As we all know loads of consumer data is created every moment through computation. Via social networking databases and GPS tracking not only is the location of individuals who use certain apps provided but also their conduct, perspectives, interest and all around needs are recorded by search engines.
This data comes in handy to marketers who up until just recently had not really been able to research all of the information provided because it was highly technical, it was too challenging for the data software being used at that time to process.
Now and thanks to advanced software designed solely for large data processing being introduced many companies are now able to call upon this valuable information and use it to better their sales percentages. Large data analysis is already being used in most Fortune 500 enterprises so there is plenty software that can be easily found online therefore why would marketers not use this data and all it provides to their benefit?
What Are Big Data’s Benefits?
There are many benefits that are brought on by big data analysis not only to companies that are already up and running but also those that are just beginning. Following are some of the various benefits provided by big data analysis:
Applications and Protocols for Using Big Data Analytics
It’s easy to discuss the theory of big data analytics. Putting it into practice is a different story. How are brands leveraging big data analytics?
Companies in the financial sector have been taking advantage of big data analytics for several years. For example, companies like Cash Float are heavily dependent on customer data when evaluating applications for people seeking short term loans. They can conduct a more thorough actuarial analysis than ever before.
Recognizing Potential Clients
Information gathered by social networking aka big data inform marketers of important details their clients may have such as their behavior and interests. This allows marketers to factor in certain points and better target their clients.
Basic client info was used in the past by marketers mainly what was considered demographic such as location, age, education, marital status. But now the parameters have broadened so marketers are better able to identify and more accurately than before target a broader audience who may be inclined to purchase their products.
A perfect example of this is Facebook's new tool; Insights. Insights surveys Facebook's big data supplies useful information on potential clients and their likes, lifestyles, family information and dynamics, shopping habits, etc. Having big data on your side is the new competitive advantage.
Current Marketing Opportunities to be Found
Products are in constant need of an upgrade and with the use of big data upgrades can be made easier by providing marketers with patterns that can help them see what areas in their product need tweaking to better fit the client needs.
Providing Big Offers to Existing Clientele
Clients appreciate and respect companies that offer them products based around what they are interested in. A great example of a company that does just that is Amazon.com due to their use of the website’s big data they are able to offer their customers deals that they will not be able to refuse. According to statistics, more than thirty-five percent of Amazon's website sales are due to recommendations provided by their engine.
Accumulating large amounts of data on everything from keywords, to backlinks, to Internet trends allows a business to benefit from big data in terms of SEO. A competitive link analysis tool can gather and compile a smorgasbord of data from numerous sites and visualize it in a clear and concise manner, allowing you to see trends, opportunities and make the most of your efforts.
Producing Profit-making Ads
We have discussed the use of big data analysis to improve our target audience but that is not the only point at hand. By using information gathered from search engines as well as social networks more effective and attractive campaigns can be created. Many as platforms such as Google AdWords and Facebook Ads.
By knowing what a consumer a marketer can look for ways to make appropriate ads. For example, if a marketer's target audience is always looking up hotel discounts a marketer can add hotel discount promotions to their ads.
A More Accurate Measurement of Campaign Results
Sources from big data can also be used to calculate the success and overall performance of a campaign through individual media channels. By having an accurate campaign result a company can save money to be used on future campaigns by investing in the media channels and ads that provide the highest performance.
Expertise and Tools That Are Required
Before even beginning a marketer must seriously analyze and understand basic data analysis methodology and this seems to be a big mistake many marketers make. Being able to use tools that help make big data more responsible is essential, many of the most popular big data tools are as follows:
- Business Intelligence Tools: These assist marketers in recovering, examining and converting marketing information that is useful.
- Predictive Analytics Tools: These assist marketers in withdrawing information of value as well as dictating patterns and therefore being able to provide a prognosis.
- Data Visualization Tools: These are used to create graphs and charts that are easy to understand.
- Marketing Automation Tools: These are used to run marketing campaigns via various channels.
Being as technology is key in running big data, it is important to choose your marketing tools wisely being as it is the only way you will be able to manage big data to the fullest, if you are unsure it is crucial to seek out expert advice.
It is not necessary to use big data to be successful and it takes a knowledgeable and skilled marketer who understands the sociology and psychology this requires. Without the proper knowledge of process and implementation, a marketer will not be able to use their campaigns to vanquish their competition with creative and attractive marketing techniques.