Big data, Bigger Marketing and Sales
Big data equates to the 3 big V’s of information: the skyrocketing velocity, ever-increasing volume and groundbreaking variability. A fact that is often misjudged is the rise in complexity of this information that continues to exponentially increase. In the world of marketing and sales, big data would fundamentally equate to the consequence of the rising marketing landscape, relating the digital arena that we currently dwell in. Big data does not merely pertain to information but encompasses the competencies and potential challenges that are associated with the storing and analysis of massive sets of data.
Most marketers feel that data has always been big, and in some ways, it has. But consider the customer data collected over a decade ago: point of sale transaction, responses to mail campaigns, coupon redemption and such. Now consider the customer data that is collected today: online purchases, browsing behavior analysis, mobile device usage, geo-location and such. There really is a world of difference between the two.
So how does big data lead to better marketing and sales? The potential to lead to this cause is big. An analogy to better understand this would be picturing big data as the raw material. The information in itself is not what’s important, but the insights that may be derived from it, the decisions made post analysis and in effect, the actions. Coupling big data with a strategic marketing management plan can impact the following areas:
• Customer engagement: What they want, how they want to be contacted and when.
• Customer loyalty: What influences their likes and dislikes.
• Marketing performance: Establishing the optimal marketing spend and optimizing marketing programs.