Big data is a term that has been popularized in recent years, but it is one that has been around for decades. There are three types of data collection systems which are known as the 3 Vs of Big Data. These are Volume, Velocity and Variety.
- Volume – refers to the level of detail in the dataset. It is the amount of data collected over time which increases over time.
- Velocity – refers to how quickly this data is being collected and processed.
- Variety – refers to the type of data being collected, that can be structured or unstructured
What are the Benefits of Using Big Data in Marketing?
Big data has become increasingly popular because of the rise of digital marketing. The number-one benefit of big data to marketers is simple: it helps generate more leads or online sales. This means that their campaigns are more likely to be successful in generating new customers for their business, which will in turn lead to increased revenue through increased sales volume.
Other benefits of Big Data in Marketing includes:
- Analyze exactly what consumers want based on actions they take online
- Ability to use information based on customer behaviour and preferences to target the best advertising campaigns for them
- Target customers with a higher level of precision and accuracy. This is because the data is generated through a process called “data mining”, which can then be used to identify patterns in human behavior both online and offline
The key here is having access to enough high-quality customer data in order for it all to be effective.
How Can I Use Big Data to Improve My Campaigns?
There are a number of ways to use big data to improve campaigns.
This is done by analyzing the wants/needs of specific groups of people and tailoring marketing messages accordingly.
By using this method, you will be able to tailor your marketing messages, products, and experiences for a niche audience.
In some cases, companies will create personalized campaigns for an individual customer based on their purchases and browsing history, or they may collect information from third-party vendors such as retailers or even social media sites like Facebook and Twitter.
This type of information can then be analyzed together with other datasets in order to better understand what types of advertisements would appeal most and put them into different ad groups for personalization.
This is done by looking at the historical data and using insights and patterns to predict what might happen in the future.
Many companies are investing in predictive analytics because it helps them reduce marketing cost, prioritize campaigns and forecast sales.
Another way to use big data in advertising is through testing different ads with different audiences and seeing which one performs best with each group.
Using Big Data when running A/B testing helps you better understand your audience/customers, find out which ad copies or copywriting techniques works best and finally evaluate your marketing efforts and which version of your ads generates more sales.
What other things that I need to Know before I start using Big Data in Marketing?
- Data is collected from a variety of sources and has to be collected effectively
- Data needs to be analysed and turned into actionable insights
- Data needs to be visualised in the form of graphs, charts or other forms for easy data interpretation
Big Data impact on Digital Marketing
The emergence of big data and predictive analytics has led to a paradigm shift in marketing. Data-driven marketing is now the standard for those who want to stay on the cutting edge.
We are at the stage where customer demands are becoming increasingly complex, it is important to have a solution that can take the complexity and make it simple.
Big Data does just that. By automatically aggregating data from all the different sources, visualize patterns and insights that leads you to actionable insights to grow sales revenue.