What is Big Data Marketing?
What is big data, and why should companies care about it? If you’re anything like me, you may have asked yourself this question over again. Big data is the application of statistical machine learning and big data analytics to help businesses improve customer service, drive more sales and grow market share by improving the targeting of potential clients.
Big data analytics applies both basic and advanced machine learning techniques to support customer service, including things like SMS, e-mails and phone call analytics, which have the ability to provide information that can be analyzed in real time. This provides a rich source of information that can be used to build richer, more personalized experiences for users at all stages of the buying process from browsing stores to purchasing a car. These capabilities are especially important for shopping malls. As any owner of a store knows well, customer experience has become the new sales buzzword. In fact, according to a recent article in Fast Company, the top 10 consumer complaints include service, satisfaction, product or service quality, and cost. However, given the increasing power of social networks and other tools for sharing data, this complaint rating will only continue to rise.
By leveraging predictive analytics, marketers can tap into this powerful resource to understand who their target customers are, and what words, phrases and brand images are likely to trigger strong reactions among them. This helps in designing relevant ads, which then increase customer satisfaction and conversions. Big data can provide an understanding of what words, phrases and brand images result in stronger brand responses, and help marketers define new campaigns and target customers effectively. Predictive analytics can also help marketers decide on the kind of offline as well as online marketing that will suit a particular business best.
As per usual, using big data analytics requires a lot of time, effort, and money. Apart from the time spent on the r&d, new business strategies have to be developed, new technologies have to be deployed, and old customers have to be contacted. However, while using big data, one can ensure a return on investment (ROI) in a much shorter span of time. One can use available data to make informed decisions and implement strategies that help increase customer satisfaction. Moreover, it saves money too. Below are some of the advantages of using a predictive marketing software solution:
Gives insights about current market conditions and trends. Through the use of big data marketing solutions, marketers gain insights into the pulse of the buying audience. They can know what words, phrases, and brand images spark up faster and result in quicker response. With these insights, they can design relevant campaigns and target customers more effectively. They can see the pulse of the market at the exact moment when it is hungry for what they have to offer.
Machine Learning MLM (machine learning MLM) uses the unsupervised capabilities of large pools of data to function like an online or offline survey tool. It helps users gain insights into customer behavior by gathering and analyzing real-time data from a number of sources such as social media, surveys, and call center calls. It then uses this data to provide timely and accurate insights into customer buying intent to purchase. These insights give marketers a better understanding of where to focus their marketing efforts. And with the help of a predictive artificial intelligence (AI) technology, it is now easier than ever before to train and test campaigns to improve results.
Machine Learning MLM uses big data analytics to provide advertisers with the information needed to fine tune their marketing campaigns. It does so by collecting, organizing, analyzing, and interpreting information from a variety of sources to provide timely insight into campaigns that will help advertisers make more informed choices for their marketing dollars. It also helps to target more specific groups for campaigns. In other words, marketers can tell which advertising messages are likely to attract the demographic elements in which they seek to gain profit and which messages are more likely to motivate people outside that demographic to take action. This helps marketers focus their marketing dollars on segments of the population that are more apt to respond and convert. Overall, predictive analytics approach leverages all the capabilities of big data to improve your bottom line.
Big data, predictive analytics, and predictive internet technologies, are changing the way marketers think about their business and how they go about doing it. These changes have streamlined many an industry, but the most notable impact has been on the MLM industry. Now that you know what is big data marketing, you can start using predictive analytics and the other big data tools to make your business more successful.