Big Data & How Businesses Are Utilizing It

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“Big data refers to the ever-increasing volume, velocity, variety, variability, and complexity of info. For marketing organizations, big data is a fundamental consequence of the new marketing landscape, born from the digital world we now live in.” Having big data doesn’t automatically lead to better marketing. It is about the insights that are derived, the decisions that are made and the actions that are made are the difference in big data. Having big data allows for marketers to pair it with integrated marketing strategies that can make a substantial impact. It first has an impact on customer engagement. This allows for marketers to know where their customers are, who they are, what they want, and how they want to be contacted, along with when. Second is customer retention and loyalty to a brand. Having data looking into this allows for marketers to create segments to discover what keeps a customer coming back. Third is the marketing optimization and performance that can be done. This has the ability to determine the optimal marketing spending across channels and to optimize programs through vigorous testing, measurements, and analysis of the data.

While looking at data sets it is important for marketers to look at the most crucial data. These data sets consist of the consumer’s behavioral, operational, and financial data. Behavioral data can be collected by a point of sale machines (POS), websites, surveys, social media, online communities, and loyalty programs. This is all information that can lead to attitudinal and transaction metrics for campaigns. While looking into operational data it can reveal objective metrics that give the ability to operations, resource allocation, asset management, and budgetary controls. Lastly, when looking at financial data it gives the ability to view sales, revenue, profits, and other data that can measure consumer’s financial health of the organization. These all lead to insights that can grant the ability to create a successful marketing campaign. By utilizing this data and getting into the hands that make it useable allows for companies to move onto the objective.

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Many professionals have expressed ways in how marketers can leverage big data into their market strategy. Mark Harrington (Vice President of Marketing at Clutch) describe that by centralizing and synthesising fragmented customer data across multiple platforms; POS systems, e-commerce, mobile applications and social accounts, it allows for marketers to view their customer’s preferences and interactions.This also allows for marketers and data analysts to segment the data and create sophisticated personas in order to create strategic, targeted campaigns that both engage and motivate their consumers.

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Jason Park (Owner of the Media Captain) has also touched on this. With the ability to gather information towards companies websites marketers have the ability to place a retarget pixel on the backend of the site to gather further information about their users. This allows for the company to target customers that could be future ones, and retain those that keep coming back.

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Bhavesh Vaghela (CMO at ResponseTap) reminds us that it is not only just online where marketers have the ability to utilize the customer experience. This can also be done by taking it to the customer that are calling into the business. Having access to the user’s previous search history means that their call can be suited towards the agent that is suited in that interaction. Also by combining click to call with the innovation of analytics it allows for marketers to see where the best leads are coming from and who are the Most Valuable Customers (MVCs). Along with this marketers have the ability to combine this data with a bid management system software that leads them to see the best keywords that lead to phone communications. With this data, it allows for more data to be implemented to adjust Pay Per Click (PPC) and Search Engine Optimization (SEO) campaigns, as well as to improve the Click Through Rate (CTR) on landing pages.

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Other ways that big data is being implemented into companies making decisions is by determining the company’s customer lifecycle and Customer Lifetime Value (CLV). Don Maclennan (Co-Founder and CEO of Bluenose Analytics) touches on how by having the ability to access consumers health and usage data it allows for marketers to determine the entire lifecycle of their customers. Tony Faustino (Digital Strategist at Creelio.com) talks about how Amazon has been doing efforts in calculating the CLV. Amazon had done efforts with this with the progressive amount of college that use their service. As more of college students graduates move into more urban areas Amazon is offering their other service Amazon Fresh. This is an application that allows for users to order groceries directly to their door. It is almost as if they never left the dorm life from college.

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Along with keeping up with what your customers are doing, big data also offer the ability to see what your competitors are offering to the market. Rachelle Van Soset (Co-Owner and Consumer Research Leader of Immortology) talks about this by using the application called SpyFu. With the application SpyFu, it allows for marketers for to look at what their competition has bought through Google Adwords over the past 9 years. This application also gives the ability to discover the adwords that are successful that competitors are using, that you might have missed out on. It allows for companies to adapt. Marketers are able to search domain and see where their company appears on Google. As of April 1, 2016, SpyFu is indexing over 4 billion results across 69 million domains.

 

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