How Big Data is Changing the World of Marketing
Recently there has been a lot of buzz around Big Data and how it can be used to revolutionise small businesses, especially in the world of marketing. Despite the constant chatter on social media channels, few businesses actually understand the implications of Big Data and what it can really do in a marketing context. To better understand Big Data in the marketing sector, Synergo has taken a look at why any businesses, regardless of their size, should be taking a serious look at Big Data and consider using it as a powerful tool for social media and marketing.
Insight into Customer Preferences
Marketing is all about creating targeted advertising for a specific customer base and understanding your target base is the first step. In the past, companies had to create their own market data, which was then used to formulate targeted advertising. With Big Data, streamlined data platforms can produce a massive amount of reverent data in a matter of minutes. Having this power means that as a business, you can create advertising that is highly concentrated and more effective than ever before.
Before the arrival of Big Data, marketers had to rely on intuition, market trends, fluctuations and a bit of luck before rolling out a marketing campaign. By in large, it was fairly difficult to judge just how effective a marketing campaign would be. In many cases, the success of the marketing campaign was directly tied to financial consequences, which meant the risks were huge. Today, Big Data can be used for campaign simulations. Businesses can run simulated tests in a virtual marketplace to gauge the response of the advertising campaign. This means that small changes and performance tweaks can be put into place, before going live.
The Big Picture
One of the most impressive aspects of Big Data analysis is how Big Data can provide deep insight into the purchasing and browsing history of a specific target market. This gives marketers essential information as to what their customers are looking for, what they want, what price they want it at and, how they want it delivered, and how they prefer to pay for their goods or services. This not only applies to the current time-scale, but also going back weeks or months. With this information, businesses can actually evolve with their customer base, learn consumer patterns and create apps, products and marketing strategies that are highly focused and effective.
A Leg Up for Small Businesses
It is a well-known fact that from a marketing standpoint, larger businesses always had the upper hand. This was mainly due to the fact that bigger businesses were able to put more resources into the production of data and market research. Big Data has changed all that and essentially levelled the playing field. Now, even the smallest of businesses can compete with major corporations with access to the same market trends and customer data.
Improving Marketing Communications
Modern technology and social media means that the world of marketing is growing and changing at a rapid pace. Social media marketing in particular has been proven to be a powerful medium, and is just one of many ways in which communications between business and consumers has shifted towards the social vantage. Using Big Data for insight into the preferences of consumer communications is essential whether looking at email, video or social media. This information has a huge impact on how a company chooses to communicate with their target audience.
Looking to the Future
Big Data is an amazingly powerful tool for a business of any size. The requirements for the use of such data platforms are simply that a business would want to look for a more effective way of marketing. In turn this would significantly reduce costs, streamline analysis, communications, advertising and ultimately production. Essentially, Big Data makes the whole marketing process faster and easier. What business would not want to get on board?