To do their job accurately, marketers need the raw materials that data provides them. It's what enables marketers to gain a deeper understanding of their customers based on the actions they perform, exposing their most authentic desires.
The rate of change in customer tastes and preferences has quickened, making it more important than ever to remain on top of the latest trends and make informed judgments. Brands plan to increase their data-driven marketing budgets by 40 percent. In comparison, 88 percent of marketers utilize data to improve their understanding of customers.
Experts must be in place to organize, analyze, and use these results to maximize the marketing potential of large data sets. Marketing professionals who have a master's degree in business analytics are well-equipped to acquire relevant data and deliver the company's message to consumers at the right time. Big data has reshaped the marketing landscape, and people with advanced training in analytics tools and procedures can provide their organizations an advantage over their rivals. Professionals in today's marketing endeavors must have a thorough grasp of the pertinent facts. A professional master's degree in a data analytics program provides students with the knowledge and skills they'll need to succeed in the field.
Here, we'll look at how data is transforming the marketing industry. In this post, we'll try to explain how data-driven marketing is reshaping the landscape of the marketing industry.
Let's get started, shall we?
Big Data - Introduction
With big data and analytics, a corporation can predict consumer behavior, improve decision-making across the board, and calculate the ROI of its advertising efforts. The company would not only be able to maintain its market share, but it would also be able to enter new markets.
Prescriptive analytics is being used by a wide range of organizations across various industries for various purposes. Additionally, data analytics has made it feasible for enterprises to use customer and user experience data to provide customer-targeted services and produce positive customer outcomes while preserving data security.
Daily, there are over 3.5 billion Google searches, 1.3 billion IoT devices, and 254 exabytes of mobile broadband data flow, according to estimates. Because this data is dispersed and difficult to understand, it has little value to businesses or customers. Marketing analytics allow a brand or organization to assess and monitor every campaign, making informed decisions about their campaign goals.
Top Data Analytics trends
Here's a list of the pivotal data analytics trends that are changing in the marketing industry:
- Multi-source data for enhanced consumer insight. It's more crucial than ever to keep up with changing consumer trends. For the most part, customer surveys are used to gain insight into customer opinions and preferences. But today, businesses are using a wide range of data sources to understand their customers better. Machine Learning-powered, advanced Natural Language Processing models, are also available for marketers. Insights can be gleaned from various data sources such as customer reviews and chat transcripts, transaction data, and more using these models.
- Ensemble modeling for marketing ROI. Marketing budget allocation has always necessitated constant reassessment and fine-tuning for maximum ROI. In the year 2020, this got even more crucial. Marketing Mix Modeling (MMM) has traditionally been the primary method for allocating marketing funds. Marketers are paying attention to Multi-Touch Attribution (MTA) because of the rising use of internet platforms. There is no alternative for the other, however.
- Improve customer-level marketing with cloud-based analytic services. Online shopping has given firms tremendous amounts of consumer data. This data must be adequately preserved and quickly accessed to gain customer insights. As a result, many marketers turn to the cloud to reap its many benefits. It delivers enormous processing capacity, open-source analytics, and apparent cost and productivity benefits. In particular, using these can revolutionize how marketers reach and engage with customers.
- Use cutting-edge tech to connect customers. Consumers today desire an excellent and connected experience in addition to value. Often, client journeys span several channels and interactions. To get a complete customer picture, marketers use data from many sources. It is made possible by complicated matching algorithms and cross-channel consumer identity matching. Also, technologies like Qualtrics help track and measure consumer experience across several touchpoints. Hyper personalization using AI/ML models.
Consumers are frequently bombarded with mass marketing communications. For differentiation and deeper consumer relationships, marketers use hyper-personalization. Complex ML-based algorithms allow them to analyze massive volumes of customer data, build robust consumer profiles, and personalize messages and experiences in real-time.
As much as we wished 2020 hadn't happened, it accelerated nearly a decade's growth in a few months. In 2021, customers will expect even more personalization and service. Marketers will need to keep up with changing consumer preferences and expectations. Data and analytics will be key here.
Tips for a Big Data journey
Big data analytics is a pathway that helps organizations address significant business issues by transforming data into insights that affect business activities and generate critical business outcomes.
As a first step, marketing executives should ponder the following questions to get the most out of their big data investments:
- What should our big data analytics roadmap look like for our marketing goals?
- What are the desired business outcomes that we hope to affect through the use of customer-related big data?
- What capabilities and services should we develop when using big data to gain a competitive advantage?
- What technology solutions are available as we embark on our big data journey?
- Are we prepared to embark on a big data journey with the right people and resources in place?
Big data presents a wide range of possibilities. Still, it will be up to its senior leaders to take advantage of them. Big data can help senior leaders foster a culture of experimentation and learning by pushing critical pilots and establishing contact points. As a result of these little triumphs, big data tactics in marketing will become more innovative and impactful to customers in the future.
Wrapping it up
Marketing may benefit from big data! Thanks to cutting-edge technologies like machine learning and artificial intelligence, marketing is about to undergo a paradigm shift. Advanced marketers will soon be able to do everything they want.