What’s all the buzz with Big Data? Is it a game changer in the marketing field? It is not a guaranteed game changer but the potential is there. It is a raw material that needs to be refined and get the essential elements of the raw data to suit a marketing strategy. Big Data is a dump of data that is stored in a data bank. The data is collected from various sources that include any electronic gadget that is connected to the internet and can quantify a person’s behavior. If well used, one can derive insights from the data that can be used to enhance marketing strategies in ways that could not be done a few years ago.
With Big Data, it is possible to come up with a well-informed integrated marketing management strategy that delivers a consistent, seamless, multi-dimensional experience to the consumer. To achieve a successful integrated marketing management strategy combined with Big Data, marketers have to face challenges associated with getting accurate and timely information out of it. The key areas in integrated marketing that can benefit from well analyzed Big Data are customer engagement, customer retention, and loyalty, and market optimization and performance.Below is an analysis of how Big Data can be used in these key areas. Having the right information will have long terms benefits for a marketing campaign. These three key areas can help achieve market penetration and achieve a good market positioning for a product.
When it comes to customer engagement, if Big Data is used well, a marketer can get an insight into who their potential customers are, what they want, and how often and at what time they can be contacted. Coming up with a good integrated marketing strategy, a marketer must have a solid understanding of their target customers. This is not enough, understanding their interests is important if a successful engagement with them is to be achieved.
With the right information with Big Data, customer engagement can be enhanced by selecting the right channel that will engage them. Customer engagement can be achieved through any channel but choosing the most efficient channel will help achieve the business objectives.
For example, using Big Data, a marketer can know on which channels most customers can be reached. Campaigns can then be channels to this channels to engage the customers. If most customers are on Facebook, then customer engagement can be done on Facebook.
Customer retention and loyalty
It is important to understand what keeps your customers happy. Just pushing a marketing campaign is not enough. You may be pushing something that does not influence the loyalty of your customers or even push them away from the product being marketed. With Big Data, a marketer can use the information to develop a clear and accurate content for the target customers. Understanding what influences the customer also helps when it comes to targeting customers on different channels.
For instance, with Big Data, it is possible to know what customers like about a product and what they dislike about the product. Responding to such information and applying them to the product and using the same information in the marketing campaign will undoubtedly make customers happy hence customer retention and loyalty.
Reaching the widest market is the objective of marketing. Therefore, marketing on multiple channels is a must. To get the best performance and optimized marketing, marketing budget has to be spent wisely on the various channels. With Big Data, a marketer can know the best optimal amount to spend on the channels based on customer reach. This can then be refined by tests, measurements, and analysis.
For example, if marketing a brand, Big Data will help know on which channel to focus the budget. An optimized marketing strategy will channel most funds to one with most possible customer reach, and the data can be obtained with Big Data.