The new term “Big Data” has become a hot and sizzling topic in the world of business today and I made reference to it in my first post. Big Data has been defined as something that refers to a vast quantity of information obtained and collected by businesses today mainly for their marketing purposes. These pieces of information come from a multitude of sources and these include social networks, customer chat sessions and sensor networks. The data collected from these sources include offline and online data.
A collection of important information becomes extremely immense that it turns to be so hard to process them by using conventional methods like software and databases. The businesses that could successfully cultivate some new ways of analyzing the data find a concealed treasure of relevant, valuable information on clients and customers that assist in making better and more lucrative business decisions.
The businesses of today make use of Big Data in order to help in enhancing operational practices through recognizing the existing problems, and to aid in identifying new advertising opportunities by considering the data so as to know more regarding their customers so they can target them in a much better way. Besides, there are more and more companies that begin with incorporating Big Data analytics in their respective hiring practices in order to ensure that they are getting the best talents.
Above all its applications, the potential of Big Data and the actual advantages that it can provide are maybe most readily noticed in marketing. Marketing can be defined as the activity, a group of institutions and processes designed for developing, communicating, distributing and swapping offerings which have value for clients, customers, partners, and community at large.
In this definition, it is easy to see and find the linkages between Big Data and marketing. The information could yield product insights that permit you to produce products that people will want. This will assist you to understand the right way to communicate effectively the importance of these products. You can also optimize the distribution techniques in delivering your products to your clients plus you will be able to determine the correct exchange rate to guarantee a healthy and good profit for your business. To sum it up, the more data you have collected, the more informed choices you could make.
The Advantages of Using Big Data in Marketing
There are many benefits that marketers can get from using big data. Harnessing the available information from a bigger number of reputable sources, as an advertiser, you could do the following:
- Create a more précised profile of your business’ target customers
- Predict customer reaction to product offers and marketing messages
- Personalize the advertising techniques and product offers
- Optimize your distribution and production strategy
- Use and create more précised assessment measures
- Ideal and efficient digital marketing & campaign-based strategies
- Retain more and more clients in a much more affordable manner and;
- Gain product insights among other tactics
It does not need to become an exhaustive listing but the connection between marketing and Big Data definitely improves the long-held promotion capabilities, and it also gives a rise to an incredible set of brand new ones.