Today, big data marketing and sales are delivering serious results to businesses around the world. Here are 5 ways that big data is making an impact.
There is no such thing as a perfectly safe market; they’re inherently vicious and will tear you apart if you let them. Your competition is always going after the same customers you are, and you will lose your customers if you don’t compete just as hard. That’s why you need to integrate big data into your marketing.
With big data marketing, you can find patterns in your market that no analyst would ever be able to find themselves. Big data lets you harness the raw power of information to infinitely improve your marketing strategy, giving you an edge against your competition. It makes your marketing more personal and effective, meaning you get more customers.
Big data marketing gives you more than just the opportunity to gain keen insights into your market. By implementing big data, you also get access to other tools to help out every part of your business. Big data opens the doors to more technological improvements such as AI or psychographic information.
There are no limits to what big data marketing can do for you. Keep reading below to learn about a few of the ways it can help you succeed and become a market leader!
1. Data Marketing Is differentiating prices
Since big data technology collects so much information about people, it can easily tell how much a person has to spend on your products. It doesn’t even need to use demographic or meta-information to determine a price that an individual can afford. Big data collects information about individuals and it can use that data to differentiate prices.
Certain people can be offered certain discounts based on their digital behaviors. Most big data marketing technology can tell if someone posts regularly on thrifting forums, or if they mostly shop used. If it finds those sorts of behaviors, it can be programmed to offer them a unique discount.
And is any good marketer knows: a well-placed discount can earn you troves of customers.
Equity Before Equality Means More Customers
This technology doesn’t just help brand your company as one that’s conscious of people’s unique financial situations. It also helps you get more customers, and keep them for longer. People only shop with companies that they know they can afford, after all.
If people can’t afford your products, they simply won’t shop with you. However, there are few who will resist a unique discount that brings your products down to their price range. And since you have control over the discount big data marketing may offer, you can control how much you profit from each individual sale.
2. Marketing goes psychological with psychographics
The biggest game-changer big data marketing has brought to the industry are psychographics. Marketing used to use demographic information to hone marketing strategies. Companies would be left with simple information such as customers’ geographic location, or identifying information like race or age.
Now, companies can automatically build profiles of individual customers using big data marketing. Companies can identify if a person leans to the left or right politically, or if they enjoy spending times with friends or reading a book alone. While a lot of this information is usually pulled from a person’s social media posts, there are more ways to build a profile of someone.
You can use their behavior on your website to start building a profile. For example, if they place items in their cart but never check out or frequently view a single item, you can extrapolate that they want an item. Yet, they may not be able to afford it or may simply be hesitant spending money to buy it.
You can identify and convert individuals like this using big data marketing. Just send them a unique discount code to assuage any doubts they may have over the purchase.
3. Big Data means bigger response rates
One metric any marketer should target is their company’s response rates. The more that people respond to a company’s social media or content, the better positioned it will be in its market. And big data can be used to help improve the content companies post so that they get better response rates.
Big data can track how certain content spreads online, and even automatically gauge people’s response to it. Big data marketing can be used to tell if people respond positively or negatively to specific content. It can be used to tell which sections of content work better than others.
That way, companies can create actionable strategies to improve their content and achieve higher response rates, all using big data. Companies can improve themselves and their marketing strategies at a quicker rate than ever before.
4. AI is being implemented at contextual levels
AI and big data go hand-in-hand. Artificial intelligence technology relies on the massive amounts of data that big data technology provides to make informed decisions. The more data that an AI program has, the better its decision-making capabilities will be.
That means that contextual marketing has gotten easier since the introduction of big data marketing. It used to be that targeted advertising never changed, even if the people it targeted did. No specific person or group of people is ever totally the same year from year, and marketers used to work on keeping up with how they changed.
Now, artificial intelligence can do that for them. It can change the advertising it presents to people as it receives new user information, helping make your company seem more adaptable and approachable.
5. Campaigns create relationships, data sustains them
Marketing campaigns are fundamental to any marketing strategy. Branding campaigns, advertising campaigns, and influencer campaigns used to be the foundation for all other marketing strategies. Now, they’re just the ways marketers can form relationships between companies and their audiences.
To sustain those relationships, marketers can use a combination of AI technology a big data marketing. As users interact with the company, big data technology stores a practically infinite amount of information about them. The AI can then refer to that information to adapt to how audiences change their views of the company.
The more data a company has, the better its relationship with its customers.
Big Data Marketing is gigger than you realize
The potentials are endless with big data marketing. With it, companies are cornering markets and building large, loyal audiences they can depend on. The technology is changing whole industries, and it’s allowing your competition to get an edge against you.
Make sure you stay ahead by implementing big data technology into your marketing strategies. Our ByPath solution uses big data to help you improve your marketing and sales forces. Using it will help your company rise to its full potential and emerge as a market leader!