You may perhaps want to know what is big data and its importance in marketing. According to industry experts, organizations are likely to become deaf and blind without using big data analytics. They are only likely to wander about on the freeway without having proper direction. Presently, big data is being accepted universally in almost every aspect of sales and marketing. It also includes data ingestion, storage, integration, etc.
Related Post: How Big Data and Market Research are a Perfect Match?
Without a doubt, big data is emerging to be a powerful and indispensable tool in marketing. Hence, it is favored by small and big companies alike. it can help businesses to improve customer engagement, loyalty, come up with price decisions or optimize performance. The question that you may have in your mind is what is the importance of big data in marketing research? How it is transforming sales and marketing? There are certainly some challenges faced with big data that you need to realize and overcome to derive the benefits. Cloud technology is huge. The huge amount of data that we gather should be leveraged, curated, processed, filtered and analyzed properly. Fortunately, you can find innovative solutions that can help tackle such challenges effectively.
What is big data and how it is transforming sales and marketing?
Big data, in the field of marketing, comprises gathering, using and analyzing digital information in huge amounts to enhance business operations.
- Customer engagement. This is more to do with how your customers interact and view your brand. This is a crucial factor in marketing. With Big data analytics, business intelligence can help address issues and instill avail positive changes. It can be improvements in revenue per customer or existing products.
- Availing 360-degree customer views. KYC (Know your customer) concept was devised several years ago to avoid bank fraud. With KYC, it becomes easier to know customer behavior better. This facility was previously limited to big financial institutions only. With the importance of big data in marketing research growing, small and medium scale businesses can avail themselves its benefits. It also includes cloud computing.
- Big data offers a 360-degree view, thereby permitting marketers to offer specific content to customers. This can be done at the right place, the time when deemed most effective to enhance in-store and online brand recognition.
- Brand awareness: This is considered to be another way by which big data impacts significantly marketing. Studies conducted reveal data-driven retailers enhance brand awareness annually by 2.7 times.
- An essential component that presents big data and used commonly is Big data analytics. This tool offers business intelligence to optimize marketing performance. This, in turn, helps save cost and time.
- The other major benefit derived from big data in marketing is enhanced customer acquisition. Surveys revealed that those using customer analytics intensively are found to outperform their competitors by about 23 times. This is with regards to gaining new customers. At the same time, leveraging the cloud ensures the collection as well as evaluation of personalized, consistent data from various sources. It can be mobile, web applications, live chat, email including in-store interactions.
- Doing some research can help you to know what is big data and its significance in marketing. Using this tool, marketers can work in cloud computing environments to leverage real-time data. Big data can acquire, analyze and process data accurately and quickly in real-time. This way, you can take prompt, effective actions which are something that cannot be done using other technologies. While analyzing data from IoT sensors, GPS, real-time data or clicks on webpages, it is quite critical.
The above aspects show very clearly the growth of importance of big data in marketing research.