We’ve all heard about it by now: “Big Data.” For over a decade, journalists and marketing professionals have been talking about how it will soon change everything. But until recently, it always sounded like they were talking about the future. Well, the future is now.
58% of CMOs say big data is already having an impact on their businesses. And that number will only increase as technology improves. Today, I want to reveal to you four ways big data will change marketing for the better.
1. Marketers Can Make Better Predictions
Before the use of big data, marketers had to rely on traditions and guesswork to make predictions about consumer behavior. For example, holiday seasons could be predicted. These gave marketers specific timelines for when certain products should be marketed or released.
But with the help of the right tools, today’s marketers can use big data to analyze prospects’ habits in real-time. In other words, you don’t have to wait for December to know when a certain family might want to buy their children toys. With the right insights, you could even predict when a child’s birthday is coming up. Then, you can send effective messaging straight to their parents.
2. Automating Your Business
Big data adds new dimensions to what humans can understand. In fact, with the help of big data, you can start automating marketing processes with the help of algorithms. And this could greatly increase your organization’s marketing efficiency.
For example, let’s say you want to automate your email processes depending on a customer’s actions. All you need is the right technology to mine the data you’re collecting, and this can be done easily. In fact, once the content is created, nobody needs to hit send on a single button. Of course, though, you will want human oversight to make sure everything continues running smoothly.
3. Optimize Product Pricing
As we all know, there’s a difference in customer response to a product priced at $9.99 versus $10.00. For some reason, shaving that extra one cent off has historically boosted response. However, in the other direction, it’s shown that a 1% price increase can lead to an 8.7% increase in profits. What’s a smart CMO to do?
Well, the answer here, too, lies in big data. With the help of big data, you can analyze in real-time how minor price shifts affect your prospects’ responses. In other words, collating price data with response data can help you optimize your own products’ pricing. And that should contribute positively to your organization’s bottom line.
4. Improving Brand Loyalty
When you put together everything we’ve been talking about, it becomes easy to see how big data can help with brand loyalty. Let’s say that you’re predicting what your customers want. Simultaneously, you’ve automated your marketing efforts to reach them at the most opportune times. At the same time, you’re also providing them the product they need at the price they want. What’s not to love about your brand now?
However, again, you don’t want to overreach. Too much apparent knowledge of your customers’ habits may turn them off to you. This is precisely why human oversight is always needed. There’s a point at which too much marketing precision starts looking a little creepy.
If You’re Looking for Marketing Help…
So, big data is here, and it’s useful. But your company may be new to the game. In fact, your organization may still be trying to figure out the best way to make use of all the data you’re acquiring. If that’s the case, then I urge you to reach out to us here at StellaPop.
We have the marketing expertise you need to drive success with your campaigns, analyze your data, and start building your brand. We hope to hear from you soon.