In order to understand why big data has created such a buzz in the tech world, one need to look at the fact more than 90% of the data in the world has been produced in just last two years. This clearly shows how all of a sudden data explosion has taken place, which majorly is a result of growing internet and smartphone penetration combined with the increased no. of hours people spend on internet as people have now evolved from information consumers to producers. Hence, in order to store and process this high amount of structured and unstructured data, big data solutions have become absolute necessity for achieving organizations’ goals and objectives.
Everyday exabytes of data is being produced, which makes it imperative for the companies to use this data and draw such meaningful insights out of it to achieve competitive edge over their competitors.
Out of the all the possible applications of Big Data analytics, marketing has been the most exploited one with marketing departments across numerous companies are spending major portion of their allocated budget on it.
Earlier, where advertisements channels were limited to only newspapers, television and radio, this landscape broadened itself to websites, social media and e-mails, providing more options to the advertisers to reach their customers.
Considering that people nowadays spend more time on internet than any other media platform, advertising agencies are focusing more on digital media and since mobile is mobile is major driving force of internet, major efforts by them are being made for mobile and smartphone platforms.
Emergence of e-commerce companies has revolutionized the marketing initiatives of the marketers. Since, many people now purchase products online, with the help of big data analytics; advertisers can draw out key insights about customer’s purchase behavior, their likes and dislikes and can then provide them targeted advertisements based on it.
Marketers with the help of social media website and blogs which contributes to the major share of internet time of people can determine the success of their marketing campaigns by analyzing the feedback their consumers had posted on these social websites and blogs.
Also feedbacks posted on social media regarding company’s products and services can be utilized to make changes to their product and service offerings according to the needs of their customers. This can save billions of dollars which companies invest for marketing research purposes.
Marketers can also use social media platform to find their potential customers by analyzing the profile of the person and determining his preferences and purchasing behavior, which can tell them whether their product offerings match his preferences or not.
Service provider marketers on the other hand with the help of data collected by heir CRMs can determine the service usage pattern of their customers and can also determine the services their prefer to use. Based on this collected data they can offer customized service usage plans designed specifically for them.
Marketers can also use big data analytics to proactively detect and control any customer churn which can happen in the future by analyzing the usage pattern of the customers. If customers are found out to be reducing their purchase of goods or services or have posted negative feedback about them then it is a clear indication that those customers will churn out in the future. Marketers can use this information to provide discount offers or some other sort of benefit to their customers to prevent them from churning out. They can also directly interact with the customer to clear their apprehensions or doubts about the product or service. These endeavors by marketers not only enhance customer satisfaction but leads to high degree of customer loyalty.
Hence, by looking at all the benefits provided by big data analytics to the marketers, there is no doubt that big data will continue to play a prominent role in their future efforts to acquire more and more customers while retaining the existing ones. Also with the technology enhancements in data processing techniques and costs associated with it becoming more affordable, it is expected that more companies will adopt bid data solutions as only few are using it for their operations.