Today, organisations are challenged by voluminous amounts of data, stiff competition in the industry and a fast changing pattern of consumer behaviour. The revolution brought about by an outbreak of unprecedented amount of data and the rapidly expanding technologies and platforms have provided marketers with multitudes of insights into the minds of consumers.
Marketing and sales leaders are required to gauge the interest of their consumers in order to communicate messages and develop the products that are of good relevance to them. The worldwide growth rate of data is baffling for any sales or marketing leader. Hence it becomes imperative for companies to invest in an automated “algorithmic marketing” which enables them to effectively process …show more content…
It also allows marketers to collect relevant data to better understand their competition and take their next stand accordingly. This allows them to plan their marketing strategies effectively in a way that helps them to better face competition and retrieve their customers. Big data can also contribute in improving the customer engagement process. For e.g. by understanding the shopping behaviour of customers, marketers can conclude what interests their customers and help them to develop strategies to personalize their shopping experience which in turn enhances the customer engagement process. Big data also acts as a corrective measure. It can help address the existing marketing flaws. It can tell marketers about the avenues that can be explored, directions which their brand has not been able to cater to. It also enables marketers to realize the inadequacies of their marketing strategies and the new directions which can be explored for the fulfilment of their campaign which makes their customers connect with the …show more content…
Numerous people from IT and data analytics have confessed that managers are apprehensive about dealing with such volumes of data. However, big data is not just about large volume of data; it’s not limited to velocity as well. It is a transformation that companies can undertake to bridge the gap between the data available to them and the marketing insights that they can derive out of that data. This understanding of big data is one that managers need to know in order to understand the minds of their consumers and retain them.
Decades have been spent on understanding the meaning and scope of big data; now it’s time to concentrate on the implementation of big data. This would mean developing the appropriate methodologies to comprehend the data and also the capabilities to infer meaningful insights from the data. Big data is a vast ocean to be explored and only the right approach to big data can help marketers cultivate the benefits to its full
Marketing and sales leaders are required to gauge the interest of their consumers in order to communicate messages and develop the products that are of good relevance to them. The worldwide growth rate of data is baffling for any sales or marketing leader. Hence it becomes imperative for companies to invest in an automated “algorithmic marketing” which enables them to effectively process …show more content…
It also allows marketers to collect relevant data to better understand their competition and take their next stand accordingly. This allows them to plan their marketing strategies effectively in a way that helps them to better face competition and retrieve their customers. Big data can also contribute in improving the customer engagement process. For e.g. by understanding the shopping behaviour of customers, marketers can conclude what interests their customers and help them to develop strategies to personalize their shopping experience which in turn enhances the customer engagement process. Big data also acts as a corrective measure. It can help address the existing marketing flaws. It can tell marketers about the avenues that can be explored, directions which their brand has not been able to cater to. It also enables marketers to realize the inadequacies of their marketing strategies and the new directions which can be explored for the fulfilment of their campaign which makes their customers connect with the …show more content…
Numerous people from IT and data analytics have confessed that managers are apprehensive about dealing with such volumes of data. However, big data is not just about large volume of data; it’s not limited to velocity as well. It is a transformation that companies can undertake to bridge the gap between the data available to them and the marketing insights that they can derive out of that data. This understanding of big data is one that managers need to know in order to understand the minds of their consumers and retain them.
Decades have been spent on understanding the meaning and scope of big data; now it’s time to concentrate on the implementation of big data. This would mean developing the appropriate methodologies to comprehend the data and also the capabilities to infer meaningful insights from the data. Big data is a vast ocean to be explored and only the right approach to big data can help marketers cultivate the benefits to its full