8 January 2018

Big Data, the future of Marketing

Today, organizations are faced with a number of challenges, including the issue of large volumes of data, rapid changes in consumer behavior and increased competition pressure.

Marketing data is constantly evolving: from generic to specific, from market trends to individual habits, and from historical actions to real-time information. We have transaction data at point-of-sale and online purchases, campaign responses, click-through rates, browsing behavior, social networking interactions, mobile device usage, geolocation data, and many more.

The fact that we have a large volume of data is not a problem, on the contrary, with access to more and more information, companies are able to better understand their customers, their weaknesses and identify new business opportunities. However, the problem arises when this same information is dispersed, that is, it is not presented in an organized way and that it helps the decision-making processes of the managers. The marketing area is one of the most suffering from this issue, given the huge amount of data available that is not properly handled, thus making it useless to marketeers.

When we give marketing algorithms the ability to recommend, analyze, cross, and accelerate initiatives, campaign ROI increases, cost and execution time reduces, and the effectiveness of the implemented strategy increases. Data should then strengthen and fortify marketing decisions, always based on information and results.

Big data makes it possible to analyze unstructured data from a variety of internal processes, such as sales, relationships, customer service, blogs and social media.

Big data represents a huge step for marketing, not just focusing on what the customer wants at the moment, but anticipating their true needs and interests. It is important to highlight that only through good data management can it be possible to know who the consumer really is, as well as all his behavior and habits so that he can determine the best strategies to adopt.

It is also essential to remember that today's consumer is not the same as he was ten years ago and therefore his needs are also different from what they were before. There are new behaviors that already prove this convergence. When a consumer sees a new product on television that interests them, they quickly do a search on their mobile device, just like when they think of buying a product in-store, search and compare online. The new generation of consumers, being naturally digital, can make purchasing decisions anywhere, anytime. Despite the knowledge, they like to experience physically and communicate with their network of family and friends, in short they are highly connected and live in a network. In this way, guiding consumers on their walk from attention to the buying process is crucial for marketers.

This is where business intelligence and big data tools become an important weapon for marketers as they analyze, describe, advise, and enable them to perceive and anticipate the true needs and behaviors of their customers. It is, for this reason, that organizations must incorporate them in their marketing strategies, since the lack of these tools impedes the efficiency of the management.

These solutions bring to the marketing strategy of companies the possibility of centralizing their efforts for the most efficient channels and directing the most suitable campaigns, as they allow to discover what the profile of its client. Through the tools of business intelligence and big data, it is also possible to determine which regions have the most customers, discover the purchasing power of their consumer, and even the age group, gender and what their main interests are.

For example, if a retailer identifies that most of its sales happen in a particular region, it can direct more resources to advertising campaigns in that region while trying to find out why sales are lower elsewhere . On the other hand, deciding which communication vehicles to use are also very important in this whole process, since they provide marketing reports, understanding which type of campaign is most efficient.

Big data represents a great benefit to companies because, without generating more effort than it should, they will have at their disposal information about who their potential customers may be and have the opportunity to reach them, naturally, without them being inappropriate advertising.

Another key point is that business intelligence and big data also help build relationships with customers and potential customers, such as social media. Through these systems you can analyze the comments regarding the brand in general, or a specific product and/or comments with relevant information. Tracking this monitoring is made even easier through dashboards, where you can analyze data history, make comparisons, and at the same time have predictions.

Thus, these data will serve to better understand how the brand of the company is seen by current and potential consumers, allowing direct relationships with these from this information. In addition, it also allows you to understand what your weaknesses are, in order to overcome them.

Additionally, this solution, in social media, also allows to monitor, for example, a campaign that is in progress, since the information is received, practically, in real time, it is possible to understand it in a simple way, being possible to make adjustments, in order to make the campaign more efficient, while still in progress, thus boosting its results.

So, the amount of information that marketing has to deal with is a reality in any company. That's why it is essential to combine business intelligence and big data with your strategy to improve marketing results and strengthen relationships with your customers.

These solutions are vital for marketing, since in the information age it is fundamental to work with data and evidence, leaving aside the intuition to build a competitive intelligence that allows managers to make the best decisions.

Opinion article published in media Meios & Publicidade – January 8, 2018

 

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