Implementing big data solutions at the business level is a major step for any organization no matter their size. Big data analytics represents a cutting edge technological leap that can help businesses in numerous ways. The main goal is, of course, to drive up value and increase revenue, but there are a large variety of strategies that can be used to reach that end. Marketing is one area where big data is proving particularly valuable. Perhaps that shouldn’t be a big surprise since marketing has long relied on data about customers, business trends, and more, but the amount of data now being used has reach a level never before imagined. Businesses hoping to drive value into new territory will need to use and analyze big data effectively in order to capture that value. The only question then becomes how this can be done.
There are two main ways that big data analytics makes marketing much more effective: micro-targeting of the audience and timeliness. Let’s tackle micro-targeting first. Marketers have always split up potential and current customers into demographics. This was usually done with basic information such as age, gender, race, education level, etc. With this information, marketers could target customer blocks with messages meant to specifically appeal to them. Big data when used in marketing uses this same idea but puts them into overdrive. Now businesses can gather data on customers on an almost microscopic level. With this type of analytics at the ready, organizations can store data on all sorts of things, from the basic information listed above, to what type of car a customer drives, where they like to eat, their favorite websites, and much more. Not only that, but companies can collect data on things that were difficult to measure before, like what motivates a customer to make a decision on choosing a specific product or service.
Timeliness is the other area big data can greatly influence. Even if a marketing message is perfectly crafted down to the tiniest detail, if it reaches the customer at the wrong time, it will still have a minimal effect. Big data gathered on customers can help marketers determine when is the best and most effective moment to reach out to them.