We live in the world where 2.5 quintillion bytes of data is produced every day. The world has already transformed into a digital space. People today carry out their life online. They manage, share and store every part of their life in the digital format and the devices we carry it can be the laptops or the smartphones or like was, it transmits the data. Rough estimate shows that people upload 55 million picture, 340 million tweets and 1 billion of documents in a day. In fact the data composed from the beginning of the time to end of 20th century is less than the data we create in a minute today. This enormous data which is uncomfortable to store, transport or analyze and has changed our understanding of the world and way things was done is coined as Big Data.
Big data has a greater impact on marketing and has opened the door to the marketer to market their product and service in the way never before. With all the information, about the behavioral patterns likes and dislikes of the customers, big data helps the marketers to create more accurate and precise profile of their target customers.
In the traditional method of marketing, marketing message was passed by the marketers but the reaction of the customers towards that message was difficult to obtain. But with the use of big data marketers now predict the impact of the massage and also predetermine whether the product that is going to be offered is as per customers desires.
Customers now a days don’t look the product for the mere need satisfaction. The availability of various alternatives and options has pushed them in dilemma which one to buy d which not to. Customers look for the added benefit and seeks what is there for him. Big data here plays important role o since we can create the accurate profile of the target customers , the product offerings as well as the marketing message can be more personalized and the product can be embedded with all those added benefits what customers does not directly states but expects and seeks , resulting in greater customer satisfaction.
Big data can be also effective in optimizing the production as well as distribution strategies. Mass customer retention in low cost can be done less expensively through big data in long run. Even the framing of all digital marketing campaign seems incomplete with big data. The list of benefits does not ends just here because when the big data is combined with the marketing activities the marketing capability obviously increases and paves path for opportunities and growth.
Marketing is described with the use of 4Ps which are price, product, promotion and place and integration of big data can derive real time success. By analyzing various research projects other than the company’s and company’s one, press and social media commentary, customer’s feedback, targeted consumer sentiment at various retail sites and the forums and other sources using powerful algorithm big data will process all these structured and unstructured data provides the insight into what customers is looking for and helps to develop effective pricing strategy. With big data the research either qualitative or quantitative in larger scale is possible and it has made easier for the companies to monitor their product performance as well as mention of their brand in digital world like different websites , micro sites, blogs, social media and various other which after review can become important for actionable insight. Apart from this this big data can be valuable to determine the optimal channel to place their product viewing which a firm can set up their distribution channels. And lastly to talk about the promotion big data has created the revolution as the marketers can pinpoint the customers most likely to buy the product where they can revolve their entire campaign around them.
All these benefits of big data calls the marketer to get out of old school marketing and jump on the other side with the big data. What marketers needs is to know more and more about their targets and big data is best way because we are already in the era of data analytics. Companies seeks to deliver the right message to right person at right time for the right price but faces many obstacles. Here in this digital world big data solves the issue and provides the opportunity to deliver greater value and relevance to the customers.