Great Marketing is an art what many people believe, but lately a serious evolution of Science with data has added another taste to it. Strategies unlike earlier are now relied on data to have better decision making. A serious dose of science has been added to the mix.
At any point the data analytics may not substitute the creative minds and intellects but can provide handsome tools to have insights and support decision making. Thats Smart Marketing.
In many ways you can improve on Marketing using Big Data. Let’s see some of it:
Optimising performance and Marketing. Tracking Investments directly with traditional advertising is a bit difficult, but accompanied by big data technology companies can optimise marketing efforts through analysing purchases across different channels through testing, measurement, and analysis.
Customer Loyalty and Customer Retention. Nowadays systems can track which incentives and promotions are most effective in encouraging a customer: individual customers as well as the overall group of customers, to make another purchase.
Define Ideal Customer More Efficiently: In the past, marketers frequently had to make best guesses as to the demographics of their ideal market segment, but that is no longer the case. With big data, companies can easily see exactly who is buying and tease out even more details about their customers, including things like which websites they frequent, which social media channels they use, and even which buttons they click while on a website.
Optimize customer engagement. Data can provide insights into who your customers are, where they are, what they want, how often they make a purchase, when and how they prefer to be contacted, and many other important factors. Companies also can analyze how users interact with their website – or even their physical store to improve the user experience.
Improved content marketing. The ROI of a blog post used to be extremely difficult to measure, but now, thanks to big data analytics, marketers can easily analyze which pieces of content are most effective at moving leads through a marketing and sales funnel. Even very small businesses can afford tools to implement content scoring, which can highlight the pieces of content that are most responsible for closing sales.
Predictive lead scoring. Sales teams have long used lead scoring to rate their hottest leads, but predictive analytics can now be applied to generate a model that can successfully predict buyer behavior and sales.
Budget management. Because big data enables companies to monitor and optimize their marketing campaigns for performance, that means they can better allocate their marketing budgets for the highest ROI.
Real-time personalization. Big data combined with machine learning algorithms gives marketers the opportunity to personalise their offers to individual customers in real time. Think about the “customers also bought” section of Amazon or the list of recommended movies and TV shows from Netflix. Companies can personalise what products and promotions a particular customer sees, even down to sending personalised coupons and offers to a customer’s phone when he walks into a physical location.
Market research. Companies can conduct qualitative and quantitative market research much more quickly and inexpensively than ever before. Online survey tools mean that focus groups and customer feedback are easy and inexpensive to implement, and data analytics make the results easier to parse and take action on.
Reputation management. With big data, companies can easily monitor mentions of their brand across many different websites and social channels to find unfiltered opinions, reviews, and testimonials about their organization and products. The savviest can also use social media to provide customer service and create a trustworthy brand presence.
Competitor analysis. New social monitoring tools make it easy to collect and analyze data about competitors and their marketing efforts as well. The companies that can use this information will have a distinct competitive advantage.
Truly, this list only scratches the surface of what is currently possible and what will be possible in the very near future as data analytics tools trickle down and become available and accessible to even the smallest businesses and most novice users. This can only be a boon as companies improve their marketing and reach their customers in new and innovative ways.
Do you use data in your marketing initiatives? What do you use data or analytics to accomplish? I’d be interested in hearing your thoughts in the comments below