In the last few years, the term ‘big data’ is quite a talk in marketing field. However, what is big data actually?
It is a collection of data in a great volume and it is a combination of information, structured and unstructured. Big data is beneficial for almost every aspect imaginable, including marketing. For brand, there are several benefits that brands can enjoy. Analysis on the traditional and digital data, internal and external, that are related to the brand and the consumers, may result in a valuable insight for your brand that can affect the effectivity of your marketing strategy. In a research done by McKinsey, companies that did a thorough analysis on their data gained 126% profit higher than their competitors.
Along the process, analysis on big data affect the performance of marketing strategy from many ways. First, from big data we may be able to get a clearer understanding in customer behaviour —from their demography, digital habit, preference, to post-transaction behaviour. With this information, brands are able to gain more.
Nowadays, marketer has evolved their way to communicate with the market. There are so many channels that we can use to attract audience. It is almost impossible to use them all, and here is where big data really helps marketers to choose which channels they need to utilise.
Other than that, marketers can make ads better than the previous era because with big data, targeting is now easier than before. With information about what consumers like and what they don’t like, where they usually go, we are enabled to provide more-friendly ads that can make audience feel truly interested in them. This improved performance will result in conversion and budget will be more efficient and less costly. Besides, available data also shows the current issue of brands and therefore, provides the solutions.
The presence of data in this great volume is also changing the game of marketing. In traditional marketing, it was quite common to find a campaign where the success rate is hard to measure with valid number. Today, big data gives a fresh approach for this condition, especially in digital marketing. The success of your marketing strategy now can be estimated with solid evidence and not only with mere speculation. This benefits not only giant brands, but also the growing ones.