Marketing plays a significant role in the success of any business, that offers a relationship between customer and organisation. Hence, it is very important to have strong marketing strategies to understand the market, competitors, customers and more. For that, companies need to focus on big data.
“Marketing without data is like driving with your eyes closed.“ - Dan Zarrella
Gone are the days when organisations have to be dependent on experiments. Today, big data plays an important role when it comes to marketing decisions. Insights from big data can guide businesses to better marketing & strategic decisions.
Today, companies have both - structured and unstructured data since the number of outputs has multiplied, and at this level, traditional analytics and tools won’t be of any help.
In this article, I have explained how big data can help with digital marketing success.
Understanding of Target Audience & Creating of Marketing Campaigns
“When you align your message with what people are already passionate about, you are able to make an emotional connection.” - Tim Burke, Co-Founder and CEO of Affinio
This shows the importance of the audience and their needs, but marketers need to wrap their heads about it. Ultimately, marketers are responsible to engage the users and convert them into customers. Hence, every marketer should define the strategies considering the target audience to convert every lead into a customer.
In this cut-throat competition, every marketer has to make an extra effort. By analysing the big data, they will have more idea of potential customers and their requirements, and they can design more influential campaigns to onboard more customers.
Marketing campaigns that use big data are performing better than old-school campaigns. Marketing experts can create different client personas using big data and can track customer behavior, favorites and frequent purchases. Let’s consider an eCommerce website for women's clothing. Women are more likely to shop online and use coupons. Hence their digital marketing campaign should be designed considering this behaviour.
Using big data for digital marketing campaigns is a great idea, but companies also need to make sure the data available shows valuable insight. Therefore, it’s mandatory to use analytical tools for actionable insights. There are plenty of tools available in the market, but companies should get the right tool that accesses all kinds of data including websites, social media, cloud and others. It should also function on real-time analytics, marketing funnels and attribution tracking.
Generally, small and medium businesses put the price based on different criteria like competitor cost, production cost and the foreseen value of the product from the customer’s demand. That’s how they decide the cost of the product and services. But with the use of big data, companies can consider different factors for pricing decision, i.e. data from already completed deals, coupons used while purchasing, discounts and performance data. Big data helps businesses - especially B2B sector, to take price decisions easily as each purchase is different.
The most challenging task is how to obtain valuable data from the given information because companies may have unused data, which won’t be helpful in any way. So it should be removed before price analysis. Besides, macro indicators should also lead you to better price decision like inflation rate, exchange rate, interest rate and many more.
Additionally, companies can have more factual data with big data analysis, that allows automating the process in price setting.
Better Idea of Competition
"It's good to have high-quality competition; it helps drive research forward at a faster pace." -- Shuji Nakamura
The good news is that companies now have included big data for their research and analytics. But their marketing campaigns would be adequate if they are aware of the opponents' strategy. To win the competition, companies must collect data related to competition and analyse to help marketers.
These insights can be related to the launch of a new product or service or marketing campaigns that got success. It can help marketers to know which marketing strategies can work best to get engagement from their audience.
An Insight for Industry Condition
It is also important to know the market or industry condition to shape better marketing campaigns. Insights from big data can also help to perceive industry trends and prospects and can be useful while creating marketing strategies. Moreover, marketing experts can also have more data about the company's past.
Marketing specialists can use big data analysis in different ways, and for that, they have to identify what they want to achieve from big data analysis. So they can take advantage of the insight based on their requirements. A perfect strategy with big data will surely help marketers to shape better marketing plans.
This article has originally appeared on DataFloq.