We always hear how big data can change the face of our business. And how it’s the most important tool for growth. The question really comes down to this: what exactly is big data? Big data is a collection of information that companies can use to make actionable strategies that foster business growth. It can come in many different forms, and the uses of big data are basically unlimited.
Big data in today’s world
Big data is transforming the way the world thinks. Corporations have an appetite for data and they churn out almost everything from it, be it vital or useless information, segregate the analysis on diﬀerent parameters, and draw out multiple conclusions. Today, we live in a data-driven world where everything from schools to oﬃces, amusement parks to movie theatres runs etc. runs on data. Big data has become a very prominent turning point in the history of the world economy, therefore, knitting the world together faster and better.
Importance of marketing
Any company can produce a product or plan out to provide a speciﬁc service. The challenge is to take that product or service to millions of people who will then buy those products or avail those services, thus helping the companies to fulﬁl their ultimate objectives. In such a situation, Marketing comes into play. Marketing is a set of activities that are brought together to increase the mass reach of any company and its oﬀerings. With everything shifting to an electronically operated platform, there is a strong gap that is constantly being ﬁlled by online marketing. Businesses are promoted online using multiple online channels such as search, videos, emails, ad campaigns, etc.
Big data and marketing
With the movement of the marketing function to a digital platform, its dependency on big data has become inevitable. Marketing teams of various companies analyze the trends prevalent in marketing using the consumer data and come out with various new marketing campaigns to ﬁll these gaps thus helping the businesses to meet and beat their targets. Companies are increasingly spending on mobile advertisements thus catering to a huge audience in a short period. These ads are individual-speciﬁc as big data uses the residing cookies in your system and displays only those products and services which garner the attention of that particular individual.
Marketing and big data: a perfect mix to know your consumers and take decisions.
With the advent of big data capturing the market, it has aﬀected the marketing function drastically. It has made Marketing an interactive as well as a very insightful process. Marketers use tools like Google Analytics to know how their websites are performing and how many eyeballs their particular products are turning. Then accordingly they work on the marketing strategies of those range of products and services which are not performing well and also on those avenues which are outperforming to further increase revenues from them. People spend long hours online thus making online marketing the only resort to reach the audience of this era. People are increasingly responding to online marketing campaigns thus bringing in more and more personal information into the picture. Big data helps in transforming these inputs into ﬁnal sales and thus converting the desires of people into the business. The data collected in the online platforms will be the deciding factor of your marketing campaign’s success.
Businesses will have no clue what's going wrong in the absence of data. Digital marketing and big data together have helped in improving the users' product viewing experience. Marketing teams are constantly looking for new opportunities. Big data provides an eﬀective tool in doing so. Also, it gives insights on when a company should pull the plug if something is working against its success. Using big data, every action can be tracked. By reviewing data analytics, companies can ﬁnd out how users perceive their business and its products. Using tracking codes, a lot of data can be collected and then segmented into various sections. Data can give minute details such as which ads are making the most revenues, which ads need improvements, and which ads are working negatively. Also, companies need a record of conversions i.e. how many ad views are resulting in ﬁnal purchases.
Big data is playing a major role in formulating marketing strategies. Data provides valuable insights which are further analyzed and developed into a strategy map on how the marketing function has to be taken up. Establishing concrete goals and measuring the fulﬁlment of such goals has become much easier with the use of big data.