The concept of Big Data is nothing new. Many companies are now starting to realize its importance and how it can generate revenue for them. In fact as early as 1950s, the term “big data” is already being used for uncovering insights and trends.
The Goal of Analytics
The goal of analytics in “Big Data” is to examine large amounts of data to reveal hidden patterns, correlations and insights. With modern technology, data analytics can be done almost in an instant. This was something that is not possible with the traditional business intelligence tools. With Big Data, your company can identify new opportunities. As a result, you will be able to make smarter business decisions and operate more effectively. Big Data analytics can also result to increased revenues and happier customers.
The Challenge Ahead
Making Big Data effective especially in marketing poses a big challenge for most companies. This is because most systems are not aligned to the data, processes, and decisions of the organization. The three major marketing challenges in Big Data include:
What Data To Collect. Data can come from anywhere—social media, customer information, financial records, to name just a few. With tons of data to collect, it will be difficult to determine the right one.
What Tool To Use. As more data are collected, the time for decision making and action becomes smaller. Analytical tools are designed for data analysis and aggregation. It all boils down to choosing the appropriate tool?
Converting Data To Insight To Impact. The problem with Big Data is converting them to insight and eventually how they can have a positive impact on your marketing campaign.
Types of Big Data
As you brace for the challenge ahead, you will realize that there are three types of Big Data that you will encounter and they are the following:
Customer Data. This refers to the behavior, attitude, and transactional metrics of your customers from various sources such as marketing campaigns, online communities,point of sale, websites, customer surveys, social media, and loyalty programs.
Operational Data. These are metrics that are used for measuring the quality of marketing processes associated with marketing operations, resource allocation, asset management, budgetary controls, and others.
Financial Data. These are usually found in the financial system of a company. These metrics include sales, profits, revenue, and other data used for measuring the financial health of your company.
Time To Embrace The Future
When people read or hear about Big Data, they see it as something scary or daunting. The truth of the matter is that Big Data is something we should embrace rather than be scared of. It is the next big thing in the online world so you must be ready for it. If your company has not done it yet, here are some facts that will convince you to start embracing it.
- By 2020, the amount of digital information would have grown from 3.2 zettabytes to 40 zettabytes (Barn Raiser LLC)
- The total amount of data being captured and stored by companies doubles every 1.2 years(Water Ford Technologies)
- 204 million emails, 1.8 million Facebook likes, 278 thousand tweets, and 200 thousand Facebook photos are generated by users every minute (QMEE)
- Google by itself processes an average of 40 thousand search queries every second or more than 3.5 billion every day (Internet Live Stats)
- AT & T owns the largest volume of data in a database. Its phone records database has a size of 312 terabytes and contains 2 trillion rows (Baseline Mag)
In today’s online world, Big Data can help online marketers make faster and more intelligent decisions. By analyzing the metrics, they can have the scalability and flexibility required to give themselves a competitive edge. Here are some ways you can use Big Data for your online marketing strategy.
Define Your Strategy
Big Data is most useful in defining your marketing strategy. Do you want to improve customer experience? Are you aiming to increase customer retention? Do you want to understand customer behavior better so you can look for a better marketing campaign? Whatever your marketing goal is, Big Data can be a convenient tool you can use.
Monitor Online Trends
Big Data can help you identify trending topics related to search terms that users enter. Using Google Trends, you can filter the results based on who you want to target globally or locally. You can set the filter criteria such as location, region, countries, interests, and others. By having an idea of what is trending in search, you can align your product with that to get traffic.
Identify The Right Target Market
Gone are the days when marketing companies speculate and guess who their target market will be. Thanks to Big Data, you can now find accurate information about ages, demographics, and work profile of your target market.
Engage Your Customers At The Right Time
For your marketing strategy to be effective, it needs to be timely and relevant. This is especially true with mobile advertisements. For your ads to be effective, it has to have a time to show up in the mobile device of the user. Big Data will help you determine the proper time advertisements will show up on the mobile advertisement platforms.
Get Content That Will Generate Sales
Big Data is effective in determining what content will be effective for a marketing campaign. You can use content scoring tools usually integrated with translation management tools. Let us say that an online marketer wants to get insights on successful assets and gauge their effectiveness. Using Big Data can help your company find content that will resonate well with your customers.
In predictive analytics, the CRM data of a company will be evaluated by third party Big Data providers in order to generate a lead score. Using the data you have on hand, you can predict future lead behavior. This will give you an idea on which behaviors should be given more weight in lead scoring.
As more and more companies discover and embrace Big Data, you need to start embracing Big Data and use it for enhancing your online marketing strategy.