Enabling Smart Marketing With Big Data
As a marketer, it is easy to get caught in the loop of endless buzzwords and jargons about how ‘brand equity’ and ‘alignment’ ensure that your ‘cutting edge’ technologies bring about greater ‘engagement’. But the ‘bottom line’ is that you just have to establish a strategy that is profitable for your company.
As a marketer, it is easy to get caught in the loop of endless buzzwords and jargons about how ‘brand equity’ and ‘alignment’ ensure that your ‘cutting edge’ technologies bring about greater ‘engagement’. But the ‘bottom line’ is that you just have to establish a strategy that is profitable for your company. While modern day technologies have made it possible to launch marketing campaigns on the cheap, it has also resulted in clutter and fatigue in the minds of the consumer. The brand recall per campaign has been steadily falling over the years.
So here we are in a situation where there is too much data clutter and therefore a need to be remembered. For data scientists, this is a big opportunity to make use of big data magic in the area of marketing. How can big data analysis bring about a smarter way to market your product?
Personalizing your message to your individual prospects is key to a successful marketing campaign. And without big data, it is not possible to scale personalization to a large prospect base. Take the example of Avis Budget, for instance. Avis Budget is a leading car rental company that sees close to 40 million customers annually. Car rental, being a hugely competitive local space, has little room for differentiation. But by deploying big data analytics, Avis Budget was able to segment the profile of customers using their transaction channel, the products of choice and lifetime value to come up with offers personalized to their customers.
Tracking Performance Of Marketing Channels:
Did you know that Google tested 41 different shades of blue before deciding the final color of their buttons? When you have data, any and every challenge can be tackled through the use of data. It’s not just an online thing. Does your trade booth get more conversions when you have three people as compared to two? How much has the consumer engagement increased by the use of a mobile conferencing app, or an additional banner in the booth? When every single miniscule difference between two scenarios can be compared, it helps to drastically improve the efficiency of your systems and helps optimizing your marketing dollars better.
One of the most impressive things that you could do as a marketer is to predict your consumer’s behavior. Have you noticed how Amazon shows a list of products under each item under the header ‘People who bought this item also viewed:’ – this may not be a direct instance of big data, but it is close. Consider this : From the outset, it may appear that there is nothing common between a pair of glasses and a computer. But if your big data analytics shows that people who buy a new computer also purchase a new pair of glasses around the same time, you could offer an attractive combo deal. The consumer is happy because you offer a deal that is exactly targeted at them at the right time.
Smart marketing is all about making the right decisions at the right time in an optimized fashion. Big data eases the manual interference in such interpretations and provides a data-backed alternative. This, as more and more businesses have come to realize, is the future of marketing.
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