Big data is one of the technologies today which is reshaping the business world tremendously. It is true that Data Science is laying the foundation for the entire decision-making process in most multi-national, as well as smaller-scale, companies.
This is one of the major reasons why the revenue has reached up to $40 billion in 2018. Also, when it comes to marketing then the scenario is no different.
Today’s marketing professionals embrace the influence of Big Data and data analytics to improve the status of their campaigns while expecting a constant boost to their reach and influence.
Data volumes have been exploding in the last several years and the estimations reveal that data monetization is going to become a significant source of revenues very soon.
In this article, I share the potential benefits of big data in marketing.
1. Exact Pricing
When it comes to benefits of big data in terms of marketing, its influence on pricing seems to be one of the most important. Pricing is the most significant element of the marketing mix and it is always subjected to careful monitoring and analysis. The entire episode of dealing with pricing has been a tedious chapter all the time.
But, with the advent of Big Data, it has become possible for marketers to make real-time decisions when it comes to adjustment of prices to their products and services.
There are a couple of important pricing strategies involved with Big Data in the picture. They are:
- Differential Pricing
- It states that a company offers a different range of prices to various groups of customers based on the time, approach, and reason for their purchase. It is considered one of the biggest benefits of big data in marketing.
- For example, when it comes to buying an airplane ticket, then the price varies according to the day of the week, time of the day etc.
- Versioning Pricing
- Big data has the capability to denote how the customers would like different versions of the core products and services of the company. In this way, the role of big data in marketing is a recognizable chapter.
2. Proper Planning
When it comes to big data marketing, the correct way of curating a marketing plan can be counted as an integral part of it. Over the past few years, data scientists are providing the marketing departments with an exact analysis of the latest trends in customer behavior. It is considered one of the most remarkable benefits of big data in marketing.
That’s the reason behind why 65% of the marketing executives believe that data-driven marketing can bring huge success in a hyper-competitive global company.
This technology is helping marketers to target consumers in segmented sub-groups with various specific features. It gives the marketers a possibility to modify various activities and adapt to each one of audience sections individually.
3. Complete Customization
Any successful business has to take into consideration the basic ability to address the user experience. In this era of big data, marketers can easily customize operations and improve customer journeys tremendously. The level of enhancement almost reaches such a point that every single client can receive products or services according to his/her personal choices.
For example, Facebook is responsible for storing and analyzing a huge amount of Petabytes of user-generated data. This immense extent of data allows businesses to identify where their target groups of an audience are located. Also, it is possible for the marketers to go much deeper with this knowledge and explore the affinities of each and every user too.
Isn’t it one the biggest perks of big data in marketing?
4. Enhanced Forecasting
Did you hear about predictive analytics?
It is one of the important aspects of big data marketing analytics. This technology is all about using data, machine learning, and statistical algorithms to analyze historical data and figure out the chances of some significant future results.
Predictive analysis lets the marketers work beyond the events that have already happened and foretell the customer behavior and sales effectively.
With the help of this analysis, big data is letting the marketing specialists spruce up their approach and efforts in the form of advanced reporting, real-time forecasting, more comprehensive and informed decision-making, and so on.
5. Effective ROI Measuring
It might be surprising yet true that there are many marketing professionals out there who don’t exactly know the right approach to measure the ROI of their business. The statistics say that almost 50% of B2B marketing executives don’t find it easy to incorporate marketing activities within revenue results as an approach to explain budgets.
Here, the role of big data in marketing resolves this problem. What it can do is take all the aspects into account starting from marketing channels to investments and curate a cost-benefit analysis of each and every element. Thus, Big Data can help you not to misinterpret your marketing techniques and the associated budget at all.
6. Skyrocketed Impact on Advertising
Big Data for marketing is not limited up to improving the comprehensive strategies only. Rather, it is also improving each segment of marketing and among them, advertising is one of the foremost ones.
This is a section of marketing which has gained enormous profit due to the major role of business intelligence services. Nowadays, ads are no longer generalized, and they target specific groups of customers. This fact makes the ads look pretty attractive and people get readily engaged with them. This is the main reason behind why advertising is growing by leaps and bounds over the last few years. Especially since the graph is ascending sharply for the online advertisements.
Over to You
Aren’t these benefits of big data really overwhelming?
If you’ve not made it an integral part of your business marketing strategy yet, then make a move soon. The entire marketing episode for your business will get an immense boost.