The words of renowned fictional detective Sherlock Holmes have found great relevance in the 21st-century digital world “It is a capital mistake to theorize before one has data”.
The global market place provides outstanding and impressive answers to business challenges thus making business transactions more convenient internationally and improving connection with a larger audience. This has also resulted in new strategies based on the ever-evolving technologies.
Business decisions and marketing techniques are no longer based on superficial qualitative analysis of the market; as was the case previously, marketers read the reactions of their audience and forecast the form of a marketing campaign which may or may not yield the best of expected outcomes. Today, modern technologies like Big Data have made it possible for organizations to make decisions based on strong grounds of real qualitative data obtained from real-time survey analysis and not on random qualitative analysis.
What is Big Data?
This is a field that focuses on how information can be analyzed and extracted tactically from data sets that are too complicated for normal data processing application software.
How Big Data influences digital marketing?
Thanks to Big Data, marketers are now able to track real-time data on customer behavior and how they interact with business thereby providing internet marketers with useful information needed to design their marketing campaigns. The influence of big data in digital marketing are highlighted below:
- Enhanced equipment towards the target: the use of internal research and insights on human behavior based on surveys, algorithmic-based reports, and direct interviews with customers and advanced data examination is made possible through the aid of Big Data. The marketer is able to develop concise marketing strategies based on behavioral patterns of the target audience and specialization thereby generating more returns on investment.
- Personalized targeting: apart from the influence of Big Data on production and internal organization culture, it also makes it possible to target the most relevant set of audience thereby making the campaign more precise and effective. For instance, Big Data is used in e-commerce businesses to gain insights into the parts of their websites that deal with the highest rejections.
- Regular increase in the sales chart with improved pricing decisions: all self-developed automated reports and data generated by virtue of big data help the marketer to use those data and analysis for the improvement of sales performance.
Future of Big Data
International Data Corporation (IDC) reports that the total revenue generated from big data and business analytics will increase significantly from $122 billion in 2015 to $187 billion in 2020. It also reported that businesses that have invested in Big Data are more likely to earn an additional 430 billion in terms of their productivity and competitive edge.
The bottom line: Big data will help every field including digital marketing earn more revenue.
Based on the variation of the industrial domain with investment into big data, it is expected to yield more return on investment according to a report, by McKinsey. The use of Big Data in determining the best way to drive digital marketing strategies are accurate and aimed at the target audience of interest.
The bottom line: The role of big data in digital marketing will be invaluable and will help brands get their target audience of interest.
How can Big Data be used to target customers?
Learning the use of non-conventional data sources such as search information, social post and other Big Data sources available online helps marketing teams to offer consumer value. Though marketing teams may have some offline data, digital marketing channels are cheaper in the long term especially when channels like emails, search engine optimization, content marketing, and paid search are put to good use.
Learn all about Digital Marketing Course in Mumbai with the Big Data Science Certification Training Course. Check out the course preview now!
Targeting a specific audience made up of purchase-ready prospective clients, grooming them into loyal clients and offering them true value can easily be achieved through the use of Big Data for digital marketing. The attention of consumers can be drawn away from competitors’ product to your product by the use of unique data sources discussed above.
In conclusion, it is advisable that brands invest in digital marketing now that it is cold (is big data really cold?) so they can enjoy the invaluable benefits now and forever.