Value in Big Data for Marketing

During the 1960s, marketing was used at a mass targeting level through direct postal mail and advertising. But, marketing today is done based on specific targeting by mainly using big data. Marketing and advertising technology sector embrace big data in a big way. Big data and innovative analytics tools has brought notable value for marketers and advertisers from creating highly personalized and targeted campaigns on potential customers by gaining insights on customer behaviours, purchasing patterns, online activity and customer trends. Moreover, targeting potential customers helps businesses to save money and ensure efficiency. (Rivard, 2019)

For example, Netflix is a good example of a big brand that uses big data for targeted advertising.

A subscriber gets suggestions of the next movie he/she should watch, this is done using the past search and watch data of the subscriber to understand what interests the subscriber most. Once the marketer successfully gains an accurate and deep understanding of their audience’s behaviour they can strategize how to make use of the existing data and insights and how to impart it into their digital marketing operations and will also allow a business to be able to deliver what the customers wants. This is the most basic step to attain high customer retention and trigger brand loyalty. (Saran, 2018)

Online marketers will be able to serve customized content to their website visitors by tapping into their knowledge base to determine which content will be more engaging to each visitor. For example, Amazon uses “time spent on a product page” data to determine what the visitor is interested in; the next time that particular visitor comes to the website, showing them relevant product content based on their browsing history. Therefore, big data helps digital marketing teams and organizations to compete in today’s market. (Group, 2013)

Nowadays, overall sales activity is automated through big data by helping marketers to create effective algorithmic marketing model for their business to build up an appropriate and valuable customer relationships. It additionally engages digital marketing leaders to detect the prime time and various approaches to reach their potential and existing customers. Specific customer’s interactions are stored in the organization backend for retargeting based on the purchase history and also uplift sales opportunities with cross-sell or upsell marketing approach. One of the effective big data is social media data that is valuable to marketers looking for customer insights that mainly increase sales. For example, all the online retailers use big data to collect information from a basic online registration form to have a deeper understanding into their customer's shopping behaviour and use social media data to target potential customers by suggesting the similar products customer may find interesting and thereby enhancing the product sales. (McKinsey&company, 2015)

Therefore, big data has gained considerable attention as an effective tool for marketers to gain insights, marketing decisions on what their customers truly need and want which adds a great value to the marketers to compete with other business in the target market.

References

Big Data for Marketing: Trageting Success (2013) Aberdeen Group.

Group, A., 2013. Big Data for Marketing: Targeting Success, s.l.: Aberdeen Group.

McKinsey&company, 2015. Marketing and Sales, Dublin: McKinsey&company.

Rivard, J., 2019. Marketing Insider Group. [Online]
Available at: https://marketinginsidergroup.com/content-marketing/marketing-needs-data-driven/
[Accessed 05 Feb 2020].

Saran, J., 2018. Forbes. [Online]
Available at: https://www.forbes.com/sites/theyec/2018/11/08/how-can-big-data-contribute-to-digital-marketing-success/#10b789e11ca8
[Accessed 05 Feb 2020].