How Big Data is Revolutionizing Your Digital Marketing
Saying that there have been a lot of changes for the business world in the past several years is certainly an understatement. Things like mobile, the cloud and social media have completely transformed the landscape in ways people could not have foreseen ten years ago.
Another one of the biggest sources for change is big data. While the buzz may have worn off for big data as a buzzword, it is still one of the biggest factors currently shaping the future for businesses, information technology and the internet. The IDC has predicted that the big data analytics industry will grow to a market value of $203 billion by 2020.
This is certainly true in regards to big data’s impact on digital marketing. The possibility of big data transforming marketing isn’t just a possibility. It’s currently happening in big and significant ways that will change how companies sell products to consumers for decades into the future. With that fact in mind, below is an overview of just some of the ways big data is changing how digital marketing works.
Marketing Is Now Largely Data Driven
In the past, marketing traditionally existed as what was presented in shows like Bewitched where most of the work was done by marketing whizzes who came up with catchy slogans for their clients. Today, marketing is far more scientific than anything that could have been imagined in the 1950’s. Big data has allowed for amounts of data to be stored so vast that commercially viable computer hardware couldn’t handle it until recently. Thanks to that development, marketing is now much more data driven.
The benefits of big data for a digital marketing campaign are clear. With far more information available on sales, customer interactions and past campaigns, campaigns can be fine tuned so they are far more likely to reach the right consumers in the right places on the web to produce the highest conversion rate possible.
Powerful big data platforms can analyze this information and present it to those in charge of a marketing campaign in a form that is actionable. In fact, it can go a step further and automate most of the process. This is part of the reason that 51 percent of companies are investing in big data analytics.
Big Data Can Personalize Digital Marketing
One of the biggest challenges to companies in regards to marketing is that most traditional advertising platforms do not have a high conversion rate on average. If you put an ad on the radio, the chances of reaching the exact demographic you are looking for are slim. However, digital marketing with the assistance of big data can make advertisements far more personalized and successful than what was previously possible.
Ad personalization is possible in part because of big data. If you know exactly what a customer purchased previously, you can send that customer ads of related products and services based on that information. If you know where a person lives and their online shopping habits, you can tailor your marketing efforts done through in-browser ads, email alerts and more to that exact consumer’s history, background and preferences. It’s a powerful tool to have.
Big Data Makes Real Time Analytics Possible
One of the biggest advantages of implementing big data strategies into your digital marketing regards the analytics possibilities. With the use of hadoop reporting, for example, you can analyze the data in real time. This means being able to make quick decisions regarding changes in your marketing strategies immediately. Less money will be wasted on failed campaigns because you’ll have the ability to make adjustments midstream.
44 percent of business to consumer marketing firms are using big data to improve customer responsiveness. The benefits of big data for marketing are clear. It can allow you to fine tune your campaigns to the point it becomes more of a data driven science than an open question regarding how you should advertise products and services.
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