How Big Data can influence and improve Marketing

According to various research, “Customer Analytics (48%), Operational Analytics (21%), Fraud and Compliance (12%) New Product & Service Innovation (10%) & Enterprise Data Warehouse Optimization (10%) are among the most popular big data use cases in sales and marketing.” (Forbes, 2016). Marketers are now using customer value analytics, based off of big data so they can deliver consistent customer experience across all their various channels. Big data is influencing marketing by providing insights into the effectiveness of content at each particular stage of a sales cycle, conversion rates, revenue etc.

The following are 3 clear ways in which Big Data adds value and how it is revolutionising the marketing industry.

1. Customer responsiveness insights

Big data is influencing how companies gain greater customer responsiveness and in turn improve their customer insights. “A Forrester study found that 44% of B2C marketers are using big data and analytics to improve responsiveness to 36% are actively using analytics and data mining to gain greater insights to plan more relationship-driven strategies.” (Forbes, 2016)

2. Embedding intelligence into contextual marketing

Due to the increased rate of growth in various marketing stacks based on evolving needs from customer and sales point of view, many of these stacks are not fully integrated at data and process levels. Big data analytics has solved this problem by providing the foundation for creating systems, such as scalable Systems of Insight to help alleviate this problem.

3. Geo-analytics in the biopharma industry

It was found that biopharma companies on average, spend up to 30% of their revenue on selling and administrative costs. As a result, some biopharma companies, with the help of big data, are optimizing selling strategies and go-to market plans using geo-analytics, simply finding the regions/territories with the greatest sales potential, resulting in their go-to market costs being reduced.

In conclusion, Big Data offers great value in terms of marketing strategies and can optimise operations, generate an increased engagement, increase business profits and possesses the ability to predict behaviours and situations successfully.