Organizations tend to avoid big data and analytics completely as they feel it is complex, time-consuming and over-hyped. However, in simple terms, big data refers to the large volumes of structured and unstructured data, gathered on a daily basis from a variety of sources and analyzed to derive actionable insights that help in making strategic decisions. It isn’t just data or information; big data entails the complexities of collating, storing, and analyzing huge data sets to gain actionable market insights that address the business challenges and build capabilities. Big data is a result of the digital evolution, widespread adoption, and popularity. Predictive analytics has the potential to unlock new growth opportunities to improve performance, drive innovation, and change the marketing landscape.
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Importance of Big Data in Marketing
Traditionally, organizations leveraged unstructured information to analyze the market. However, this analysis didn’t quite reflect the changing trends and failed to offer a comprehensive view of the industry. Today, with big data analytics and data mining tools available, marketing function can leverage its benefits to make decisions based on the market and customer insights. Marketers have access to customer data via several touchpoints such as coupon redemption, point of sale, direct mail campaigns, online purchase data, browsing behavior, social media behavior, and mobile device usage patterns among others. By integrating marketing strategy with analytics, organizations can build customer engagement around the brand, devise customer retention strategies and improve customer loyalty; thereby, optimizing marketing strategies and performance to yield high return on investment.
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Things to Keep in Mind to Ensure Big Data Success
Big data analytics holds the potential to devise strategies that support the organization’s marketing efforts, thereby enabling marketers to drive personalized and targeted campaigns that have a positive impact on its bottom line. The key to successfully integrating analytics within the organization’s business processes is to gather data and run analysis by automating the process to gain instant results. Marketers must keep the following things in mind to ensure success
- Leveraging big data to gain deeper market and customer insights to devise specific strategies and actions that can drive business growth
- Ensuring these insights are available and accessible to those who can act on it – store managers, sales executives, and the call center employees
- Outlining the objectives and goals the organization intends to achieve through the analysis, thereby taking one step at a time and gradually achieving the intended outcomes