Marketing 101: Why Big Data Is Important

When it comes to improving customer loyalty and engagement, optimizing performance, or determining to price, big data in marketing has proven to be an invaluable tool. Thanks to advances in big data algorithms and advanced analytics techniques, it is becoming easier to optimize prices for a given product or service. Streamlining routine pricing decisions in commodity-driven industries with inelastic products is also taking place today. Big data can help marketers figure out which content is effective at each stage of a sales cycle, how to improve CRM systems, and how to get more conversion rates, engagement, conversion rates, revenue, and customer lifetime value.

Big Data Marketing 101

Big data marketing is Micromarketing that analyzes consumption patterns, preferences, and information of customers to offer customized benefits to people who are likely to buy the stuff.

Finance, distribution, medicine, telecommunications, and insurance have been added to the list. As well as an analysis of the political tendencies of voters, and the pledges they like.

Analyzing big data can enable us to uncover previously ignored patterns through analytical understanding and predetermined conclusions, which can allow us to fetch the outcomes we want and decode the data to determine the existing issues.

The Impact Of Big Data On Marketing

A big data marketing strategy involves gathering, analyzing, and utilizing massive amounts of digital information to improve business operations, like:

• Understanding their audience from every angle. "Know your customer" (KYC) started as a way to stop bank fraud many years ago. A KYC analyzes customer behavior that was once only available to big banks. Cloud computing and big data have made KYC accessible to small and medium businesses.
• Marketing success is greatly influenced by how your customers interact with your brand. Business intelligence from big data analytics can help you improve products and increase revenue per customer.
• Marketing can also be affected by brands' awareness thanks to big data. A study by Aberdeen Group demonstrated that "data-driven retailers experience a greater increase in brand awareness by 2.7 times (20.1% vs. 7.4%) when compared with all others."
• Using big data to gain a 360-degree view of a customer allows marketers to deliver customer-specific content when and where it is most effective for improving recognition and recall online and in-store. Even if you lack the marketing budget of Johnson & Johnson, you can be the Band-Aid of your product category with big data.
• Big data also improves customer acquisition. According to a McKinsey report, companies that use customer analytics effectively outperform their competition in terms of new customer acquisition by 23 times. The cloud makes it easier to gather and analyze consistent, personalized data from multiple sources, such as the web, mobile apps, emails, chat, and even in-store interactions.
• Cloud computing makes it possible for marketers to use real-time data. Any other technology can't match big data's ability to acquire, process, and analyze real-time data fast and accurately enough to take immediate and effective action. You need this when you're analyzing GPS, IoT sensors, clicks on a webpage, or other real-time data.
• Analyzing big data is essential. It optimizes marketing performance resulting in time and cost savings for businesses.

Marketing Big Data: Three Types

There are three kinds of big data that marketers are interested in: customer, financial, and operational. Each type of data is often gathered from different sources and stored differently.

1. Big data related to customers include behavioral, attitudinal and transactional metrics from campaigns, point of sale, websites, customer surveys, social media, online communities and loyalty programs.
2. You can measure performance and run more efficiently using financial data. The sales and marketing metrics, costs, and margins of your company fall under this category. Financial data from competitors, like pricing, can be included here.
3. In an organization's financial systems, this big data category will include sales, revenue, profits, and other objective measures that measure the health of the organization's finances.

Case studies of Big Data in Marketing

The use cases are inspiring, but how does big data in marketing work in the real world? See how three companies used big data to improve marketing.

The Sysomos service lets Coca-Cola respond to its customers in real-time by analyzing and evaluating the information of worldwide Twitter users.

DMD Marketing Corp. is the only authenticated database that can reach, report, and respond to over six million fully-opted-in healthcare professionals in the U.S. So far, DMD has sent more than 300 million emails and run 30,000 email marketing campaigns.

In a crowded field like marketing to healthcare professionals, big data gives DMD a chance to stand out. With cloud-based big data integration tools, DMD updates email data every day instead of every three days, helping it outperform the competition with 95% email deliverability.

There are more than 23 million customers of Beachbody who receive world-class fitness, nutrition, motivation, and support. They focus on the customer experience; keeping people motivated and matching them with the content that keeps them coming back for more.

While you may be familiar with Beachbody's on-demand videos, they also offer live classes in gyms. The company now has access to near real-time consumer behavior in fitness centres thanks to big data. In combination with analysis from online data sources, Beachbody's big data permits the brand to develop more personalized offers for customers and decrease customer churn.

Marketing Challenges Of Big Data

Marketers face a lot of challenges when it comes to using big data effectively. Because most analytics systems aren't aligned with marketing organization data, processes and decisions. In marketing, three of the biggest challenges are:

• The right kind of data to collect. Lots of data. Lots of customers, operational, and financial data. The more, the better - but it has to be the right data.
• Understanding which tools to use. With so much data, the amount of time to make decisions and act on them is shrinking. Analytics can help you aggregate and analyze data, and allocate relevant insights and decisions appropriately around the organization - but which ones?
• Being able to go from data to insight to impact. So, what do you do after you get the data? And what do you do with that insight?

Cloud and Big Data Marketing

Any industry that uses big data would struggle to function without cloud computing. Big data's need for compute power and storage can't be met without the on-demand, self-service, pooled resources, and elastic nature of cloud computing. In addition to those basic characteristics, cloud computing keeps improving marketing efforts that use big data. The cloud facilitates virtual machines and containers, as it does for big data. It makes it possible to port workloads that wouldn't be possible without the cloud. Marketers can move workloads, avoid vendor lock-in, reduce costs, and come up with new solutions that aren't possible with physical infrastructure.

How To Use Big Data In Marketing

Big data provides us with a window into our marketing efforts. Our prospects and customers are captured at a level of detail that has never been possible before. We can respond to real-time audience actions and influence customer behavior in real-time. In recent years, big data has transformed marketing and sales in ways that were not previously possible.

However, there are a few things every marketer needs to remember to make big data work for them: Deepen your insights with big data. When you use big data, you can dig deeper and deeper into the data, peeling back layers to reveal richer insights. The insights you get from your initial analysis can be explored further, with deeper and richer insights emerging. Knowing this kind of stuff can help you develop specific strategies and actions to grow.

Bring big data insights to the people who can use them. There's no denying it - CMOs need meaningful insights that big data can give them, but so do front-line store managers, call centre reps, salespeople, and so on and so forth. Insight isn't much use if it stays in the boardroom? Make it easy to use.

At least don't try to save the world right away. Taking on big data can seem overwhelming sometimes, so start by focusing on a few key things. Exactly what do you want to achieve? After you decide that, you can identify what data you'll need to do the related analysis. Then move on to your next objective. And another.

Actionable insights require a lot of data. Data must be available from external sources or scrounged from the internet at scale. Crawlbase makes it easy. Crawlbase has a cloud storage solution for data and an enterprise scraper that lets you get all the information off the web just by making a request. You can scale up and down as needed without worrying about being blocked, kicked or banned.