How Big Data is helping Marketers improve Customer Experience.


Big Data and how it's revolutionizing Customer Experience

Corporate operations decision making has started to get influenced by Big Data hugely in recent times and the two areas facing a major impact are Sales and Marketing.

Since its inception, Big data has helped marketers answer two questions which have stymied them for a long time and they are:
1.    When do consumers buy what and at what price do they buy it for?
2.    Is there a link between what consumers hear and read to what they actually buy?


Fig 1. (Blockgeni, 2019)

Marketers leveraging Big Data to get insights on how their consumers think need to do this in a strategic manner to make sure they can not only answer these questions but also maximize customer loyalty and stickiness with their firms. The priority should never be what will influence the users next purchase or how much is the user willing to spend on his next transaction but rather it should be what will make the user stay loyal and what could be the lifetime value of this user. Similarly, the focus should shift from getting consumers to switch in from a competitor to what will prevent users from shifting out to a competitor. Firms can tackle these issues and use Big Data for creating better value for customers rather than thinking of it as a tool to simply improve their targeting.

An Improved Customer Experience could be key!

A consumer today gets bombarded with so much irrelevant stuff that unless the message he gets is not engaging, personalized or relevant, he’s straightaway going to ignore it completely. Businesses today are turning to Big Data for this very reason to create an omnichannel marketing strategy for seamless customer interactions. Advanced analytics can be used to identify the type of content users are accessing on different devices, their buying cycle, interests and locations thus improving customer engagement, conversion and brand loyalty. With Big Data, marketers can also get an idea of how much marketing expenditure is spent and optimize their marketing programs through continuous testing, measurement and analysis.
With that being said, despite of its huge potential, the use of Big Data does not automatically lead to better marketing. The data derived is surely very important but what’s more important is the firm’s capability of deriving useful insights from it. Another important factor which would ensure good use of the data is the authenticity of it. Marketers need to be absolutely certain that the data they’re using is accurate, clean and up to date. This diligence may seem unimportant but has a huge impact on the return on investment of your data analytics. Firms thus need to increase their investments on data management and governance. This investment could be either hiring more people for this job or using tools specifically for this purpose.

The role of Big Data in Marketing is only going to see a rise in the future. Thus, by creating a synchronized fusion between Big Data and Marketing Management Strategies, firms can drastically improve and optimize their overall marketing performance.

References:







Comments

  1. Dylan O'ReganFebruary 19, 2020 at 7:35 AM

    Great long-form blog with plenty of information. Thanks for sharing

    ReplyDelete
  2. Oksana ShevchukFebruary 19, 2020 at 9:13 AM

    Very informative article! Well done.

    ReplyDelete
  3. UnknownFebruary 23, 2020 at 9:51 AM

    Very well written article Akshay. Keep up !

    ReplyDelete
  4. Colin AlmeidaFebruary 24, 2020 at 12:40 PM

    Very well explained how we can use big data as marketers.

    ReplyDelete
  5. RennerFebruary 25, 2020 at 8:28 AM

    Very well written article Akshay. Keep up !

    ReplyDelete
  6. UnknownFebruary 25, 2020 at 8:58 AM

    It's very well written and explained

    ReplyDelete
  7. UnknownFebruary 25, 2020 at 9:05 AM

    Very well written 👍

    ReplyDelete
  8. UnknownFebruary 25, 2020 at 9:08 AM

    Very well 👍 keep it up

    ReplyDelete
  9. Wayne DFebruary 25, 2020 at 9:15 AM

    Great content! Good work

    ReplyDelete
  10. UnknownFebruary 25, 2020 at 9:43 AM

    Very well written

    ReplyDelete
  11. UnknownFebruary 25, 2020 at 9:51 AM

    Something new!... Greatly explained fusion of marketing and big data.

    ReplyDelete
  12. Dylan O'ReganFebruary 25, 2020 at 10:23 AM

    Superb blog with many useful insights. Well done and great work

    ReplyDelete
  13. GleritaFebruary 25, 2020 at 10:32 AM

    Very well written article Akshay. Keep up the good work!

    ReplyDelete
  14. MelissaFebruary 25, 2020 at 1:23 PM

    An article we take pleasure to read

    ReplyDelete
  15. Aishwarya VenkateshFebruary 25, 2020 at 4:32 PM

    Very well explained, thank you for sharing.

    ReplyDelete
  16. Sumesh S DasFebruary 25, 2020 at 4:35 PM

    well written

    ReplyDelete
  17. Aniket MalvankarFebruary 25, 2020 at 5:46 PM

    Best article I have ever read about Big data!
    Fantastic Akshay.

    ReplyDelete

Post a Comment

Popular posts from this blog

The 3 Vs of Big Data

Image
Big Data Analytics Businesses be it big or small have a huge responsibility of managing the data they're collecting. In some cases, this can be done using excel sheets and similar tools but in the case of companies with humongous amounts of data, the traditional data processing techniques are not very useful and this is where Big Data Analytics come into the picture.  The 3 Vs of Big Data To make sense of the above statement, experts have broken down the concept of Big Data into three segments. They are: Velocity: Velocity refers to rate at which data is coming in and this is perhaps the most important aspect of the three and as Amazon's CEO Jeff Bezos rightly said, “speed matters in business”. With this he meant that companies who are good at making high velocity decisions will have an advantage in terms of speed and this can be done by processing the high volumes of data coming in at a high velocity using Big Data Anal...
Read more

Introduction to Big Data

Image
What is Big Data ? As the name suggests, Big Data is simply data sets which are much larger in volume as compared to conventional data sets and can't be processed using traditional data processing softwares. This data is collected by organizations and used for machine learning projects, predictive modeling and other such applications. The 3 V's associated with Big Data give us a better understanding of the concept. They are: Volume - In the case of Big Data the volume of data which is being processed is very high and this could range anywhere between tens of terabytes for some companies and hundreds of petabytes for others.  Velocity - The rate at which data is received is called velocity and this velocity is high in the  case of Big Data as it deals with data generated in real time or near real time scenarios which require real time evaluation. Variety - As opposed to Traditional data sets which is structured Big Data mostly consists of data which is mostl...
Read more