Big Data: How to use? Where to use effectively? What scale to consider? The infinite loop of questions keeps haunting minds of marketers day and night.
Marketers are engulfed with data about their clients from a broad range of sources including communities, the web, live events, offline CRM systems, and social networks. As a result, when developing the scale or fetching new clients and cross-selling chances, marketers seem to end up with a variety of tool set, but they tend to have a very little insight about the behavior of their client. Marketers need to be able to link the dots between their offline as well as online Marketing Data sources to understand their customers’ complete journey, from prospect to viewer to profitable customer.
In most organizations, marketers are responsible for assessing the ongoing competition. Due to this, almost 60% of the entire professionals in a competitive intelligence report to marketing. Even though marketing has a relatively wholesome amount of people reporting to them, marketers often strategically fail to utilize their competitive analysis. Instead, they should be using them to collect more reconnaissance data. In similar words, these marketers are capturing a picture of the present, without having any future perspective. Marketing executives are usually tactical to competitive data requests.
Analytics and bigger data forms are changing the entire look of marketing, and there is absolutely no doubt about it. The introduction of Email Marketing, Big Data, and Regular Data in the list of Marketing Data makes our perspective about the evolution of market even stronger. But, to quote the evolution is making marketing strategically strong will be wrong. Instead of using a single advertisement in all places, it permits targeted messages to be delivered to customer segments according to specific media and personal preferences of their choice. It refers to a large amount of market data, which email marketing companies collect through their own market processes and from their own customers via various means. When this data is leveraged brilliantly, it can reveal highly useful patterns and trends, which can lead towards great improvements in various business strategies of the organizations that includes marketing strategy as well. This makes present marketing system analogous.
The rise of Big Data is said to have exacerbated such tendency. The appeal can be recognizable. The email marketing companies like Fresco Data specialize in painting a vibrant picture of the current market at any time. All the marketers listed under Fortune 500 companies are widely renowned for chasing market share rates to the extent of a second decimal point of competitors. Companies like Fresco Data also specialize in helping both data-driven marketers and industry leaders to leverage data to improve business. Marketers nowadays have unprecedented recon and weapons in terms of technological tools in order to access data. But they seem to lack effective planning where Marketing Data is involved.
Big data is a mixture of multi-structured and unstructured data, which consists of the entire volume of information.
Unstructured data arrives from information, which is not easily interpreted or organized by conventional data models or databases, and basically, it is a text heavy method. Twitter tweets, Facebook posts, and other social media postings are very great examples for this type of data. Whereas, Multi-structured data defines a broad range of data types and formats and can be derived from communication between machines and people, such as social networks or web applications. One very good example for this is Web Log Data. It consists of a combination of visual images and text along with transactional information or form resembling structured data.
As disruption of digital market transforms interaction channels and communication, and as marketers improve the client experience through face-to-face interactions, social platforms, and experience through devices, the data in the market will continue to evolve.
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