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As businesses of all sizes transition into the digital age, more and more innovations are being developed to increase their productivity and efficiency in providing the best possible service for their consumers. One such innovation you may have heard is utilizing big data.
Big data is a term that refers to a large, complex volume of data that's impossible for traditional data-processing methods to manage and interpret efficiently.
With the right tools, companies can maximize the benefits of big data to generate insights that can boost the different facets of their businesses. But do note that it's not the amount of data that ensure the company's success. It's what organizations make out of big data that allows them to achieve astronomical results.
One important facet of businesses where big data is highly utilized is marketing.
Gone are the days when marketing decisions were purely based on a marketer's intuition or expertise. Today, a company's marketing strategy will benefit significantly if big data guides its decisions.
Insights generated from processing big data can help marketers make better business decisions and marketing strategies. For this reason, businesses of any caliber that use big data can drastically improve the quality of their services and create new growth opportunities over time.
The underlying question now is, how and where can you use big data to achieve marketing success?
As mentioned earlier, big data takes marketers into a different vantage point so they can make better marketing decisions and strategies. With that said, there are four areas in your marketing strategy in which big data can elevate. These include:
In this article, you'll discover how you can apply big data and analytics in these four areas to enhance your marketing strategy and catapult your business's success.
Big data removes the guesswork of identifying who your customers are and what they actually want. Gone are the days when businesses target more people in the hopes of getting more sales. Today, marketers can utilize big data to micro-target people who are just about ready to buy at the right time. This allows companies to determine the core needs of their consumers better.
One good example of putting big data to good use is cookie files. Each time a user browses the Internet, crumbs of information regarding their activity are collected, allowing the generation of personalized data in the process. These crumbs help provide insights into the user's wants and needs.
With this information, marketers can create different customer personas to capture their buyer's purchasing patterns, behaviors, buying capacity, and product preference. For this reason, applying big data to digital marketing is the best practice these days.
Equally important is using an excellent analytical tool to ensure that your data can present valuable and actionable insights. Some of the prominent tools used for big data analytics include Google Analytics, SAS, and Qualtrics. In some cases, SEO audit software and services can also be considered as big data analytics tools.
Back in the day, companies determine the optimal price of their products or services by factoring in the cost of production and competitor pricing over the value of the product to the customer. For a small enterprise, this method is very straightforward. But for large corporations, it may be more complicated.
This traditional way of pricing is not only outdated, but it also lets companies miss out on specific pricing patterns that have the potential to unlock more value. This is where big data comes into play.
With big data, companies are able to unlock those values and consider other factors to make better pricing decisions. And, believe it or not, they may already possess raw data from which they can derive extremely valuable insights. Factors such as product preferences, sales negotiations, and economic situations can reveal what drives prices for each customer segment and product.
Moreover, big data also allows companies to automate thousands of product prices. This can help save time and resources and yield more accurate pricing decisions because fewer human errors will occur.
Have you ever wondered how Google somehow knows exactly what you're trying to ask it? Have you noticed how good Netflix is when it comes to providing personalized movie or TV show recommendations?
This is how powerful big data is when it comes to providing users with applicable content. Companies can leverage big data by giving their customers content that's relevant to them based on their interests and browsing habits.
This is why Netflix is an excellent example of a company that utilizes big data to its advantage. Just imagine how many of their recommended movies and shows have you watched. That's how good they are!
You, too, can leverage big data to provide personalized content to your existing customers, retain them, and attract more customers. Take some time to assess your website's 'time spent on page' data to determine what a site visitor is interested in. This way, the next time they visit, you can show them relevant content based on their browsing history.
No matter how big or small your business is, big data can elevate your customer service experience. When customers are satisfied and happy with your service, that means sales numbers can increase.
One way that big data is changing the customer service industry is through chatbots. A chatbot is a software application that's used to automate conversations and interact with customers through messaging platforms. These are becoming a popular tool for businesses because they can provide customers with quick and easy customer service and information. It also cuts down typical problems and costs caused by human errors in customer service.
In order to compete in today's highly aggressive digital scene, companies must use big data to gather valuable insights that can improve their decision-making and marketing strategies. Big data can help you achieve your marketing goals by enhancing your price offerings and customer service, developing laser-focused campaigns, and distributing applicable content to your customers.
