Can Big Data Improve Our Marketing Strategies?
In an era of great advances in technology, it has become increasingly important to detect fraud, improve cost analysis, find new customers or get a full view of campaigns in real time and all that and more can be achieved thanks to Big Data.
A general trend but that greatly affects the world of marketing. And it is that, when launching campaigns that try to attract consumers to a specific product or service, it is very important to know a little about the person we want to reach to personalize the ad as much as possible and can offer you offers that are really interesting like what like to people who wants to buy ocean front houses in baja.
Much has been talked about what Big Data can achieve in this field, but in reality we may know very little, since there are endless concrete possibilities that still escape the knowledge of many marketing managers. Beyond the creation of communication strategies adapted to our clients, according to their tastes, their geographic data and all kinds of information, the data can help us make great advances in the markets.
Here are some examples of how we can apply Big Data in our day to day:
Segment customers: previously we analyzed the customers and we saw how they were classified according to their characteristics, and strategies were carried out that were applied during months to compare the results of the beginning with those of the end.
Seize opportunities in sales: from the segmentations we can see in more detail how customers change and locate business opportunities based on it. For example, we can see what products
visited the customer or has bought and recommend another similar or complementary product, which is known as cross-selling.
Make decisions in real time: if I put a product on sale at a certain time, in a certain place, with real time and Big Data can see how that product is selling and make decisions based on the results.
Detect and avoid the loss of customers: we can see with patterns how customers behave and detect what is going to make the customer abandon the purchase or end up making it.
Detect fraud: you can see how people pay and see on which fronts we are vulnerable at the security level. We can also use Big Data to understand many kinds of risk, whether related to customer abandonment, payment methods or communication strategies, among others.
Tracking market trends: thanks to the data we can see how people develop feelings about our brand, positive or negative, how they move in the market, what releases they like most, which products are the best sellers …
Planning and prediction: we can predict how the business is going to be most likely to succeed, thanks to the immense amount of data we can have a more accurate planning.
Improve cost analysis: cause and effect of the above. If we have better prediction and planning we will also see better the costs that will represent us.