“The formulation of a problem is often more essential than its solution, which may be merely a matter of mathematical or experimental skill. To raise new questions and to regard old problems from a new angle, requires creative imagination and marks real advances.”—Albert Einstein
Enterprises are finding it difficult to deal with the voluminous data and are trying hard to make sense of itfor business gains. Interestingly,marketing industry also is witnessing change and is becoming more and more dependent on big data.The opportunity big data provides to field of marketing is immense as it allows marketers to forge their creativity with valuable insights helping them to focus their efforts in the right direction. It is imperative for marketing agencies are aligned to their clients and customers, and use analytics to cater to their demands in a more effective way. What was once considered a creative field has now evolved into a more data-driven world, where facts are driving the change and the heads of businesses are now taking decisions based on cold hard facts. As this approach is becoming more mainstream, organizations need to change their approach and delve deep into this world of data and use analytics to reap benefits.
Analytics is now being seen as a boon and is helping companies make the right choices based on customers’ preferences. Online advertising plays a huge role in increasing sales figures of the companies and this involves tracking customer clickstream data. This means analyzing the data to figure out which advertisements did the customer see before making the purchase or what role did the advertisement play in luring the customer to buy the product. This helps the companies to make decisions faster and decide on the types of advertisements to create future opportunities.
But there’s also another aspect to this—making sense of this large volume of data is in itself a long drawn out process and takes great effort to come to any conclusion using the data generated by customer’s behavior and preferences over a period of time.
Companies that want to reach out to customers through digital advertising will have to do a thorough analysis of the information about what those customers previously searched for or clicked on while surfing the Web.