Benefits Of Big Data For Businesses
Every second, computation creates tons of consumer data. GPS tracking can be used to locate people who use certain mobile apps. Social networks are huge databases of people’s attitudes and behavior.
Search engines, on the other hand, record people’s interests and daily needs. All of this data is very useful for marketers. However, this was not the case previously since the process was technically demanding for data software used back then.
Nowadays, companies can easily use advanced software like Apache Hadoop to provide big data analysis which can be used to improve sales.
There is no reason why marketers should not enjoy the benefits of using big data and yet the big data analysis is used by most of the Fortune 500 companies and the fact that adequate data is easily found online.
Benefits of Big Data
Big data analysis can be beneficial to both start-up and established corporate enterprises. Some of the benefits include:
Identifying new customers
Big data especially information in social networks give marketers a great detail of information on consumers behavior and interests. This will allow the marketer to add more variables to their audience targeting.
Previously, marketers used only the demographic terms to target their customers including age, marital status, location, and education.
Marketers are now able to easily know more customers interested in the products and services. This has been made possible by the increased number of parameters. As a marketer, you can now easily target your audience more accurately than you could do before.
The new Facebook Insights tool is one of the best examples of the possibilities of big data. It usually analyzes big data and also used to provide insights about consumers likes, lifestyle, purchasing habits, household info, etc. There all sorts of changes in the area as this piece from Harnham shows.
Finding New Marketing Opportunities.
Products need constant upgrades. Big data analysis can provide marketers with patterns which can be very important for improving the existing segments or features and finding new marketing opportunities.
Giving Great Offers to Existing Customers
Customers appreciate the company’s effort to present them with new products they might be interested in. Amazon.com is the top dog when it comes to product recommendation.
This is because of the fact that the marketers use the big data in this site to give customers what they cannot resist. Amazon statistics show that more than 35% of their sales are fueled by their recommendation engine.
Making more profitable ads.
We have said something about improved audience targeting opportunities provided by big data analytics.
However, this is not all that it can offer. You can use information from search engines and social networks to create more effective and attractive ad campaigns. This is mostly used by ad platforms such as Facebook Ads and Google Ad words.
Once a marketer knows what consumers are looking for, it will be very easy to create more suitable ads. For example, if the marketer’s targeted audience usually search for low-cost flights, a marketer can add promotional prices to their ads to grab the attention of the customer.
Assessing campaign results in an accurate manner
The sources of big data can be used for assessing the performance of a campaign and how effective an individual media channel is.
Accurate campaign results will help the company save a lot of money intended for future campaigns as it directs it to the media channels and ads which offer the best performance.