Big Data: It matters to marketing
Different types of marketing strategies have been used by entrepreneurs since the beginning of time. But ever since the Big Data came into play, marketing and sales initiatives have had a tremendous boost. A good boost of good 84%. Companies using data driven marketing and data driven sales decisions have not only seen an improvement in their approach to the customers but also have seen improvement in their ROI (return of investment).
“Marketing without Data is like driving with your Eyes Closed” – Dan Zarrella
According to reports in a business daily, the B2B marketers who use analytics and data in marketing effectively have shown higher productivity and profit rates. Those marketer’s profits are 5% to 6% greater than their competitors who don’t use data.
Tools like Google Analytics, Marketo, SalesForce, LoginRadius, CrazyEgg, Visualr, and a few has helped marketers and entrepreneurs to grow a thousand fold in a short time.
Now let me show you how data, that we talk so much about, can improve marketing –
Big Data and Marketing, how it matters
Having big data doesn’t automatically lead to better marketing. But it rather specifies that there is a lot of potential for marketing growth. Big data is like a secret ingredient, personal raw material, the essential element. However it is not the data that is important. But rather, the insights that can be derived from big data. And also the decisions that can be made, and the actions taken afterwards, make all the difference.
By combining an integrated marketing strategy with big data, organizations can make greater impact in these key areas –
- Customer engagement:Big data not just tells who your customers are, but where they are, what they want, how and when they want to be contacted.
- Customer loyalty & retention:Big data can help you discover what influences customer loyalty and what keeps them coming back again and again.
- Marketing optimization/performance:With big data, one can determine the optimal marketing spend across multiple channels, as well as continuously optimizing marketing programs through analysis, testing and measurement.
Improving Budget Management
Staying on budget while providing the targeted ROI is one of the biggest tasks faced by marketing managers. With the use of data analytics and visualization, marketing becomes more focused and targeted. Hence allowing marketing managers to stay within their budgets.
An example of using marketing data to make sure not to exceed budget is using social user profile data to know what kind of marketing efforts your audience engages with the most.
Visualizing the Data
David McCandless, a British data-journalist and information designer say, “Data visualization gives us a second language—the language of the eye—for communicating information”. Data visualization is the presentation of data in a pictorial or graphical format. Visualization of data enables people to see analytics presented visually, so they can grasp difficult concepts or identify new patterns.
Because of the way the human brain processes information, it is faster for people to grasp the meaning of many data points when they are displayed in charts and graphs. Rather than poring over piles of spreadsheets or reading pages and pages of reports.
Engaging or captivating the audience is the first step to a successful marketing campaign. And what better way than creating amazing content that is both relevant and valuable to the viewers or readers. The ability to use data to come up with your next content piece or blog post does wonders.
Using data to analyse the performance of various content gives insight into what content turns readers into customers. Tools like Google Adwords’ can be used to find relevant keywords or phrases that people search the most. Then Google Analytics can track and measure whether or not a post on a particular trend or topic was a good idea, and how it performed.
Social Media: A Powerful tool, indeed
Social data is amongst the types of data that allows you to learn more about your competitors. Developing a strong and powerful yet elegant and neat website is the first step in social media.
Social media marketing takes advantage of social networking to help a company increase brand exposure and broaden customer reach. The goal is usually to create content compelling enough that users will share it with their social networks.
Most traditional online media include social components, such as comment fields for users. In business, social media is used to market products, promote brands, and connect to current customers and foster new business.
Every marketer aims to improve their customer’s loyalty and user experience. And with so many players in the game, Data can be said to be one marketer’s secret weapon. Not just against his or her competitors but also in finding new opportunities and strategies.
With the way the current digital era is changing, visualization of data allows marketers to treat their clients as people and not just as customers. The opportunity to provide customers with a meaningful and valuable relationship lies in the way you would use data to execute your next data driven marketing campaign.
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