When was the last time you saw an Ad on print and proceeded to buy that product immediately? It’s been long, isn’t it? The digital medium has totally transformed the way the world shops. Even if people see a print ad, they normally check for additional information online before making a purchase. The digital journey of a customer and the data footprint they leave behind is a gold mine for businesses. Customers are consuming Ads across various digital screens and mediums. With targeted marketing, customers sometimes do not even realize how they are guided towards buying a product. Any company not leveraging Big Data for marketing is like wandering out on the web without any sense of direction.
If you have been mulling to implement Big Data analytics in your organization, marketing and sales are the most ideal departments to begin with. They bring in immediate results and make any organization realize what a potent tool Big Data is. Almost 90% of marketing and sales teams say that Big Data fueled Marketing business intelligence has proven to be an indispensable tool for enterprises looking to improve customer engagement, optimize performance, make pricing decisions and increase customer loyalty. In the current world, it is a staple for not just big companies, but even small and medium enterprises to run data-driven marketing campaigns powered by Big Data analytics.
Benefits of Big Data in Marketing:
360-degree KYC: The KYC (Know Your Customer) these days is not the same KYC concept banks used to verify customers and prevent bank fraud. In today’s marketing world, KYC means having a complete profile of a customer including their shopping habits, preferences, buying history, predicting their needs and more. With a 360-degree view of their audience, enterprises are able to serve personalized experiences for the customers, thus improving engagement and brand loyalty. All this is made possible only through the successful strategies derived from accurate marketing BI.
Brand awareness: Big Data plays a major role in bringing about a positive change towards brand awareness. Studies show that data-driven retailers enjoy an annual increase of brand awareness by 2.7 times when compared to others. With complete information about a customer, Big Data empowers brands to target customers with highly-relevant content at the most effective place and time to improve brand recognition and recall.
Competitive Edge: A McKinsey report found that enterprises with intensive use of customer analytics are 23 times more likely to outperform their competitors when it comes to customer acquisition and retention. By leveraging Cloud, brands can consistently gather and analyze personalized data from multiple sources like mobile apps, email, live chat and even in-store interactions. Big Data is of tremendous help as it provides the most innovative and dynamic understandings of an enterprise’s target audience.
Understanding performance: Big Data analytics provides the necessary marketing business intelligence that saves time and cost by optimizing performance. Brands can access the marketing metrics of campaigns in real-time, evaluate their success and make the required changes to steer campaign engagement and end-result. Utilizing Big Data in digital marketing campaigns create superior strategies and can be transformative to ROI.
High conversion rate: According to statistics available, 88% of IT leaders believe they truly understand their customers, however only 61% of consumers feel they are understood by companies. There is a disconnect between customers and businesses and Big Data is a great way to close that gap. Data-driven marketing strategies help understand the depth of audience and aids in continuously making changes to cater to the personalized needs of the customer. For example, if you find customers often dropping off when they reach a certain place in your website, data analytics tells how to improve the UX of the website to increase conversion rates. Optimizing funnel efficiency using Big Data ultimately translates to greater conversion rates and high ROI.
Big Data fueled marketing business intelligence can act as the eyes and ears of a brand’s initiatives. With the right Big Data tools enterprises can get unprecedented insights into prospective clients and existing customers at a level of detail one has never experienced before. Big Data analytics also helps in faster decision making. Almost 99% of respondents of a recent KPMG Capital Study believe Big Data is vital to decision making. By indulging in these advanced technologies, companies are witnessing new revenue growth while minimizing operational cost. Big Data strategies are shaping the new future of advertising industry. Predict upcoming trends, be future-ready and serve what your customers need even before they know they need it and stay a step ahead of competition with reliable and accurate marketing business intelligence, powered by Big Data.
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