Big Data for Meaningful Marketing Insights

Are you currently wondering how you could increase your company’s revenues ? Then, you must consider investing on databases to collect ‘‘Big Data’’ that will allow you to gain meaningful insights for your marketing plan. You could also think about partnering with third-party marketing companies owning important data warehouses with valuable information for your organization.

What does ‘‘Big Data’’ stands for ?

‘‘Big data’’ consists of a significant volume of data that you can analyze and interpret in order to identify trends and patterns about customers, suppliers and market. Those ‘‘Big Data’’ are sorted out in a variety of data sets and stored in different databases that could capture hundreds to millions of transactional information.

‘‘Big Data’’ Main Sources

 You can retrieve ‘‘Big Data’’ from internal and external sources.

  • Internal sources include all the data that you can find within the organization such as for example the sales, accounting, financial, marketing, survey reports, etc.
  • External sources include the data that are not internally available to your company such as information about potential customers sold by a third-party company, social media data, household data, etc.

Why are ‘‘Big Data’’ Important ?

Having access to ‘‘Big Data’’ is very beneficial if you are working on your product or service development. It can also help you create more targeted messages appealing to your audience and thus design more effective marketing campaigns. Moreover, you will be able to enhance your customer experience and offer more personalized services. ‘‘Big Data’’ is revolutionizing Marketing according to the Marketing consultant Louis Columbus who mentions ten ways it is transforming the industry.

Big Data + Analytics = Key to Success

Big Data is not enough if you do not combine it with analytics. Proceeding in the analytics will allow you to obtain meaning from data thanks to the analysis of statistics. Analytics is essential to take better marketing decisions.

Here is below the Delta Model that should be followed to get the most of ‘‘Big Data’’ and Analytics and gain a competitive advantage according to the International Institute for Analytics :

As you will be implementing strategies that will be based on your customer insights, you will be surprised how you will improve your company’s efficiency. Start taking advantage of the ‘‘Big Data’’ to attract more customers, increase their loyalty and generate significant revenues for your organization.