Big data presents an exciting opportunity for businesses looking to get ahead when it comes to data and campaign management. From a marketing standpoint, in particular, the availability of big data is a game changer as it can be used to better understand customers, from buying behaviours to likes and dislikes, to enable insightful understanding by brands and more accurate targeting. For those who harness it, big data could help your marketing reach new heights.
What is big data?
Simply put, it is a large volume of data that has come from a wide range of different sources, including transactional data, social conversions and previous marketing interactions. Analysing these large data sets enables organisations to identify patterns in behaviour or activity, for example, that can then be used to help achieve more customer loyalty, conversions or retention. Engaging with big data has real potential for brands – American retailer Wal-Mart, for example, achieved a 10-15% increase in online sales as a result of using big data to gain a better understanding of customer’s search terms.
Using big data to streamline your data and campaign management:
Shaping and tracking campaigns
Using big data to inform campaign management and strategy provides an accurate and reliable base to work from. Before the era of big data many campaign strategy decisions were based on well informed guesswork or other insights that often proved to be far less reliable. The result was, frequently, a lack of impact and wasted marketing budgets. Using big data insights at the point of creating and structuring campaigns means that they can be crafted from real knowledge about your customers, what they might connect with and what’s important to them. This has enormous potential to improve the success of campaigns and create highly effective tools from them. Big Data analytics can also provide deep insight into campaign performance, which can be used to shape future decision making to make it more effective.
Empowering your business data
Data has always been valuable to businesses but few have really harnessed its potential. However, today, with the myriad of big data solutions available, it’s possible to organise, streamline, index and optimise all available data to create practically useful insights. Once big data has been extracted and analysed it is transformed into digestible information that businesses can actually use to drive tangible results, from better marketing campaigns through to key business decisions.
Personalisation and beyond
Personalisation is a key term in the marketing world right now and also something that customers have come to expect. Big data is crucial to enabling personalisation of marketing campaigns, from email campaigns through to retargeting initiatives. It also enables campaign structure that is stripped back and effective, hyper-targeted and data-driven, incorporating tactics such as contextual marketing and precision marketing to better manage marketing campaigns and achieve more from every spend.
If you’d like to find out more about big data and optimising your data management by getting in touch with MarketDeveloper today.