5 ways marketers need to be using big data
Thus far, big data has a reputation of being a buzzword that would make most marketers wince and look away. Such an approach would prove to be detrimental in the long run because the very bedrock of marketing in the future comprises of big data. So what is ‘big data’ anyway? Big data refers to the ever-increasing volume, velocity, variety, variability and complexity of information. For marketing organizations, big data is the fundamental consequence of the new marketing landscape, born from the digital world we now live in. But the definition of the buzzword doesn’t exactly end there; it entails the challenges, capabilities and competencies associated with storing and analyzing such huge data sets to support a level of decision making that is more accurate and timely than anything previously attempted — big-data-driven decision making. Some pundits argue that big data is a very methodical process that may kill human intuition in the long run. While big data is a behemoth when it comes to the collection of information, there is no reason why it cannot function in tandem with human intuition. After all, big data doesn’t affect the source of our ideas, it’s just an improved tool to assess the impact of our ideas! Here are some ways marketers can make use of big data effectively.
Ascertain the precise ROI of marketing spend
With the use of basic tools and level integration, marketers can assess rudimentary KPIs like “cost per lead.” But with a foray into a big data environment, you can gain more significant insights such as true ROI for every penny spent by initiative. With fewer approximations and convoluted math involved, your ROI estimates will gain a more receptive ear from your CFO, which will prove to be beneficial for your next budget.
Make use of Google Trends to help your global/local strategy
Google Trends is probably the easiest method of utilizing Big Data. Google Trends showcases trending topics by quantifying how often a particular search-term is entered relative to the total search-volume. Global marketers can use Google Trends to assess the popularity of certain topics across countries, languages, or other constituencies they might be interested in, or, stay informed on what topics are cool, hip or relevant to their buyers.
Gauge the true value of a visitor for outbound marketing
Every day thousands of visitors (most of them anonymous) visit your website and research your products. What if you can identify the company the visitor represents using a reverse lookup of IP, combine that with external data (industry, employee size, technologies that they use, etc.), and send alerts to your outbound marketing team? They would find such leads extremely useful.
Develop real-time personalization to buyers
Marketers need to send the right message at the right time. Timeliness and relevancy aren’t just qualities of the fourth estate; they’re also the foundation of successful marketing campaigns, email click-through rates, and consumer engagement with your brand. Big Data gives marketers the most timely insights into who is interested or engaging with their product or content in real time. Tying buyer digital behavior into your CRM systems and marketing automation software allows you to track the topics that your buyers are most interested in and send them content that makes the most sense to develop those ideas on those topics.
Leverage customer marketing to increase product use and decrease customer support needs
As any high performing marketing organization knows, signing a new customer is not the end of marketing. Marketing efforts need to continue to educate the customer on your product’s features and various ways to generate most benefit (through drip email campaigns, customer webinars, customer summits, etc.). Effective customer marketing also reduces the need for customers to call your customer support team, saving you significant organizational expenses. Big data can connect the world of marketing and customer support, enabling you to install and fine-tune best practices for customer marketing.