How Big Data is Changing the 4 Ps of Marketing

How Big Data is Changing the 4 Ps of Marketing

By using Big Data to better understand preference, prediction, personalization, and promotion, companies are finding a better way to customize their marketing.

Sometimes we get really impressed by how big Big Data is. After all, humans collectively generate an estimated 2.5 quintillion bytes of information daily. Google alone is estimated to store over 10 exabytes of data; Amazon is estimated to account for another exabyte and other industry giants are not far behind. By the way, an exabyte is one billion gigabytes of data. That’s a whole lot.

The problem starts when we get so interested in the immense size of Big Data that we forget to think small. Big Data strategy isn’t just about the gargantuan numbers; it can be used to connect with every Customer in a personalized way.

No one will argue that there’s been a shift in how marketers interact with customers, and likewise there’s no dispute that Big Data is a factor in that shift. Customers are consuming information differently. They are expecting to be engaged and informed by content and offers— what and why they purchase is evolving, and nearly everything should be available online. To be successful, marketers had to adapt to meet these demands.

Marketers used to rely on sample-based preference and usage measurements, and very often these were self-reported and prone to bias. However, since Big Data processes information at the individual level as well as in the aggregate, preference information is much more accurate and tailored now. Recommendations can be made based on purchase history. And they’re much better when you include browsing history, search history and even other people’s purchasing patterns.

The upshot is that not only do marketers get a clearer picture of the individual Customer, they can also plan their reach outs for the best possible time.  If a customer appears to be wavering over an item left in a shopping cart, a properly-timed and expertly-crafted email or push notification can seal the deal.

In this environment, concepts that were longstanding pillars of the business are being restructured or even reconsidered.

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