For the last few years, Big Data has been all the rage in the corporate world. Just when you thought the information age had been milked for all that could be squeezed out of it, the use of Big Data analytics became the avenue to massive corporate profits that keeps on giving. In fact, the more data that companies gather and leverage to improve their marketing strategies, the more income potential they stand to generate. This is why it is critical for smaller companies to get into the game and ride the Big Data wave in order to earn more from their marketing strategies.
1. Finding the Right Price Point
Every day information is being gathered on how much consumers are willing to pay for products and services your company is presently offering for sale. As more data is amassed about such pricing information, your company can take advantage of these Big Data findings to know how to zero in on the right pricing structure to use to attract more buyers. By adjusting your pricing to fit the data, you will inevitably increase sales without having to do so much guessing about how to price products and services being offered. This will in turn help your company to stop leaving so much money on the table.
2. Getting Quality Leads
In marketing, you not only have to get a customer to bite, but you also have to get them to buy. Big Data analytics helps marketers to recognize what lead generating content sends the right message and attracts the most amount of paying leads for a specified demographic of the consumer base in a given market. It also helps to predict what percentage of that demographic will in fact pay for a company’s products or services.
3. Customer Loyalty and Retention
Marketing to loyal customers is generally less wasteful than trying to obtain new customers. For this reason, using Big Data to identify which of your loyal customers are more likely to spend money with your business over and over again is a little like the goose that laid the golden egg. Big Data analytics will not only help you identify these customers and how to keep them onboard with your company’s products and vision, but it will also outline the qualities these customers possess to help your company target such individuals with the same types of qualities in other marketing efforts to improve your customer retention strategy.
4. Relating to Customers
A lot of healthy marketing boils down to customer relations. Using Big Data analytics to know how to best maintain a relationship with a given customer profile type is key to knowing how to optimize your marketing message and approach. Knowing something as intricate as which sales rep works best when engaging a particular customer with a given set of qualities will make these relationships work out smoother with a higher rate of sales volume.
5. Incentive-Based Marketing
A lot of incentive-based marketing strategies end up costing companies huge for very little return. With the help of Big Data analytics, your company can determine ahead of time which financial investment in incentives has produced the best conversion of leads to sales. Knowing how to spend your company’s money to make money in sales is how companies end up keeping more of their profits.
6. Online Marketing Avenues
Where Big Data will have some of the biggest impact is in the highly diverse online marketplace. From choosing the best SEO strategies to optimizing website rankings and developing successful email campaigns, Big Data can help to identify which online marketing strategies produce the greatest revenue. Big Data can also help to identify what the best mobile marketing strategies are for a given segment of the online, mobile marketplace. The data is there for review, it just depends on how badly your company wants to sift through that raw data to learn how to market by the metrics that help to reveal the hottest trends of customers within your given industry.
7. Video Marketing
With the amazing marketing potential of social media at any business’s fingertips, marketers are left to guess as to which marketing approaches are working best with such massive volumes of consumers. Big Data can help marketers to see that one of the most effective ways to reach these large audiences is through the use of video ad content embedded video in posts that do not take the consumer off their social media page and using captioned videos for conveying the message even when the sound is off are two analytically identified ways to improve on this marketing strategy. Such insights are again derived from observing what the Big Data reveals when the inherent success or failure rate of marketing trends are subjected to analytical methods within a data analytics tools like tableau on Hadoop.
When it comes to marketing, Big Data is a major player in helping a company figure out what strategies matter and which are failing. Since the numbers do not lie, analytical methods are best employed to find metrics that help to explain why a particular marketing strategy is actually working for your company. When your company knows which strategies work, this turns out to be the best guide to leading your company into how to spend its money and focus its efforts to execute a massively successful marketing approach.
