Impact of Big Data in marketing – Big Data solutions for small business
by Anii Jain Human resource executive
It is difficult to avoid the countless benefits of Big Data to survive fierce global market especially for small businesses. It is a misconception that Big Data is only affordable for giant organizations. However, it is not true. Regardless the size of the enterprise, Big Data can be used to accentuate any company’s success in minimal resources. Here’s an interesting fact, Intuit reported its 4.5 million paying customers for its QuickBooks accounting software in 2018. It is a huge amount of readily available data generated from software for market trend analysis and decision making.
To give a clearer insight about Big Data, here are some of the great ways to lead a small firm towards big heights.
Track Your Leads
For any organization, it is essential to know to where their existing and prospective customers belong. One can track lead origins via email campaigns, social media engagement, online reviews and company blogs or articles. Doing so helps in modifying and enhancing the past strategies that worked.
Improved Customer Experience Insight
To achieve and retain customer insight, you don’t need a full-fledged team of data scientists if you have Big Data. The technology allows you to extract necessary data and metrics that provide smarter enterprise solutions to improve overall customer experience.
Create Effective Market Campaigns
Once you know your target audiences and their demands, then it becomes easier to develop effective market campaigns to influence customers toward your products or services. Gathering more and more information about the target audiences helps the publisher to serve more relevancy in the advertisements. Just like Netflix and YouTube serve their subscribers with recommendations to make their experience more personalized.
Introducing New Products or Services
You can never gamble your business by introducing a product or service without knowing the current market trend. According to Martin Blumenau, the founder of Datapine, “The best thing you’ll get to know is what keeps the customers engaged. With such data, you can improve your existing products and develop new products.” It becomes easier to innovate around products and services when you know the demands and desires of your customers.
Better Utilization of Social Media
Big Data allows a person to track its customers’ current interests and purchasing behavior. Once you get to know what exactly works in the market, you can utilize the tools of social media in a better way. Social media tools like ‘Social Mention’ and ‘Twilert’ help in setting up notification for such subjects that are relevant to your business keywords. This improves customer conversations and responses to create a buzz in the social media world.
Also Read: Emerging Big Data Trends to Watch in 2019
Adopt Market Analytics
For every small-sized enterprise, some of the largest and crucial investments are marketing and recruitment among others. Many entrepreneurs complain about lack of time for analyzing and researching market investments. In such scenarios, Big Data gives you a platform to access the data easily to develop a dynamic marketing plan to leverage data analytics results and win customers.
Improve Customer Relation
Days are long gone when customers would buy anything blind-folded. Today customers know what they exactly want. Before making a purchase decision, a customer looks around and compares with other competitive products for better options to utilize its hard-earned money. Also, they analyze online reviews and communicate directly with the organization via social media to make best out of their investment. Big Data helps in profiling customers who show interest in your products and services. Keeping a track of the target audiences allows an enterprise to engage in one-on-one real-time conversations with consumers.
Big Data is more lucrative than we can imagine. It helps marketing teams to analyze, collect, and use data for no only ROI but holistic growth. Meanwhile, you can perform risk analysis, re-develop products and data security. Experts are certain that big data is the new route to success for enterprises of all sizes. From gathering massive amount of data regarding the targeted customers to allowing those to create efficient market plans and campaigns.
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Created on Oct 11th 2019 00:55. Viewed 402 times.