Big Data is a revolutionary force in the professional landscape today. From education and healthcare to sales and marketing, big data has been a disruptive force across sectors. There’s no denying how effective data analytics helps in the prediction of human behavior which is key to a successful business. Whether it’s the consumer market or service arena, big data is emerging as a radical game changer businesses need to stay ahead of the pack and acquire more users for their product or service.
It is here that we come across a pivotal question. What is it that makes big data so important? Why do process developers, marketers, entrepreneurs, and policy makers rely on it? A quick look at the following stats will shed some much needed light on this context.
Statistical references
You will be surprised to know that web users generate huge amounts of data. If the current reports are anything to go by, the amount is no less than 2.5 quintillion bytes per day. With a whopping 3.74 billion web users existing at the moment, it isn’t tough to imagine the amount of data generated every day.
Data analytics unlocks new avenues and unique opportunities for the professional landscape. Quite naturally, marketers are trying their best to leverage these data sets thus discovering new ways of personalized interactions. In a nutshell, data analytics and big data can transform marketing to a great extent. Here’s a brief account of how marketers are striving hard to make the most of it!
Leveraging data and analytics
Identifying consumer preferences and tracking their purchase behaviors can be highly beneficial for marketers. They will gain the opportunity to comprehend consumers’ demands thus pitching in the right sales strategies. That’s not all; if you are into marketing and wish to offer targeted products to your consumers, big data will help you develop specific processes too.
That’s the reason marketers across the world are turning to huge data sets generated by web users. With relevant information about consumer choices and preferences, marketers will gain the opportunity to strengthen their vision too. On that note, it’s high time we take a look at the benefits of data analytics!
Big Data benefits
As far as the sales and marketing sector is concerned, we will come across a multitude of Big Data use cases. A considerable amount, say 48% is all about customers analytics. Operational analytics account for 21% whereas Fraud & Compliance takes up 12% of the total analytics share. Since Big Data plays decisive roles in all these segments, it becomes imperative to analyze these benefits!
1. Improved marketing vision: Innovative marketers always work towards fulfilling their vision. They have targeted objectives for clients which help them create, develop, and incorporate effective marketing strategies.
2. Measuring campaign results: While creating marketing campaigns, marketers would like to measure their results and effects. Data analytics will make their job easier thus helping them measure the effectiveness of each campaign.
3. Identifying potential consumers: Every business needs to grow, and it is right here that dedicated consumers play the crucial part. You just can’t expand your entrepreneurial venture without perfect support from potential consumers. Big Data can help in the identification of target audience who can take your venture forward.
4. Unlocking new avenues: Marketing and sales is filled with exceptional opportunities. One needs to identify these opportunities thus unlocking profitable avenues for further development. Data analytics will unravel new areas where proficient marketers can gain crucial insights into the existing scenario.
These benefits state how big data can prove to be the next ‘big’ thing in the world of business marketing and sales. On that note, it’s high time to discuss how Big Data can revolutionize this sector!
Gaining better consumer insights
Companies and businesses are striving hard to create strong relationships with customers. They are finding it imperative to create personalized strategies which are the keys to attracting potential audience. According to statistical reports, nearly 36% of B2C marketers are leveraging data to develop a better understanding of their audience. Since relationship-driven strategies lead to successful business expansions, marketers are utilizing these insights big time.
Pricing optimization
A majority of companies derive maximum profit from their standard offerings. If you take a closer look at the market, you will come across interesting revelations. A whopping 75% of business revenue comes from standard and popular products. That explains the significance of pricing optimization at consumer-product level. It’s here that Big Data introduces the concept of dynamic pricing where the consumers’ ‘willingness’ to make a payment is taken into account.
Dynamic pricing empowers personalization and convinces your consumers. They will know you care about them, understand their needs, and can put forward profitable opportunities as and when required.
AI and Contextual Marketing
Huge and colossal ventures need to keep quite a few factors in mind. Marketers working with these ventures have to integrate innovative processes into existing systems. Innovation takes place at various levels, and it becomes imperative to ensure optimum scalability. Big Data prepares the ground for Contextual Marketing by making the most of Artificial Intelligence. AI and data analytics happen to be partners capable of ensuring better management of marketing stacks collectively.
Building a relationship
No matter which sector you are operating in, you will surely have innumerable competitors in the market. Why should customers opt for your service and products? What is it that makes them different? Well, personalized approaches and customized products are the key aspects in this regard.
Present-day consumers look for personalized strategies. They are more likely to associate with a brand which understands their demands than with someone who is clueless about their preferences.
Big Data analytics play the vital role here. By guiding marketers and helping them understand consumers, Big Data paves the path for a strong and remarkable bond with consumers.
Geo-analytics for improved selling strategies
Proficient and seasoned business marketers are always looking forward to improving selling strategies. Companies and product developers have to identify the target markets. Go-to-market approaches have to be aligned with selling strategies. It goes without saying that Big Data will be instrumental in this case thus helping companies identify target markets.
Content marketing augmentation
Even if we say it for a million times, there’s no denying the truth in the statement. Content is the king, and it plays the most significant role in captivating potential audience. Marketers will have to keep track of the latest blogs, trending web stories, and relevant information. Web scraping and data analytics will be useful as they can extract the right information from these sources.
Apart from information extraction, analytics can also help you fine tune existing strategies. Marketers can take a look at the most popular topics and then find out how competitors have leveraged them.
Data journalism
Modern analytics introduces the concept of Data Journalism, which is a relatively new area for marketers. Marketers and marketing professionals can leverage raw data thus creating informative blogs. These contents will be compelling and can make room for some of the following efforts:
- Fresh data sets: Marketing individuals can tap into fresh and relevant data sources for targeted strategies.
- Hacking the returns: You gain targeted insights into powerful content sources thus creating them according to your needs.
Sentiment analysis
Public forums and social platforms are experiencing phenomenal growth, and that’s not without reason. People need a place to speak their heart out and say whatever is there in mind. It’s right here that customer sentiments play the pivotal role, where marketers can understand and delve deep into the nuances of human thought process. By scraping and analyzing data from the popular social platforms and forums like Facebook, Twitter, and others, you will get a sneak-peek into what consumers think about your products.
Affecting overall marketing approaches
When it comes to popularizing, promoting, or marketing a business venture, marketers just can’t adopt one-dimensional approaches. Their efforts should have the perfect combination of email marketing, SEO, mobile marketing, and content advertising. Data analytics and Big Data will unlock new opportunities for all these sectors. If you think for the long term, data analytics will emerge as a force to reckon with.
In a nutshell, a major shift has to take place that has the power to strengthen business expansions. Marketers need to fuel organizational growth by optimizing consumer satisfaction, and the entire focus should be on building strong relationships with clients.
Final thoughts
Let’s end with a piece of statistics. If the reports published in 2015 are anything to go by, the total revenue from global data market for that particular year was approximately $22 billion. The report indicated towards a phenomenal 4-fold increase in revenue size over the next four years. That reveals a lot about the significance of Big Data and data analytics.
Whether you run a small firm or supervise critical operations in a colossal enterprise, data analytics will be the key to establishing your brand. You need to make a mark in the professional landscape by incorporating optimized marketing strategies into existing processes. With crucial insights and effective data analytics, your brand’s future seems will be bright! Embrace the revolution named Big Data, and that will work wonders for your marketing goals.
