Big data is reshaping the business as we know it. Data science lays the foundation for decision-making processes in most of the modern companies, which is exactly why its revenue should surpass $40 billion in 2018. marketing is by no means different in that regard.
Today, marketing teams embrace the power of information and data analytics to improve the reach and influence of their campaigns. In this article, we are going to show you the 7 biggest benefits of big data in marketing.
With data volumes exploding in the last several years, official estimations suggest that data monetization will soon become a major source of revenues. A large portion of business intelligence is aimed at marketing and we will describe the major impacts in this field.
Data scientists provide marketing departments with a superb analysis of the latest trends in Customer behavior, which allows marketers to create comprehensive strategies and prepare for more efficient activities. That’s why almost 65% of marketing executives claim that data-driven marketing is crucial to success in a hypercompetitive global economy. They are now able to target consumers not only as large groups but also as segmented sub-groups with their own specific features, which gives them the possibility to modify activities and adapt to each one of these audiences individually.
User experience is one of the basic preconditions of a successful business. In the era of big data, marketers are enabled to customize operations and improve Customer journeys almost to the point in which every single client receives products or services based on his/her personal preferences. For instance, Facebook alone stores and analyzes dozens of Petabytes of user generated data. Such immense data allow businesses not only to determine the basic demographic traits of their target groups but also to go much deeper and learn about the affinities of individual users as well.
As one of the most important elements of marketing mix, pricing was always subject to analysis and careful monitoring. But ever since big data entered the game, marketers are able to adjust prices to their products and services in real time. Today, it is possible to make price differentiations depending on numerous factors.
