There’s no doubt about it, the use of Big Data-driven marketing analytics is here to stay. Analysis of Big Data involves the exploration of collected data sets so large conventional programmes can’t store them. Granted, trying to get stuck into analysing data as big as that might put the fear of God into some business owners and marketers. But it shouldn’t. The advantages of doing so should far outweigh the time and effort it asks of them – let alone the fear of throwing them into something new.
Quite frankly, it’s simple. The hard truth that’s driving up Big Data analytics in marketing is that the more hard data you have at your fingertips, the more revelations, when analysed efficiently and without bias, it will yield; so the better you can learn and understand just what’s successful – and what’s not – about your marketing practices.
Indeed, analytics and Big Data are combining to inform and improve sales and marketing every day. How? Well, one example comes in the defining and managing of prices. Businesses are beginning to find Big Data analytics can significantly help here – especially when it comes to optimising prices – and thanks in no small part to the constant development and adoption of Big Data algorithms and advanced techniques in analytics.
More specifically, it’s been proved that the embracing of Big Data marketing analytics is paying off for businesses in the following ways:
- It’s helping to achieve better responses from customers as well as produce insights into their behaviour – a recent Forrester study reckons that 44% of US B2C marketers use Big Data analytics to drive improved responses and 36% now do so for insights to enhance their relationships with consumers
- According to Data Meer, customer analytics makes up nearly half of the marketing activity (48%) for which businesses now use Big Data (to be precise, for boosting customer acquisition and revenue per customer, easing customer churn and improving existing products). Forrester too reports that it’s playing a significant role in driving customer development – getting beyond just the execution of campaigns to enhance relationships with customers
- More than half (54%) of companies’ Chief Marketing Officers (CMOs) believe a combination of analytics and Big Data will become essential for the long-term strategy of their marketing. Professionals also point to search engine optimisation (SEO), email and mobile as the areas where Big Data is having the greatest impact on marketing practices right now
- And, finally, Forbes Insights has found that across as many as ten separate industries, Big Data analytics has played a significant role in propelling marketing strategies and making them successful. Indeed, its research confirmed that in many companies analytics expertise (and acceptance of it and culture-change) was achieved following the ongoing roll-out and embracing of pilot schemes – unquestionably then, marketing analytics and Big Data are here to stay.