In this final installment of our marketing trends series, we will take a look at the idea of “big data” and how it is shaping digital marketing as a whole, both as a trend this year and as a major influence for the future.
Many companies today are collecting data from a wider variety of sources than ever before to enhance their digital marketing capabilities. In many cases, today’s digital campaigns are more effective than old forms of advertising, meaning the companies that were capable of adjusting to the digital world have had a leg up over those still using old-fashioned advertising techniques.
The amount of data and analytics available can be overwhelming, especially if you are unsure of what to do with it.
But here are some of the biggest reasons why so many companies are emphasizing the importance of big data analysis:
- Big data makes visualization easier: Marketers are always looking for better ways to quickly understand and interpret their data. There are plenty of data visualization tools available to decipher big data and what the information you have collected actually means. As a result, businesses are able to gather their marketing teams together to discuss data in more detail without confusion and while having factual, easily visible evidence to support ideas being shared in these discussions. In this way, all decisions will be made based on a clear understanding of the data points being discussed, rather than on guesses of what the data collected could mean.
- Big data allows you to more quickly collect customer insights: Today there are plenty of data analytics tools available to allow you to analyze all of the incoming customer insights and data in real time. This means you are able to more quickly adapt and respond to the changing habits, preferences or demands of your customers to constantly provide them with the best possible experience. These shorter “pivot times” will help you stay ahead of any competitors who are not as equipped to analyze their big data in real time.
- Big data analytics does not have to be expensive: Even smaller businesses can make use of big data analytics. When companies are unable to manage their own databases, there are other third party services that now offer data analytics as an outsourced service, which can be ideal for small companies with large amounts of data but not enough cash flow to purchase their own analytics tools and/or licenses.
- The information gained from big data will help you form predictive models: The data you collect about past events will help you pinpoint trends and identify the best routes forward, allowing you to plan campaigns far into the future. A restaurant, for example, could take information gained from customer orders to determine which items perform the best in certain circumstances, then offer specials for less popular meals to get them to sell more or find ways to improve those lower-performing menu items to make them more popular.
- You can collect your data from many different sources: Search engine data, social networks, crowdsourcing, transaction tracking and web mining are all outstanding sources of data that you can use to inform your marketing processes.
These are just a few of the biggest reasons why big data is the “big” thing this year. Contact us today at Viral Solutions for more information about how to collect and analyze big data for your company.
Copyright 2017 Viral Solutions LLC