Big data has revolutionized and is continuing to revolutionize hundreds of areas in marketing and sales. The way prices are being defined, manipulated and spread through various networks is in direct response to the rapid gains from big data analytics. Due to progress made in big data algorithms and evolved techniques in data analytics, it is now possible to attain price optimization for any product or service. Big data has a hand in everything to do with sales – enhancing sales lead quality and improving sales lead data quality, territory planning, list accuracy, engagement strategies by decision makers, win rates.
When it comes to uses and importance of big data in marketing, big data tools provide useful insights as to the content that is most effective at every sales cycle stage, how CRM systems can be enhanced and more. All this comes to you in from big data in marketing and sales in addition to various strategies for upping conversion rates, engagement with the prospective customer, and increasing customer lifetime value and marketing revenue. The impact of big data on marketing cannot be denied. Here are several ways in which big data and data analytics are revolutionizing sales and marketing and why marketers won’t survive without big data.
Increasing Responsiveness From Customer Base
Big data is revolutionizing the way marketers can achieve greater customer responsiveness and insights. Using big data applications such as data mining and data analytics, 44% of B2C marketers were able to improve customer responsiveness to 36%. Big data provides the sort of insights that allow marketers to look deep into consumer mentality. Since big data is derived from various consumer touch points, every aspect of the consumer lifestyle such as purchases, uses, preferences, discards, thoughts and things that are shared socially become big data property. This enormous store of data provides many insights that are extremely valuable to marketers, who can use big data analytics tools to achieve greater responsiveness from customers.
Embedding Intelligence Into Contextual Marketing
Big data marketing analytics and its affiliated technologies support the embedding of intelligence into contextual marketing. Evolving customer, service, channel needs, and sales are growing the marketing platform in many companies. As a result of this growth, these growing marketing stacks are not totally integrated at the process and data levels. Big data analytics allows for the foundation that helps create highly scalable insightful systems to resolve this problem. Embedding intelligence into contextual marketing is one of the bigger big data marketing examples that paves the way to marketing success.
Making Customer Relationships More Successful
Big data analytics actually enhances a marketer’s chances of going beyond campaign execution and apply focus on customer relationships. With big data analytics and big data technologies guiding and defining customer development, greater customer loyalty can be generated, which leads to increased Customer Lifetime Value. When customers realize that marketers are willing to go the extra mile to remember their preferences and know their needs ahead of time, they feel more loyal to the brand. This big data marketing strategy benefits the marketer’s strategy enormously, and the company’s bottom line goes through a positive growth.
In today’s marketing scenario, big data is extremely important. Today’s consumer is digitally savvy but platform agnostic; they are no more predictable than shapeshifters. This makes today’s marketing tomorrow’s failure, without big data. With big data Hadoop and big data technology, we can analyze the consumer landscape and track the consumers and derive insights using big data analytics that enables precision marketing. The application of big data in marketing and big data analytics is therefore crucial in order to design a tailored customer experience and increase customer loyalty.
Aanchal Iyer is the digital marketing manager and a content strategist for Aretove Technologies. She has an experience of 11+ yrs and is actively involved in writing about the advancement of AI in our everyday life.