The Rubic’s Cube that is Big Data & Marketing

This week we dive into the Internet of Things (IoT) and how fourth industrial revolution technologies, specifically Artificial Intelligence (AI), are busy shaping modern-day marketing.

When discussing marketing and AI, big data is all the rage these days, and there is no denying it. Big data is defined as data produced in large volumes, variety, velocity and veracity (Uncertainty and complexity of the information). Big data is a fundamental consequence of the modern marketing environment that has emerged due to the digital world.

What is Big Data?

Big data, in simple terms, is characterised as large quantities of data that may include complex, unstructured, and semi-structured data. It refers to the complexities, capacities, and competencies of storing and processing such large data sets to enable a more reliable and timely decision-making level than anything previously attempted.

In the past, traditional database management systems found it too difficult to correctly and effectively analyse vast data volumes. Big data tools, on the other hand, make things a lot simpler. It is impossible to quantify big data from a size point of view. It consists of various data sources collected from a company’s clients, channel partners, suppliers, and data from external sources.

As digital technology accelerates, so does the demand for big data, owing to the rapid increase in the use of mobile devices, the Internet, sensors, and data-gathering technology in our everyday lives.

Data, on the other hand, is not a novel concept. We had paper transaction reports, customer records, and archive files as data before computers and databases. Databases, spreadsheets, and computers enabled us to store and organise data on a large scale in a way that was easy to access. As a result, information is instantly available at the click of a button. When we go online, bring our GPS-equipped smartphones, connect with our friends on social media, or even go shopping, it is effortless to generate data. To put it another way, we might argue that any move we take leaves a digital footprint. As a consequence, the amount of data produced by machines is continually increasing.

Big data works on the fundamental premise that the more insight you have about something or a scenario, the more accurate future predictions you will produce. Big data ventures employ cutting-edge analytics involving artificial intelligence and machine learning. They extract insights from data created by various mediums, such as your social media activity, search engines, sensors, and so on, and use that knowledge to make decisions and predictions for diverse big data applications.

Big data is revolutionising the world of business in almost every industry.

Big Data & Marketing

Big data does not necessarily mean better marketing, but it does have the ability to do so. Consider big data to be your secret weapon, your nuclear fuel, and your most important element. It isn’t the data itself that is so critical. Instead, it’s the conclusions taken from big data, the choices you make, and the actions you take that matter. Companies can make a significant impact by integrating big data with an integrated marketing management approach.

Customers, financial data, and operational data are the three types of big data marketers are interested in. Data is usually collected from a variety of sources and stored in various locations.

Customer data assists marketers in gaining a better understanding of their target market. Names, email addresses, purchase records, and web searches are examples of this sort’s obvious data. Indicators of the audience’s attitudes gleaned from social media activity, polls, and online communities are just as relevant, if not more so.

Financial data allows you to monitor performance and improve productivity. This category includes the company’s revenue and marketing figures, expenses, and margins. This category may also include financial data from rivals, such as pricing.

Business processes are linked to operational data. It may have anything to do with shipping and logistics, CRM systems, or input from hardware sensors and other sources. Business leaders can analyse this data to increase efficiency and cut costs.

Big data in marketing refers to the collection, analysis, and application of vast volumes of digital data to enhance business operations, such as:

· The principle of “know your customer” (KYC) gives small businesses access to information about their customers previously only available to large financial institutions. Owing to cloud computing and big data, the advantages of KYC are now accessible to even small and medium enterprises, thanks to the simplicity of big data.

· Customer interaction, or how consumers interpret and communicate with your brand, is a critical component of your marketing efforts. Big data analytics gives you the insights you need to make meaningful changes, such as enhancing current goods or increasing revenue per customer.

· Big data offers marketers a 360-degree view of their consumers, helping them deliver customer-specific content when and where it’s most successful, improving brand recognition and recall online and in-store.

· Another important advantage of big data in marketing is increased consumer acquisition. Using the cloud to collect and analyse consistent and customised data from a variety of sources, including the Internet, mobile apps, email, live chat, and even in-store interactions

· In cloud computing environments, big data can assist marketers in leveraging real-time data. No other technology can equal big data’s ability to collect, process, and interpret real-time data rapidly and reliably enough to take immediate and meaningful action. When analysing data from GPS, IoT sensors, website clicks, or other real-time data, this is important.

· Big data analytics is a vital aspect of the big data puzzle. It offers business intelligence that improves marketing efficiency and saves time and money.

Big Data Challenges

The difficulties associated with making successful use of big data can be particularly challenging for marketing. Since most analytics systems aren’t tailored to the data, processes, and decisions of marketing organisations, this is the case. Three of the most critical obstacles in marketing are:

· Knowing what information to obtain. Data, data, and more data You’re dealing with vast quantities of consumer, organisational, and financial info. However, more data isn’t always better; it has to be the right data.

· Knowing how to use various analytical instruments. When the amount of big data increases, so does the amount of time available to decide and act on them. Analytical tools will assist you in gathering and analysing data and allocating applicable observations and decisions around the enterprise — but which ones?

· Understanding how to move from data to perspective to the action. How can you transform data into information once you have it? And how do you put that information to good use in your marketing campaigns?

In Conclusion

We use big data to make the most of the world of information and improve user experience. Big data improves the efficiency of operations and speeds up the decision-making process. It refers to bringing imagination to current methods through innovation.

Big data also aids companies in managing, analysing, discovering, and using information. It also aids in the timely and scalable application of data. Big data has made decision-making for corporate growth even more accurate. This is the source of the big data craze.