Who are we kidding? Getting into the minds of your users is not as easy as it sounds; knowing what they want, why they want it, when they want it, how they buy and who they trust can be a tough sport.
Now this is where Big Data comes into the picture.
What’s Big Data?
Big data is a collection of large data sets that are too complex for traditional data processing, interpretation, and management. In marketing, this data includes vast amounts of valuable user information that agencies and marketers can use to create meaningful campaigns by optimising insights from them.
Big data holds the power to customers’ insights, behaviours, pain points, motivations, interests and more.
Here are 6 ways Big Data has changed the way marketers access, interpret and use customer data.
“Big Data will spell the death of customer segmentation and force the marketer to understand each customer as an individual within 18 months or risk being left in the dust.”
– Ginni Rometty, President and CEO, IBM
1. Seamless Ad and Campaign Performance Management
Thanks to analytics, marketers can manage budgets to get the most optimised results on each campaign.
With Big data, you’ll have access to important metrics like readership, follows, likes, click-throughs, sign ups and leads that can determine how your marketing campaigns are performing and apply changes to get the best value from them.
Armed with this insight, marketers can stop investing in ads that aren’t converting and focus more on those that will lead to higher return rates.
2. Easy Automation
Big data is one of the foundational elements of algorithms, as algorithms can only learn with ample data.
Machine learning, an aspect of AI, uses complex systems to uncover patterns and gain insights from big data, which makes it easy to interpret them in simple interactive charts and dashboards.
AI also aids workflow automation that can improve a campaign’s productivity and marketing efficiency. Marketo and Customer.io are great examples of marketing automation tools.
3. Improve Pricing Strategy
In recent years, big data has played an essential role in helping marketers and businesses make more informed pricing decisions.
A research showed that a percentage increase in price of a product or services will lead to an 8.7% increase in profits; that’s incredible!
Determining better pricing strategies can involve making little adjustments to prices based on understanding of the target audience and behaviour economics through multiple data gotten from how users interacted with emails, tweets, sales ads and other media forms.
4. Launch Virtual Campaigns For Better Tracking
Marketers used to rely on various tools and tricks to measure the success rate of their marketing campaign.
Now, Big Data has provided the means for marketers to run campaign simulations where testing can be done within a virtual marketplace.
This means marketers can perform A/B tests on their campaigns to make a smarter decision on the one most likely to have the highest returns and effect changes and tweaks before it goes live. The advent of this has resulted in users experiencing and interacting with more personalised and streamlined campaigns.
“The end has come for making marketing decisions based on gut instincts; everything marketers do in the digital world can now be tracked, from the first click all the way to the deal close…”
– Kurt Andersen, EVP Marketing and Sales Enablement, SAVO
5. Impact Customer Engagement & loyalty
Let’s be honest, it’s easier to market to clients you’ve won over than new ones.
Big Data has empowered marketers to impact businesses and interact with customers by offering more personalisation.
Personalised experiences promote brand loyalty, increase customer satisfaction and build brand recall in users’ minds. Marketers can use quality data to understand their target audience and how they shop to create more customised buying experiences, send tailored offers, and create suitable loyalty programs for them.
6. Wide Access to Customer Insight
To create effective targeted ads, companies previously had to gather their own market data. With today’s Big Data platforms, marketers now have access to huge amounts of relevant data at their fingertips. This has led to curated adverts and campaigns that are more effective and well targeted than in the past.
At Digibreed, while we are big on ideas, we understand that technology gives our ideas wings to fly. Our team of data-driven marketing professionals access customers’ data in real-time and explore patterns and trends in various industries to create winning campaigns that are tailored to your TA.
Need a digital agency that will make your brand standout with high-impact marketing campaigns that are data driven and ROI focused? We are your best bet!