Effective Ways to Leverage Big Data for Your Marketing Strategy

You have to accept the fact that Big Data has emerged as one of the most hyped concepts in the field of modern technology. The question arises – why is this hype all about?

To define Big Data, it is the ever-growing volume, variety, velocity, complexity and variability of information. It not merely refers to the data itself, but also to the capabilities, competencies, and challenges related to storing and analyzing such large volumes of data to support accurate and timely decision making. For marketing agencies, it is the key consequence of modern marketing landscape. When used intelligently, it can help identify valuable patterns and trends that can play an integral role in designing effective marketing strategies.

It is important to understand that merely having Big Data would not lead to better marketing; you have to think of it as your essential element, secret ingredient, and raw material. It is not the data that is so vital. Rather, it is the insights driven from such information, the decisions you make, and actions you take that make all the difference. Marketing organizations can make a dramatic impact in the fields of customer engagement, retention and loyalty, and marketing optimization or performance by combining big data with integrated marketing management strategy.

Types of Big Data that are Important for Marketing

Typically, there are 3 types of Big Data that play an integral role in marketing:

Customer: The most important marketing big data category includes attitudinal, behavioral, and transactional metrics derived from sources like points of sale, marketing campaigns, social media, customer surveys, loyalty programs, and online communities.

Financial: This may include sales, profits, revenues, and other objective data that help to measure the financial wellbeing of the organization.

Operational: This category typically involves various objective metrics that help to evaluate the quality of various marketing processes related to resource allocation, marketing operations, budgetary controls, asset management, etc.

Tips to Leverage Big Data for Marketing

So, what are the most effective ways in which marketers can use Big Data for their marketing strategy? See what experts have to say:

• By synthesizing and centralizing fragmented consumer data across POS systems, mobile applications, ecommerce platforms, and social media accounts with modern Consumer Management technology. Integrating large amounts of customer data silos into a synthesized data set helps provide a holistic and unprecedented view of customer behavior based on their interactions, preferences and purchases. This would eventually provide strategic intelligence to drive sophisticated and targeted campaigns to engage and retain consumers.

• Combine Big Data with available census data, which is publicly available. This would further help in gaining valuable marketing insights. Study and evaluate the data that your company generates. This would provide an insight of which online marketing campaigns are working best. This data may also help to identify completely new avenues of customer interest.

• Today, marketers need to do a lot more than merely collect and analyze data gathered from multiple sources. They should have the understanding of how the availability of large volumes of data silos will impact marketing initiatives and strategies. It is not just about data, but about critical decisions that can be made from such data.

• Big Data can be best leveraged to identify the gaps between what your consumers want and what your competitors provide. It can provide valuable insights into what precisely consumers need and want. This way, you can identify what you are running for. This would help you to take actionable insights in a simple and cost-effective manner than your competitors.

There are endless ways how you can leverage big data for effective marketing strategies. The key is to know which data matters to you and how.