According to a recent McKinsey study, marketing and sales professionals from all major industries agree that Big Data and analytics have had a substantial impact on their workflow and performance.
- Furthermore, 69% are experimenting with new ways to use customer data.
- Adoption of a data-driven culture has already enabled 49% businesses to reduce costs while increasing revenue and growth potential.
Social Listening
In social media marketing, Big Data is utilized to analyze what customers like and dislike about their companies using social listening expertise. By analyzing various social networks, social listening assists businesses in determining what their customers are saying about the brand.
Big Data marketing approaches are used by solutions like Brandwatch to highlight which brand-related subjects are now trending on social media. It also compiles data from millions of online conversations and generates reports for market research, competitor analysis, crisis management, and other purposes.
Marketing Analytics
Businesses can collect an infinite amount of data using analytics tools like Google Analytics, HubSpot, and Mixpanel in conjunction with data warehouse tools. With enough data at their disposal, analysts can experiment with different queries to uncover fresh insights that were previously inaccessible.
A significant benefit of big data marketing is holistic marketing reporting. Reports not only give you the essential data, but they also assist you in visualizing your insights in an easy-to-understand manner, allowing users to discover new ways to increase the performance of your marketing initiatives.
Read More: 5 Best Ways Artificial Intelligence Is Driving Digital Marketing
Improve Pricing Decisions
The standard price structure is not only obsolete, but it also allows businesses to lose out on unique price patterns that could unlock additional value. This is where big data comes to play.
Companies may access those values and consider other aspects to make better pricing decisions using big data. And, believe it or not, they may already have raw data from which they may extract incredibly useful information. Product preferences, sales negotiations, and economic conditions can all play a role in determining what drives prices for each client segment and product.
Personalized Content
Companies can use big data to provide relevant content to their customers based on their interests and browsing history. Big data eliminates the guesswork involved in determining who your customers are and what they want. Gone are the days when companies targeted a larger number of people in the hopes of increasing sales. Marketers may now use big data to micro-target customers who are on the verge of making a purchase. This enables businesses to better understand their customers’ essential demands.
Using a good analytical tool to ensure that your data can deliver relevant and actionable insights is also critical. Google Analytics, SAS, and Qualtrics are some of the most popular big data analytics tools. In some circumstances, an SEO audit is required.
Customer Service
Chatbots are one way that big data is transforming the customer service business. A chatbot is a software application that uses messaging platforms to automate conversations and connect with clients. Since they can provide clients with quick and easy customer service and information, they are becoming a popular tool for organizations. It also reduces the challenges and expenses associated with human errors in customer support.