Big Data for Marketing

Big data refers to the increasing volume, velocity, veracity, variety, variability, of information. With the advancement of technology, big data has become a powerful tool for all the marketing companies working and operating in this digital era. It has helped the marketing companies to refine their strategies, improvise decision making and helped them understand the customer needs in a more refined and in an organized way. 

Firstly, let us take a moment to think about how customer data was collected 15-20 years ago- POS transactions, coupon redemption, mass email campaigns etc. Then think about how customer data is collected today- online purchase data, click through rates, social media behavior, browsing patterns, geolocation etc. In my opinion, there’s no comparison. 

Why Big Data matters in Marketing?

In marketing, it’s the insights extracted from big data, the decisions you make the actions you take, makes all the difference. When it comes to CRM (Customer Relationship Management), it depends on how investments made in the systems can be enhanced, in addition to strategies for increasing customer retention, conversion rates, customer engagement etc. By combining big data strategies, marketing companies can make a substantial impact in the following areas.

1.    Customer Engagement: By analyzing and extracting big data information, it will not only give an insight about who your customers are, but where they are, what are they up to and how do they want and when do they want to be contacted.

2.    Customer retention and loyalty: Big data will help the organizations to discover what influences customer loyalty, what keeps them engaged and what keeps them coming back to the website again and again.

3.    Marketing Optimization: With the help of big data we can determine optimal marketing spend across all marketing channels, as well as continuously optimize different marketing programs through testing, measurement and analysis.

Three types of Big Data that are ideal of marketing perspectives.

1.    Customer:  With the help of Big Data, behavioral, attitudinal and transactional metrics of the customers are collected from sources such as marketing campaigns, point of sale, website, customer surveys etc. 

2.    Operational: Big data here can help to measure the quality of marketing processes which include marketing operations, resource allocation, budgetary controls etc. 

3.    Financial: Big data can help to measure the financial health of the organization such as sales, revenue, profits and other financial objectives. 

One real Life example of Big Data in Marketing

1.    Elsevier- is the world’s largest provider of scientific, technical, and mechanical information publishing 43,0000 peer reviewed research articles annually uses big data to closely track journals, books throughout their life cycle in an efficient way as these articles come from wide variety of resources present across global organizations.

Resources: 

Big Data, Bigger Marketing

By  Container: Sas.com Year: 2020 URL: https://www.sas.com/en_ie/insights/big-data/big-data-marketing.html

Big Data in Marketing 101 & Why it's Important

By Shana Pearlman Container: Talend Real-Time Open Source Data Integration Software Year: 2019 URL: https://www.talend.com/resources/big-data-marketing/

Ten Ways Big Data Is Revolutionizing Marketing And Sales

By Louis Columbus Container: Forbes Year: 2016 URL: https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/#35f606a721cf