Data, data, data… In the fitness world, you can use it to track your steps, measure water intake and track vitals and sleeping patterns. These data trackers let you set small goals that add up to a healthier lifestyle. These little “wins” give you a motivational boost and boost overall confidence. With these itty bitty pieces of information, you know you’re doing something right.
Data for marketing your business is just as useful and has unlimited applications. Big data is reshaping the business world as we now know it. Embracing the power of information and data analytics will allow you to improve the reach and influence of your campaigns. And data science has always laid the foundation for decision-making and money-spending processes in most modern companies, so it all just makes sense!
In a hypercompetitive global economy, 65% of marketing execs agree that data-driven marketing is absolutely crucial to success. Not only can you target customers in large groups, but now you can segment sub-groups that will result in even better reach and content-curation for your campaigns. You’re able to assign specific features to the sub-groups and modify activities that can adapt down to an individual level. You will have an outstanding analysis of the latest trends in customer behavior.
Remember all of that talk about customer experience with your brand? Marketers now have pressure to customize their operations and provide impeccable customer journeys, almost to the point where each individual’s preferences are catered to. Facebook stores and analyzes dozens of Petabytes of user generated data (as we all painfully now know). This information is a goldmine to determine demographic traits of target audiences. And even better, you can go deep into the data and learn affinities of individuals.
Imagine marketing in the old days: Put out a print ad and hope people will call. It was expensive, clunky and difficult to track ROI. With big data in the game not only can marketers can adjust prices of their products and services in real time, but they can see how their marketing investment is returned. About half of B2B marketing execs find it difficult to attribute marketing directly to revenue as a means to justify their budget. Big data conducts a cost-benefit analysis of all marketing channels, activities and investments.
And finally, this data is perfect for forecasting trends. This allows you to behave proactively in your biz and be one step ahead of the competitors. As most firms are in a constant struggle for more market share, this feature is essential for a company’s success. With big data it is possible to take this knowledge and turn it into fruitful marketing strategies. I’m sure that as time progresses, new features will emerge and give us even more reasons to embrace big data. If you’re using big data in your marketing strategy now, leave me a comment below and let me know about your experience!