THE ROLE OF BIG DATA IN MARKETING

Big data and analytics has a big role to play in every business these days. ‘Big’ data doesn’t refer to the data itself; it refers to the capabilities, competencies, and challenges associated with processing and analyzing data. The big data technology aims to support decision-making by transforming the businesses into a big- data- driven organization.

Big data solutions along with advanced tools and techniques can refine operational and strategic decision making in organizations. A number of organizations are still struggling to reap benefits from big data technology. This is exactly where DaaS (Data- as- a-service) comes into play. One of the best features of DaaS is that the data can be stored in the company’s CRM systems on a regular basis.

To actually understand the advantages and potential of big data technology and big data solutions, it becomes imperative to know the source of data. Big data and analytics can be leveraged by the companies only with the right ways and a level of expertise. The information that is produced can be subdivided into 6 categories- Search information, web mining, crowdsourcing, social media websites, mobile and transactional data.

But at the same time, for marketers, 3 types of datasets which are a big deal includes-

1. Operational- This category revolves around the objective metrics capable of measuring the quality of numerous marketing processes including resource allocation, budgetary controls, marketing operations and asset management, among others.
2. Customer- Including behavioral, transactional and attitudinal metrics, customer data is extracted from myriad sources such as websites, customer surveys, loyalty programs, and social media sites, the point of sale, marketing campaigns and websites.

1. 3 Financial- Including profits, revenue and sales, financial metrics measure the organization’s financial health.

Among big data solutions, one of the applications that is being widely used in today’s scenario is real-time marketing. It has now progressed from a usual social media tactic to the ‘Omni -channel’ strategy. Real-time is undoubtedly all about the ability to connect and interact with customers at the very moment of interaction or engagement. Companies can certainly leverage big data and analytics- with a proper mix of expertise and IQ.

In order to leverage big data technology and reap benefits form it, here’s how marketers can take into consideration while integrating big data models into their business strategies-

•          Using advanced analytics for valuable insights- This technology offers marketers the opportunity to process and analyze data by digging deeper into all the datasets and information. The insights extracted from initial analysis can later be explored for even richer insights.

• ·         Try to share the insights as much as you can- Data and insights confined to the board room or IT can never do well for marketers. It should be shared with almost everyone who can act on it.

•        Take new objectives- But one at a time. - Big data solutions can seem overwhelming in the beginning but marketers should start the analysis by aiming at few primary objectives first. Once initial analysis is done, it becomes important for the marketers to think about improvements and the next step.

There’s no denying that big data and analytics can help in transforming the way marketers work, but it will require marketers to embrace big data models along with the challenges!

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