Big data reveals behavioral insights about your customers, their likes, dislikes and motivating factors. These insights can improve marketing and prospecting contents and messaging to the right target group. If companies that want to succeed they need to deliver the right message to the right person at the right time for the right price even in today’s emergent market dynamics. Companies face multiple challenges with the exponential growth in the volume of data, increasing importance of social media and the amount of unstructured data available from customer’s end. Leading marketers are using big data to deliver greater value; they use big data analytics to monitor consumer response and campaign variables. While competitors are overwhelmed with or unable to access data as they continue to use more traditional approaches to marketing.
Active Marketing Strategies & big Data …
The active marketing strategists are leveraging big data and analytics to gain deeper insights into their customers, enhancing campaign performance, market share, product development and lasting revenue. Marketers today are utilizing big data to create targeted campaigns and provide compelling consumer experiences while lowering the cost per acquisition.
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Take social networks for example everyday pictures in excess of 350 million are uploaded on Facebook and on Twitter 6,000 tweets are published every second. Similarly sectors like IT infrastructure healthcare finance and retail generate large amounts of data measured in terabytes.
Major applications of big data in marketing …
Major applications of big data in marketing improve niche targeting, dynamic forecasting, planning, and optimizing campaigns in real time measuring channel effectiveness using multi-touch attribution models; more importantly, it enhances customer loyalty using sentiment analysis. Now profiles for each individual customer, featuring their transaction histories and service interactions are created. Based on this, future purchases are protected, for example Amazon can predict when you are getting married or you are going to have business trip on your purchase patterns, and accordingly create personalized experiences for you. Big data has enabled real time tracking a competition movements, all of this when comes together, creates a magic formula to scale customer acquisition and retention.
Earlier campaign data was only available after they were completed; now it is available in real time, as what exactly drives a consumer to engage multi-touch attribution models which now map user narratives, give you an exact answer to that question your customers have to say about your product on social media and product review web sites. Customers can share their complaints & suggestions instantly which generate valuable insights for the company to frame strategic planning.
Challenges managing big data …
To counter the challenge of managing and mining the data, different softwares are being made but currently, marketers are using “Hadoop”; it is open source framework which allows for distributed processing at large datasets across clusters of commodity computers by simple programming models. Hadoop is the most powerful scalable & economical data management framework in the world today. Organizations like Amazon, Yahoo, Google, Apple and Netflix are moving to Hadoop, which has resulted in a great demand for Hadoop professionals in the technology market.
Written By: Sir Sajid Hussain