In the modern era, where knowledge is global and necessary, and where technological advances are evident, it is essential to decipher the value that Big Data represents for us. Big data is all this information can be coded according to classification, patterns, various structures and recurrent human behavior.
Big Data can be structured or unstructured. By studying these data, human behavior can be understood. The world has now become a virtual structure of communication. From transactions to trends, everything is digitally recorded. Thus, the information recorded is of paramount importance to marketers. Therefore, we can easily say that it is the next big deal after the IoT.
Importance of Big Data:
Whether you want to introduce yourself to finance with big data or real estate, you will not be disappointed. Banks can easily track any form of fraudulent activities and schemes with Big Data. Similarly, in the health care sector or the biomedical sector, all drugs can be easily monitored.
They can check that those who go to the market and whether they have been verified to do so or not. As a result, Big Data will inevitably change the entire industry as it offers endless possibilities for its use.
Given the importance of Big Data in marketing, we can easily divide it into three categories.
- The consumer the category includes marketing based on buyer behavior patterns, social media platforms, online sales and virtual surveys.
- Operational category Big Data includes the tools needed to effectively measure marketing processes. Examples include asset management and resource allocation.
- The third classification of Big Data is financial. This concerns measure financial well-being of the brand.
Now that there is no more confusion, let's analyze the different approaches (mentioned below). The methods by which marketers can seek Big Data advice.
1. Understand the customer
Nowadays, internet users evaluate their experiences of buying products or services online. They leave comments before buying and also give their pennies on their post-purchase experience. Customers then post a positive or negative response through comments, likes, dislikes, discussions and ratings.
There is also the issue of traffic acquired per page, the type of customer visits, the number of visits, etc. These activities are permanently recorded. Marketers can, with the help of Big Data analytical tools, decipher their customer and their purchasing behavior. In this way, they can better understand what the customer wants and what the brand needs to improve, etc.
for exampleon a book-buying website, where there is a book rating method or a discussion forum, the most popular and popular book receives the most thanks.
Similarly, a book classified as the most purchased during a given season is easily traceable. This information helps the brand to increase sales and revenue. In the end, it all depends on what the customer wants and Big Data tells you.
2. Classification based on the analysis
Since Big Data helps to provide information about the customer, marketing can benefit a lot. Depending on demographics and other factors, a marketer can target the sales of potential customers.
for exampleif people residing in City A buy more orange juice, more advertising for orange juice can be displayed in this area. Similarly, if people nested in City B focus on fishing over orange juice – it is possible to further market the taste of fishing in this region.
Similarly, if the audience on social media platforms is primarily made up of teenagers, the product line, according to their needs, can be further advertised on these social media forums. This example can also be used to classify customers both culturally and traditionally. Although these may not be the only reasons for classification.
3. Cost-effective and effective campaigns
Knowing exactly what the consumer wants helps to launch appealing campaigns that better explain your brand's ideology and also cater to customers. Big data contributes a lot.
In addition, the resulting information guides the marketing specialist. Boards can help create effective strategies to limit the potential customer and target audience, and then to advertise to that audience.
for exampleIf a particular Internet brand understands that only the Facebook audience engages with it and generates 90% of sales, it may stop paying long term for promotions on Instagram or Snapchat. Application developers can leverage Big Data analytics by understanding how to design the virtual entity to reach the majority of the audience and achieve the desired response.
4. Customer loyalty
Thanks to Big Data, it is possible to locate loyal customers whose purchasing behavior indicates that they do not plan to spend. Then, different strategies can be generated to help them stay faithful.
for example, Sugar courted, an online bakery company, after learning how many of its customers were loyal, launched a buttercream discount card offering the opportunity to get a three pound butter cake for free with every purchase. one cake out of three. Not only did this campaign build customer loyalty, but it also attracted new lots.
5. competitive advantage
By understanding what is the brand's unique selling point or what attracts consumers the most with Big Data, marketers can help improve:
- a service
- or an aspect of the work to invest time in different campaigns to showcase it.
In this way, marketers can have a competitive advantage over their competitors.
6. Marketing Optimization
Understanding analysis is everything. Sometimes, you need to rely more on data and factual information than on the customer's own comments. Marketing can be done using the tools that help the brand.
If the information suggests that some platforms or social media tools do not do not help win an audience. It acts as a negative catalyst that reduces costs. In addition, Big Data can help reveal where potential customers are in the virtual world and how to reach them.
In conclusion, Big Data can be difficult for marketers, but in-depth research using various analytical tools and an understanding of the data acquired is still needed. Analysts of user experience and consumer behavior can also be hired.
In some organizations, where the application contains sensitive customer information, an internal scanning system can be created. Plus, ideas such as customer behavior tend to evolve according to trends and fashionable fashions – everything that a marketing manager must always keep in mind.