How Is Big Data Used in Today’s Marketing Analytics?
The diversity of big data creates a need for systems able to processing its many different linguistic, cultural and geographic differences. This gives the ability to cohesively study seemingly disparate sources of data to gain a comprehensive overview of what’s going on, how to respond and when to react. It’s not enough for analysts to be able to interpret the raw data. The data needs to be useful to the analyst as well. That’s why developers need to be thinking about how all this data will mesh together in order to make useful and meaningful reports.
Netflix uses deep learning in order to build predictive analytics to provide insights on what its members are viewing. The company has found that using the data provided by its subscription streaming services, it can better understand user habits, what they’re watching and how they’re behaving. With predictive analytics, Netflix is able to provide personalized recommendations based on individual viewing habits. These recommendations provide the company with more insight into the viewing habits of specific groups and the activities of those members who are most active.
Companies like Yelp use big data to create a personalized marketing strategy. Rather than spending time creating a generalized marketing plan or marketing system, a company can tailor the kind of responses it gets from its online community members. Personalization of responses gives businesses the power to shape their own customer experience. While a business can still rely on traditional marketing tools like print advertisements, having personalized marketing strategy in place ensures that customers know exactly what to expect from a given product and service.
There are many reasons why traditional marketing approaches aren’t working anymore. Most companies simply don’t have the time or resources to track consumer behavior in depth. Big data offers them an opportunity to do just that, tracking the shopping habits of specific demographics and geographic locations within real time. Data brokers who work for these companies are able to respond to consumer inquiries and provide them with insightful data about where they’re going next.
Netflix also taps into big data analytics through its use of streaming services. In order to keep up with consumer demands, Netflix relies on its streaming services to generate ratings and reviews of movies and television shows based on how they’re viewed by users. With this information, Netflix can fine-tune its content to suit the interests and desires of its users, which in turn, ensures that Netflix remains a profitable company. By allowing consumers to rate and review their favorite programs, Netflix enables them to better communicate with their target audience and drive more sales.
Twitter, the popular microblogging site, is another company that makes use of big data. The platform allows users to make commentary on what they’re doing on the social media site in 140 characters or less. However, the insightful insights that Twitter gains from its users’ tweets go far beyond commentary. Through its application of Big Data concepts, Twitter is able to predict user sentiment about upcoming product releases, upcoming trends, and even geo-targeting through location data provided by Twickets.
In the realm of unstructured or semi-structured data, Amazon uses a diverse set of data analytics tools to provide insights on customer purchase behavior. The Digital Transformation team at Amazon has created bespoke tools that analyze tens of thousands of items in order to provide insightful insight on everything from how people use e-books to their shopping habits to which products drive sales. By enabling customers to search for specific items or even browse through products on a whim, Amazon leverages their massive customer database to improve their customer experience.
Google has also made big data use cases a core component of its strategy for building smart cities. Google Maps offers real-time traffic and transportation information that can be used by drivers across the city using Google’s mobile application to find their way. The same goes for Google Buzz, the latest offering from the search giant that merges the personal and business worlds by allowing customers to search for Buzz topics of interest while searching through the company’s extensive content. In fact, big data analytics has already begun to shape Google’s future strategy, and it is only a matter of time before other major companies begin to adopt similar strategies.