What is big data? It’s hard to say when it’s an evolving term in an evolving industry. Big data can be used in a number of different ways, which can be complex for a company with a massive volume of data. Each industry has it’s own structured and unstructured data to analyze, but as the marketing industry has transformed over the years, new software and technology has given businesses of all sizes the ability to reach an audience at lower costs.
However, it takes a certain skill in analyzing big data and strategically reach the right customers at the right time.
With the help of big data and marketing analytics, large amounts of data that companies have acquired over time can help identify the right customer base to ensure your marketing efforts are making an impact.
Data volumes are expected to jump 42 percent in one year, which means more and more businesses will be competing for consumers’ attention. Businesses are not the only ones utilizing big data. Politicians also find big data useful to identify their “silent majority” and gain more insight to connect with voters.
Big Data Strategies
Some ways organizations are effectively using big data are found on the CIO website which include:
- Sentiment analysis
- Soft surveillance and consumer behavior tracking within retail stores
- Open communication channels with clients
- Predictive analytics (which can monitor inventory levels and ensure product availability)
- Analysis of customers’ purchasing behaviors
- Response to value-added services based on clients’ profiles and purchasing habits
- Effectiveness of real-time micro-segmentation of clientele targeted with custom tailored ads
However, most of these goals are much easier to achieve with an IT department that can identify any transactional or historical data that is available internally.
Using Big Data
Of course, not all data is gathered and used the same way.
For online retailers, most of their data capture is done with search engine or social media tools like Google Analytics, Twitter Analytics or Facebook Page Insights, to name a few.
- Google Analytics and Adwords provide a powerful paid search strategy that will allow your business to track a particular segment and remarket to them.
- Twitter or Facebook’s Analytical tools can help determine the best times to post on social media based on the times your customers are interacting with your posts.
- For email marketing campaigns, using a tool like MailChimp can be very useful in viewing your email open and click rates.
Ask yourself which posts or email headings gave you the best response to determine what to post in the future.
On the other hand, brick-and-mortar retailers are faced with a different strategy for collecting data. Some of the more popular methods have been behavioral data with the use of loyalty programs and coupons. Now, collecting that data can be made easier when a retailer offers free Internet and mobile apps to its customers. Each customer will then have a shopper profile on his or her mobile phones that will make collecting data much easier for the retailer. Even if a customer is not signed up for a rewards program, he or she can be photographed as soon as they walk into a store and the retailer is able to analyze the customer’s behavioral patterns throughout the store.
The Value of Big Data
With the use of data capturing tools and all the ways customer information is retained nowadays, businesses are gaining more insight on how to reach their target market. The information gained from marketing analytics can be easily attained with the right tools and then evaluated for a better ROI for your next campaign. There are many tools that you can use to import all of your important data into Google Sheets, such as Coefficient, and use that data to your advantage. As more and more businesses take advantage of marketing analytics and big data, the competition for the customers’ attention will become more difficult.
Make sure your business remains competitive and contact us today to learn how we can help you effectively mine your big data and give your business a competitive advantage.
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