“Data, in combination with technology, drives much of the revolution happening in business today.”
Marketing is one of the most important factors in the growth of a business, without marketing, it is difficult to attract customers. Today, one of the biggest challenges with marketing is that it is increasingly difficult to get the attention of customers. Consumers are just more distracted and have greater access to alternatives for every product and service they need. With the help of big data, marketers can make more informed decisions about marketing to their customers and allows them to design a marketing campaign accordingly. This recent article from Forbes recognizes the impact of big data and has outlined a few ways in which it influences marketing.
3 Ways Big Data Influences Marketing
1. Customer Engagement
While big data can provide insights into who your customers are, it can also expose where your customers are, what they want, how they want to be contacted and when. The vast amount of data allows marketers to further understand their customer segmentation and therefore gives them the ability to design and execute more targeted advertisements.In addition, big data can help marketers publish more relevant content and improve semantic searches.
2. Customer Retention and Loyalty
Big data improves our ability to understand consumer behaviors. It allows us to discover what influences customer loyalty and what keeps them coming back. With big data, marketers can improve customer experiences in real-time and continue to make customized offers. Through personalization, marketers can better identify the needs of potential customers and satisfy them.
3. Marketing Optimization
With big data, marketers can determine optimal marketing spend across multiple channels. They can, also continuously optimize marketing programs through testing, measurement and analysis. Big data allows marketers to conduct more conclusive and accurate testing through the advancing ability for future algorithms to factor in all sorts of additional data rather than testing variants of a single factor. This has the power to change the certainty of marketing campaign successes.