Top 5 reasons to revamp your marketing strategy using Big Data and gain competitive advantage
Companies have spent millions of dollars in marketing, running attractive ADs and campaigns to promote their niche. However, there is a wide chasm in the traditional marketing strategies – how can the company gauge the effectiveness of its marketing efforts?
Big Data provides opportunities for marketers to add the missing math to their creativity. Marketers can analyze data to attach significant results to their brand building exercises. These valuable insights can help organizations to take informed sales and marketing decisions.
Here are 5 essential ways that organizations can use Big Data to churn out smarter marketing decisions:
- Tracking the marketing budget
Marketing spend has an uncanny ability to go spirally out of control, and hence adversely impacts the ROI. Using Big Data Analytics, marketing teams can track the effectiveness of their efforts, thus prompting them to focus on targeted customer engagement tactics. Analyzing feedback from social media listening tools and customer behavior analysis can be powerful sources to act in this direction.
- Enhance customer intelligence
Big Data in the form of unstructured data from social media, videos and blogs, can augment the customer intelligence of a company which is traditionally dependent on transactional data, CRM records and past purchase patterns. With an enhanced intelligence, the organization can create personalized lead management programs. When a lead visits the company’s website via an AD-link, user experience can be improved for higher conversion rates. This can be achieved through data such as usage maps from a web page that can reveal areas of the page that are most frequently visited.
- Watch and win the competition
Data on the web is freely available. Does it not make business sense to gather data not just about one’s own company, but also about the competitors? This can enable a business to measure its own success vis-à-vis its competitors, thereby gaining insight from the overall market scenario. This can be translated into better marketing initiatives for future and inoculate competition.
- Data driven approach to content marketing
It is a smart decision to analyze marketing data to measure the effectiveness of published content such as blog or article. Data driven content marketing strategy can streamline the efforts in creating the appropriate information that will engage your target audience. This can help to convert the readers into customers. Similarly, collating data from the marketing tools and technologies helps to engage in other data driven marketing opportunities to improve business.
- Reach out to target audience
What is the point of running a campaign if it does not strike a chord with the audience? What if it went to the wrong people at the wrong time? The knowledge of customer demographics, preferences and geographical whereabouts of a potential audience can be extracted from their social media presence and personal device data like location data. Targeting market campaigns to a smaller audience that is more likely to respond brings down marketing costs and increases the ROI.
To stay ahead of competition, business of all sizes – small, medium and large, must quickly incorporate Big Data analytics into their processes. The huge volumes of data can be a deterrent. Here is where Big Data analytic services can be a great help. Companies can engage experts like Baryons to implement Big Data on Hadoop solutions for their complex business needs.
It is not going to be a smooth sail! It never is!
Will getting insights from Big Data give you the Midas touch? No! After all, it is data, no matter how well organized. The intellect and experience of your business leads will still be needed to translate the data into decisions that make sense for your goals.
If there is anything spectacular that marketers have been waiting for, it is Big Data. There is no denying that Big Data is the new kid on the block that is grabbing the eyeballs of all marketers. Will you befriend it?