BIG DATA & MARKETING: VALUE, PROBLEMS, AND SOLUTIONS

Marketing teams can now enjoy an endless stream of benefits from the enormous amount of consumer data out there. The collection and collation of data from in-app activities, website traffic, and social media platforms, etc. helps marketing teams understand the behavior of consumers. This helps them more accurately predict what the desires of a consumer are.

To harness the amazing benefits of using huge consumer data in marketing campaigns, the ability to accurately analyze these chunks of data is crucial to the overall result of the campaign. However, there is still a huge gap between the value of data analytics and the marketing team’s ability to properly use it for a successful campaign.

In this post, we will take a quick look at the role of big data in marketing. We will also look at a the problems marketing teams may face and how they can solve them.

THE IMPORTANCE OF HUGE CONSUMER DATA

A renowned author compared marketing without analytics to a deaf and blind deer walking across a highway. He stated this to highlight the importance of huge consumer data in marketing. Big data is crucial to a successful marketing campaign and the ability to properly analyze it will determine the overall result of the campaign. Getting your data analytics correct will transform the sales of your products. Furthermore, it will help your marketing team modify and develop a more efficient marketing strategy. Visit tropare.com to learn more.

Here are a few ways marketing teams can benefit from the use of big data:

• CONSUMER CLASSIFICATION: Otherwise referred to as segmentation, consumer classification helps marketing teams classify consumers into easy assessable demographic categories such as sex, age, or location, etc. As a result, marketing teams can develop effective marketing strategies to attract and keep consumers in these different categories.
• IDENTIFYING CONSUMERS DESIRES: Big data helps marketing teams identify the desires of a particular consumer, giving them the edge they need to persuade the consumer to purchase a product or service from them.

MAJOR DATA ANALYTICS PROBLEMS

The challenges marketing teams experience with data analytics transcends looking for the perfect way to analyze data. Reports indicate that almost half of the marketing teams fail to examine the accuracy and quality of their data.

Another report indicates that more than 60 percent of businesses use invalid or incomplete consumer data. Reports also show that over 60 percent of the analyzed two hundred and twenty-three million records comprised of missing industry and revenue data.

Poor or incomplete data hampers the success of marketing campaigns and beyond that, it makes developing effective marketing strategies impossible.

SOLUTION

The fact is that accurate data evaluation needs to become a constant practice in the marketing team of any company. The importance of an accurate, clean, and regularly updated database cannot be overemphasized.

Marketing teams also need to adopt several data cleansing and cross-checking processes if they are to be successful in the highly competitive marketing world.

BOTTOM LINE

Marketing teams must learn to treat data carefully, and then evaluate, and analyze it to enjoy the amazing benefits of huge consumer data.