How can Big Data analytics marketing help you read your customer’s mind? We take a look at the importance of Big Data analytics for an effective and successful business marketing strategy in the modern day.
In today’s world, businesses understand that customers are just a click away from shopping somewhere else. A well-developed marketing strategy is key to sustaining your business and succeeding in the ever evolving and highly competitive business world.
Understanding who your customers are is a vital part of a good marketing strategy. If you want to land the bullseye, you need to know your target.
The goal of marketing is to know and understand customers so well that your product or service fits them and sells itself. The better you know your customer, the more ways you will know how to make them happy.
A Big Data analytics system uses implicit input methods to mine and present the data that your business needs to truly know your customer; to be able to read your customers’ minds.
With Big Data analytics marketing, you don’t need to guess which marketing campaign or activity may or may not work. Big Data analytics will help businesses know exactly which messages will appeal to which customers even before you build your marketing campaign.
The industry of Big Data analytics is a revolutionary technological innovation that has captured the support of a wide range of organizations. With a global market projected to reach approximately $40.6 billion by 2023, the industry is expected to grow at a compound annual growth rate (CAGR) of around 29.7 percent according to MarketResearch.com.
The market is driven by organizations realizing the operational advantages of Big Data analytics in improving organizations to better target consumers, increase access to cloud-based models, enterprise-grade security and data governance solutions offered by market vendors, and continued vendor consolidation.
Top leading businesses like Amazon, Netflix, Spotify etc. and have all fully embraced and integrated Big Data analytics marketing into their business operations and have credited Big Data analytics as a key role in their success, driving considerable ROIs in the market.
Every single one of your customers is an individual – and they deserve to be treated as such. Big Data driven marketing is what will enable your business to truly understand who your customers are, what they want to buy and how you can best reach them. The answers to these three principle questions of marketing lies within Big Data analytics.
Know who your customers are
The days of segmenting your customers into lumps of generic groups are fast fading away; today, the way to a customer’s heart is by recognizing and treating them as individuals. The idea that all women or all senior citizens or all people of a particular race should be marketed to based on such surface level segmentation is outdated and ineffective. Big Data Marketing helps businesses dissect customers into more fine-grained multidimensional categories.
Is your customer a parent? What kind of lifestyle do they have? How much can they or are they willing to spend? These are some of the many demographic data points marketers need to know to be effective in marketing today.
With Big Data analytics marketing, businesses can gain access into all possible customer demographic insights of each and every individual customer to build solid profiles of their existing and potential customers.
Know what your customers want
Customers today are bombarded with information and options and often struggle to find the right products or services. By knowing exactly what your customer is looking to buy, you can present them with just that and make their shopping experience with you a successful and enjoyable one.
With 360° real-time customer behavior analysis, Big Data Analytics marketing enables businesses to identify existing and potential customers’ preferences, purchasing habits and attitudes – to know exactly what your customers want in the very moment, not relying on past purchase information. This data is crucial in converting new customers with no past purchase history and to keep up with changing and evolving customer needs.
Big Data analytics marketing enables businesses to dive deeper into customer psycho-graphics and probe into the underlying motivations of customer buying behaviors.
Personality drives behavior and behavior is what determines how you buy. If you know the personality of your customers, you can nuance your marketing to better resonate with them.
Know how to reach the right customers
Taking action on the data and interacting with customers is the final frontier of marketing. Appropriate targeting is the final step that determines the success of a marketing campaign.
Real time customer targeting is fundamental in increasing the success rate of marketing campaigns/activity especially among new and hesitant buyers.
Big Data analytics marketing provides businesses with the necessary data points and pathway that enables businesses to target the right customer with the right message at the right time via the right platform.
Big Analytics help marketers answer the three principle questions in marketing;
- Who are your customers?
- What are they looking to buy?
- How do you target them?
With fact-based answers to these questions provided by Big Data analytics marketing, businesses can expect to execute more successful marketing activities.
Businesses around the globe are beginning to adapt Big Data marketing and are making it a core part of their operations. Businesses that wait to utilize data analytics will see their customers defect to competitors that take the lead.