Value of Big Data

Big Data, the driven decision maker of business defined the complex information through its 3 V’s – Volume, Velocity and Variability. As a fourth V, the Value in Big Data refers the quality of data rather than the quantity. It creates a large impact on the marketing and business to reach the consumers through the accurate content. Here are some ways that strengthen the Big Data to enhance and improve the value in Marketing,

1.  Improves customer engagement

In fact, People are bored of getting contents from the companies (marketers) because the messages are not getting to the targeted ones and it is not personalized, thus get deleted. Here the companies make use of Big Data to create an omnichannel marketing technique so that they can easily make interactions with customers. By the developed analytics measurement, the marketers could know who are interested to the contents, from which devices they are accessing it, their location details, in which stage they are in the decision making, their interested products and services. These will help the marketers to show better results.

2. Identifying new market opportunities

The marketing executives combines the CRM platform with public consumer data so that they can analyze and predict the future opportunities in the market. The Predictive analytics using the Big data will analyze the trends in coming days, weeks, months or years. Through Customer Insights, the marketers can increase the sales and services to the consumer.

3.Accurate attribution

 Accurate attribution tools help the marketers to get progressive credit on different channels and it leads to proper allocation of resources and improved ROI. The touchpoints are analyzed so that gives proper information on the performance of those channels. Through testing and analysis, the marketing programs are optimized.

4.Brand Awareness

According to a study by Aberdeen, reveals that there occurs 2.7 times increase in brand awareness for those data driven retailers. Brand awareness helps the company to increase their sales as well as profit.

5. Getting a 360⁰ image of the customers

Know Your Customer (KYC) was initially developed for fraud prevention in banks. But it is now benefited to small and medium companies by the use of Big Data which allows the companies to create customer customizations, brand recall and brand recognition.

3 types of Big Data for the marketers are customer data, operational data and financial data, is a big deal in marketing. Each one should be individually treated for better results. The proper use of Big Data definitely help the marketers to dig more insights about the particular business. By focusing more on the specific objective, they can improve and innovate new concepts.

Many marketers have an opinion that Big Data is so big. In some circumstances it is. But when we analyze the difference between the collection of data in past and future, now the marketers have advanced technologies like cloud will helps them to do in a quick and reasonable rate and the trends are flipping day by day. So, we can’t say it is constant.

References

WSU Online MBA. (2020). The Value of Data in Marketing and Business. [online] Available at: https://onlinemba.wsu.edu/blog/the-value-of-data-in-marketing-and-business/ [Accessed 15 Feb. 2020].

Talend Real-Time Open Source Data Integration Software. (2020). Big Data in Marketing 101 & Why it's Important. [online] Available at: https://www.talend.com/resources/big-data-marketing/ [Accessed 15 Feb. 2020].

McKenzie, J. and McKenzie, J. (2020). How to Identify Business Opportunities Through Big Data. [online] Chatbots and Voice Assistants from Onlim. Available at: https://onlim.com/en/how-to-identify-business-opportunities-through-big-data/ [Accessed 15 Feb. 2020].

Sas.com. (2020). Big Data, Bigger Marketing. [online] Available at: https://www.sas.com/en_us/insights/big-data/big-data-marketing.html [Accessed 15 Feb. 2020].