It’s generally accepted that today’s contemporary organisations depend and thrive on timely, accurate and strategically relevant information. As technology affords the creation of masses of data, effective synthesis of such information poses a problem of great magnitude for companies. Our growing technological climate has paved the way for what has come to be known as ‘big data’.
Similar to that of cryptocurrency and artificial intelligence, big data technologies are taking us into previously unchartered territory. With the creation of new data being an ever-continuing process, it is irrevocably changing the business landscape. The use of digital data has been instrumental in boosting the profitability of organisations that have incorporated this into their marketing strategies. Extracting meaningful insights from this data can assist in the creation of highly targeted advertising campaigns, which resonate with the right audience and can lead to quality driven results.
Such campaigns are able to produce better content of greater relevance, to enhance consumer engagement. Marketers are not only utilising it to analyse past trends but also predict the future behaviour of customers.
By combining big data with an integrated marketing strategy, businesses are able to make a substantial impact in key areas. An example of this can be seen with respect to driving customer engagement, as it can not only deliver insight into who they are but also where they are, what they are looking for and when/how they like to be contacted. They are also able to improve customer retention and loyalty, which is demonstrated through the use of loyalty systems. These offer the ability to track a customer’s purchase history, as well as offering the opportunity to see which incentives and promotions they respond to, but bear in mind that this all needs to be in line with the General Data protection regulation (GDPR) which comes into force in on the 25th May.
Big data can also aid in the personalisation of content, which is considered key in today’s society, in order to break through the sea of marketing messages. An example of a company who uses big data innovatively is Netflix. Netflix’s algorithms are designed on the basis of users’ previous viewing habits. By collating data on metrics such as the genre of TV show or film, time of day the user watches a programme, it is able to provide suggestions in the form of personalised content for every individual user.
When analysed effectively, big data can be leveraged as a tool to access an audience that is made up of highly-qualified and purchase-ready prospects. In particular it can assist in the optimisation of digital marketing strategies such as: Pay Per Click (PPC), Search Engine Optimisation (SEO), email marketing, social networking and website design.
If you want to learn how to unlock the untapped potential of big data for your business, get in touch with our digital team on 0121 454 9707 or contact firstname.lastname@example.org