How Marketers Can Benefit From Big Data?
As the process of sales and shopping is getting more and more digital in nature across the globe, the footprints and records of these transactions are getting digitally recorded and accumulated to turn a part of the huge Big Data that is of extreme use in all sorts of business-related activities. Marketing too is one of those activities that may immensely benefit from leveraging the potential of Big Data in multiple ways. Let’s have a look at what these ways are and how may they be turned effective to the maximum by marketers worldwide.
Knowing The Customers In A Better Way
The way mobile computing, connectivity, and its applications have grown in a booming way especially during the past few years, more and more people are getting connected with each other through various digital platforms, and social media networks form the core link among them. Shoppers and customers now not only decide their purchasing preferences on the basis of social media interactions and discussions, but they are also more likely to share their after-purchase reactions and experiences through these platforms.
In general, all these digital activities being generated by their online actions and reactions from a pool of Big Data that may be harnessed very effectively by the marketers to not only know their customers’ choices, preferences and feedback in a better manner, but also decide the course of their future marketing strategies in order to yield maximum results. For example, an online bookshop might leverage Big Data analytics for carrying out a wide-scale analysis of the social media behavior of its potential customer base.
This way, it might be able to know which new writers of the literary genres popular among the young readers are being talked and discussed those users the most upon various social media platforms. Further, this insight may help the bookshop in allocating more purchasing funds to the upcoming books written by those writers to gain a better sales ratio and thus boost its sales revenues.
Effective Customization of Marketing Endeavors
Big Data inherently offers a large set of facts and statistics that upon being duly analyzed, may provide the marketers with useful insights in terms of carrying out finer segmentation of their customer base. It helps them in developing and formulating more effective plans for customization of the marketing initiatives of their products and services, in order to attract different sets and segments of customers according to their choices.
In a way, the same service or product may be offered to multiple numbers of customer groups and segments in various flavors and with multiple specifications, so that each customer segment receives exactly what it intended to get from the enterprise.
For example, if a cosmetics products manufacturing company analyzes Big Data for carrying out the segmentation of its female customers according to their socioeconomic classes and age groups, the insights may help in formulating different marketing strategies and endeavors to address different segments on the basis of their choices and needs.
Enhanced Advertising Campaigns
Designing cost-effective yet powerful advertising campaigns are usually considered to be a concern for the marketing departments of companies of all sizes. With the help of Big Data, a variety of customer-related details such as their online behavior, likes or dislikes, brand preferences, most likely time window for carrying out purchases etc. are available to the marketers for analyzing and arriving at conclusions that may turn out to be really helpful in terms of designing dynamically rich and cost-effective advertising campaigns. On one hand, it cuts the advertising budgets of marketing departments in considerable proportions; while on the other it enables them to yield better results in terms of growth in sales revenues.
For instance, an app development course provider might benefit from Big Data analysis in designing dynamically targeted online advertising campaigns to reach more young users that form its primary customer group, so that its advertising efforts reach more relevant target users and the chances of those efforts getting converted into sales get increased in a considerable manner.
On the whole, it may be observed that while Big Data analytics may turn out to be of tremendous help for marketing departments of enterprises of all sizes, it still remains mandatory for them to carry out this analytics in a proper manner and using advanced tools and techniques; so that they get maximum benefits out of minimum efforts.