholders like re-sellers etc. or research agencies)
- Consumer sentiment on retail sites and similar online forums
- Transactions and Other Sales Inputs
- Suggested Product Improvements
Once the campaign is rolled out, big data can be used for real-time processing of various data points mentioned above to monitor the KPI’s and make necessary optimizations in content and delivery to improve conversions. (SAS Insights, 2019)
Big Data Analytics can help Marketers to
Majority of data-savvy marketers report they were able to increase market share when they used data-driven marketing. (Arthur, 2013). As data-driven marketing increases, it has also accelerated growth in marketing automation.(Columbus, 2016). With increasing tech developments in Artificial Intelligence and Machine Learning, the majority of marketing functions will inevitably become automated in the coming decade. (Paine, 2017).
But that doesn’t mean the role of marketers will be diminished, but rather it will increase their efficiency and productivity exponentially as it will lower the amount resources of required and the time-taken from ideation to execution will become shorter than ever.
So rest assured, exciting times ahead!
References:
- Arthur, L. (2013) Big Data Marketing: Engage Your Customers More Effectively and Drive Value. John Wiley & Sons.
- Columbus, L. (2016) Ten Ways Big Data Is Revolutionizing Marketing And Sales, Forbes. Available at: https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/ (Accessed: 18 February 2020).
- Hertz, H. (2017) The Challenge of Information Analytics, NIST. Available at: https://www.nist.gov/blogs/blogrige/challenge-information-analytics (Accessed: 18 February 2020).
- Paine, J. (2017) Big Data in Marketing: 5 Use Cases, Inc.com. Available at: https://www.inc.com/james-paine/5-ways-big-data-is-changing-marketing.html (Accessed: 18 February 2020).
- SAS Insights (2019) Customer Intelligence, SAS.Com. Available at: https://www.sas.com/en_ie/solutions/customer-intelligence.html (Accessed: 18 February 2020).
Very well written mj 🏃🏃
ReplyDeleteThanks Leonard!
DeleteNice article MJ! I'm also excited to see efficiency and productivity of marketing growing!
ReplyDeleteThanks Natalha. Me too!
DeleteWhile I see AI automating all the mundane marketing tasks, I feel this will free up and enable marketers to focus on the creativity of the message they deliver. Very well written and insightful.
ReplyDeleteAbsolutely! Thanks!
DeleteVery well said, MJ! Everything changes very fast, we have to keep an eye on all the relevant data for sure!
ReplyDeleteThanks Carla!
DeleteVery well written, the content provided is pretty crisp and apt. Thanks a bunch for the information!
ReplyDeleteThank you!
DeleteGreat explanation everything to the point.
ReplyDeleteThanks 😊
thank you!
DeleteGreat point MJ. By the time challengies will growing as well as benefits for marketing.
ReplyDeleteTrue! Thank you!
DeleteReally enjoyed this! Some great points covered! Thanks for sharing
ReplyDeleteThanks!
DeleteVery well presented and insightful
ReplyDeletethank you!
DeleteGreat article MJ! I really enjoyed it and I'm excited as well to see the productivity and efficiency increased!
ReplyDeleteyes! exciting times ahead! Thanks!
DeleteVery informative article! Well done!
ReplyDeletethank you!
DeleteNice article,well written.
ReplyDeletethank you!
DeleteVery well written. Digital Marketing is taking huge advantage of data representing a challenge for companies in order to create training to reach business objective effectively
ReplyDeleteAbsolutely! Thank you!
DeleteVery well explained how we can use big data as marketers.
ReplyDeleteGreat article, MJ. Well done!
ReplyDelete