Big Data has brought in the greatest paradigm shift for marketing since the creation of the telephone or the Internet becoming mainstream. “Big Data” doesn’t simply allude to the data collected; it also refers to the challenges, capabilities and skills required with combine and analyze such colossal data collections to make meaningful business decisions that are more convenient and accurate than anything beforehand endeavored: big data-driven decision-making.
Expanding the nature of leads, enhancing the nature of leads information, enhancing prospecting list precision, domain planning, engagement strategies and win rates are altogether territories where data science is influencing a commitment to marketing today.
Here are the five ways Big Data is transforming the marketing world.
- Using Big Data to identify new micromarkets
Advanced and innovative organizations are now able to combine and analyze big data to develop highly efficient marketing and sales strategies to target and sell in micromarkets. This is perhaps the most fruitful application of Big Data Analytics in Sales and Marketing.
Micromarket strategy exhibits heap new opportunities, so the challenge for the organization is to identify how to generate effective tailor messages and materials for the markets. Organizations must recognize the groups of micromarkets or “peer groups” that offer certain qualities. For instance, one group may be high-development micromarket with constrained focused power. Another may be comprised of business sectors with comparative working cost structures. Since they are fundamentally comparative, peer groups represent similar sales opportunities. For each of these groups, marketers build up a strategy and implement the best approach to sell into that particular group of customers.
- Big Data Analytics helps advertisers’ to focus on the best way to make client relationships more productive.
Today, marketers no longer can maintain organizational growth and development through customer acquisition alone. Instead, they should deal with the complete customer life-cycle to amplify the assessment of customer personas. The below figure describes the various data analytics methods used at each stage of customer life-cycle.
- Big Data largely impacts Search Engine Optimization (SEO), Search Engine Marketing (SEM), Email Marketing and Mobile Marketing.
The amount of real-time information produced from these marketing channels can give bits of knowledge to enable marketers to better target market, shape marketing content and promotions and make fast adjustments to the campaigns. Other sectors where data science and analytics are significantly affecting marketing include marketing strategy, customer segmentation and Customer relationship management (CRM) programs.
- Using Big Data to make better pricing decisions
Today, organizations in industries as diverse as chemicals, IT, construction and media communications accomplish amazing outcomes by utilizing big data to develop better pricing choices. Utilizing market-basket analysis method, retailers can gauge price elasticity and recognize key products by customer segments. They would thus be able to set costs in view of competitor moves and consumer demand. Also, by analyzing the performance of previous campaigns and current consumer behavior, retailers can evaluate the performance and success of designed campaigns.
- Using Big Data to deliver consistent Omni-Channel customer experience
Big Data enable organizations to use Customer Value Analytics (CVA) that converts the collated customer data into insights which can be used to improve the customer experience by making fact-based and decisive effect on customer journey.