Big Data Is Changing the Way Startups Are Approaching Marketing
- by 7wData
There’s an old public service announcement that ends with the line, “The More You Know…” Each TV spot in the series offers a piece of practical advice and then connects it to this idea: The more you know, the better off you are.
This adage has proven to be true, at least as it pertains to marketing. The growing prevalence of technology in daily life has created a marketing landscape where there is no shortage of “things to know” about consumers. Today, nearly everything is done on the internet, and nearly everything done on the internet can be tracked and utilized for marketing purposes. data mining has surfaced as a prominent industry, generating a wealth of consumer information that is there for the taking. The use of this information for business purposes is known, in a broad sense, as big data.
Big data has been effectively used by big companies to enhance marketing efforts. But would big data analytics be useful to a much smaller player like a startup company? Absolutely.
Startups are often characterized as small companies going head to head with much larger competitors. They are categorically the underdogs. As small businesses are getting their feet on the ground, they would do well to consider the needed traction big data analytics could create for them in their fight for market share. Consider the following benefits of utilizing big data, especially for startups:
With the rise of data analytics, marketers now have access to more detailed information about things such as who their most valuable customers are, where they spend most of their time geographically, and how they behave on the internet and on smartphone apps. This knowledge allows them to focus their money and marketing efforts only on individuals who meet calculated criteria based on the data, rather than targeting homogeneous groups. Essentially, marketers can now cater to each individual.
For startups, this personalized approach can help them to acquire leads on a scale that at one time would have required many more advertising dollars or boots on the ground.
A company is a living, breathing thing.
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