How Big Data Revolutionizes Marketing?
The marketing sector has always been a very open sector to new practices and emerging technologies have their place.
Trades find it difficult to design an effective marketing strategy for their company. The good news is that Big Data opens many doors to improve these strategies. Through multiple software, companies can use the data to be more informed about their customers. In terms of numbers, the big data market was estimated at around $ 203 billion in 2020, and progress goes even further in terms of prediction.
Attract Customers’ Attention
For a business leader, marketing is vital for the growth of his company. One of today’s biggest marketing problems is getting the attention of customers. Given the influx of information in our society, customers tend to be more distracted than ever and have a wide range of choices when it comes to buying a product or offering a service they have to need. Attracting attention is therefore crucial to the success of a campaign. One of the best ways to capture a customer is to advertise the real needs of a customer. This is where Big Data can have a huge advantage for the business. Using Big Data means understanding more about users and their needs, so it can lead to a campaign that fosters customer attention and interest.
A customer-Centric Approach
If you want to start your business and it works, focusing on the customer is essential. Many companies promoted their desire to focus primarily on the customer, but in reality, many of them focus solely on their profits. The advantage of Big Data is that this lack of customer knowledge will be gone because the number of information collected on the latter will be greater than ever. This means that the products marketed and the services offered will be in line with the needs of customers.
A Pragmatism More Developed Around the Data
It is complex to know how to read and interpret data because of the wide variety, volume, and multitude of data sources. Past mistakes show that too much poorly exploited data is as bad as too little data to get a relevant level of analysis. Thus, large amounts of data do not automatically lead to better decisions, but increasingly represent an overload and as a corollary may also lead to a loss of credibility of the facts. The increasingly intensive use of Big Data technologies (implementation of Data Lake Hadoop, development of Spark jobs …) tends to provoke a craze for the massive storage of data to the detriment of the veracity of the information carried by them.
The technologies of the ecosystem are constantly evolving and the perspectives are multiplying because of the development, in parallel, of the artificial intelligence. Thus, its investment in terms of time and money is essential to remain competitive with the competition.
Three Dimensions to the use of Big Data
The use of Big Data is described in three dimensions. The first dimension is personalization, in other words, the translation of Big Data into customized products and services. The second dimension is the automation of processes with low added value, to bring more efficiency to the production of actors. Finally, we are talking about the integration of artificial intelligence as a third dimension, with the combination of the different phases of analysis: descriptive, predictive and prescriptive.
The descriptive analysis will help the actors to have a better understanding of the data, combined with the prescriptive phase which will make it possible to make short and long-term forecasts based on past data. Recently, the prescriptive analysis has also been integrated into this process of data valuation in order to propose viable alternatives on the actions to carry out, via tools of simulation or decision support, to reach the best-defined result according to the objectives.
Marketing is changing rapidly in the coming years. More and more players are opening up to technologies around the data, making their campaign strategies more attractive and more fruitful thanks to a better knowledge of the market but also thanks to a better user experience. Thus, because of its room for improvement, it is natural to think that the Big Data adventure for marketing professionals is just beginning and is promised a bright future.
Originally published at Entrepreneur News and Startup Guide.