The days when marketing
decisions were guided by intuition and experience is over. Big Data is now in
charge of determining important marketing decisions. This refers to the study
and application of big, complex datasets, which cannot be processed by traditional
data-processing applications. Companies can make better business decisions and
strategic moves by using these figures which generate insights. The quality of
decisions making and detailing processes is improved because of companies
applying the right technology.
Because of the increase
of number of outputs and customer characteristics, companies are faced with
huge volumes of both structured and unstructured data. This level of processing
is beyond the capacity of traditional databases and software techniques.
I use Google Analytics
extensively in my work and also have my hands on a couple of big data tools.
Digital marketing is what I am good at, so I know where businesses can start
when using big data in digital marketing. In this article, you will learn three
examples of how big data can be leveraged for digital marketing success.
Improving Marketing Campaigns
By using Big Data,
companies are enabled to better target the core needs of customers by
developing rich and informative content. Let’s understand how it helps
companies collect data about customer behaviors. One example is cookie files.
They collect information about customers’ activities as they browse the
internet, generating personalized data in the process.
Aggregative advertising
used in the past is no match against campaigns using big data. Taking the
guesswork out of determining what customers want can be considered as the good
thing about using big data when it comes to forming marketing campaigns. By using
data like customer behavior, purchasing patterns, favorites and background,
marketers can develop different buyer personas. For example, they may find that
women are more likely to respond to email campaigns, use coupons and engage in
bargains and deals, and shape their digital marketing campaign from there.
Though applying big data
to digital marketing is a great idea, it’s necessary to use good analytical
tools to ensure the data presents valuable conclusions. These methods ensure
that actionable insight is derived in an efficient manner so that companies can
make their decisions without delays. To evaluate what makes a good analytical
tool, it should be able to access all types of data including cloud, social
media data, log files, websites, emails and other unstructured data. It should
support campaign attribution tracking, real-time analytics, funnels and
third-party testing and integration tools.
Deciding prices of products and services
Companies traditionally
price products and services using basic information like product cost,
competitor pricing, perceived value of the product from the customer and
demand. With big data, many other factors can also be used to make pricing
decisions. For example, you can use data from completed deals, incentives and
performance-based data. Big data emphasizes making pricing decisions as
granular as possible, particularly in the business-to-business (B2B) sector, as
each deal is different from the next.
It is necessary that
companies need to remember that they may already have plenty of unused data at
their disposal, such as customer preferences and general economic information.
The challenge is how to derive valuable insight from this information. For
example, does your pricing strategy consider what products a particular
customer has purchased over the last five years? What is their disposable
income? How much can they afford to pay for a product? Additionally, does your pricing
strategy consider macroeconomic indicators like quarterly GDP growth rate,
inflation rate, exchange rate, interest rate and government spending of the
countries you operate in? Incorporating these insights will lead to better
pricing decisions.
By using Big Data, human
assistance possibly is no longer required, thus less chance of error since big
data also allows you to automate, which can save time in price settings and
lead to more accurate pricing decisions
Showing Appropriate Web Content
Online marketers will be
able to serve customized content to their website visitors by tapping into
their knowledge base to determine which content will be more engaging to each
visitor. By using the information about which movies and shows the visitors
have watched, Netflix does an exceptional job providing visitors with
individualized recommendations. You can apply the same concept when designing
your website by refraining from thinking of your page as a static site. For
example, look at “time spent on page” data to determine what the visitor is
interested in; the next time that particular visitor comes to your website, you
can show them relevant content based on their browsing history.
Just as search engines
return different results when you search for a term in different locations,
your website will look different depending on who is looking at it. Though it
will be a technical challenge to show customized content, an increasing number of
consumers are demanding personalized experiences. Organizations cannot compete
against their competitors if their digital marketing teams cannot meet these
demands.
Use deductive and
inductive research and customer self-selected methods in order to build your
personalization strategy. Ultimately, the consumer will decide where to click
and what to purchase, and companies that can serve those consumers better will
win the game. It will be the early adopters who win the race because they have
an initial lead.
Because of being able to gain
insight into what their customers need and want, the amount of attention gained
by big data has been significantly increased. The capacity to process large
datasets is far more complex and advanced compared to traditional systems.
Unlike early adopters, not all organizations have integrated big data into
their marketing strategies. If those organizations want to compete in today
market, evaluating their current systems is one thing they must do.
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