How Marketing Expenditure is Driven by Big Data
With the emergence of big data, some of the biggest applications have been in the core marketing process, like customer analytics, fraud and compliance, operational analytics, and enterprise data warehouse optimization. Gaining customer insights on their behavioral pattern offer crucial insights when it comes to designing targeted marketing campaigns. The use of big data helps marketers make sense of all the data that they have collected in relation to retention costs, customer satisfaction, average transaction value, etc.
Today, a customer’s digital footprint is becoming increasingly more valuable. With more companies conducting personalized marketing campaigns and with all their information floating around the web, the customer’s social media feed and digital world will be flooded with personalized advertisements.
Going forward, marketers can harness the power of big data analytics to find the emerging trends in the market and provide real-time advertising options. As advertisements have the most impact when they are delivered to the right audiences at a specific time, big data can predict purchase trends and can identify customer behavior—providing advertisements when customers are in specific areas or when they purchase specific items. With the ever-increasing amount of connectivity, it surely means that the volume of data is constantly growing. For marketers, this offers a goldmine of insights on customer behavior, trends, and preferences, enabling them only to offer better advertisements and more personalized marketing campaigns.