Let’s looks at the significance of big data in relation to the field of marketing to know the role it plays in improving the marketing potential of companies. In the present world, only those companies are able to achieve successes that are able to make an effective use of marketing by sending the right message to the right person at the right time for the right price. However, they face multiple challenges related to exponential rise in the data volume, increasing significance of the amount of unstructured data and social media, growth of device choices and marketing channels, and ever-changing consumer demographics. Leading marketers in the present world make use of big data to deliver relevance and greater value to the customers. this happens in a way that when the chief marketing officer of a company prepares to release a high value product in the market, he/she partners with the other departments to retrieve structured and unstructured data about the market with the help of the big data platform. The data sources for big data include all kinds of structured, semi-structured, unstructured, and internal and external business data. The data includes market information and competitive intelligence data, marketing research and product value information, call center logs, customer feedback data, third-party data, device data, and product enhancement requests.
Now, for all information gathered for the purpose, the big data platform that was being used by the marketing officer would help the marketer analyze all available data and would provide an insight into the features that customers may have liked or disliked about the product earlier. The marketer then makes use of the predictive analytics to define the target market and identify its desires and behaviors about the new product and moves on to share the insights about the features that the customers would be expecting to be present in the product with the cross-functional team to improve product innovation. This process helps marketers in developing the product in accordance with the demands of the target market, which eventually is likely to achieve success when launched. Not only this, the marketing team can also make use of big data analytics during the campaign to monitor campaign variables and response of the customers. The overall process helps marketers in improving product development, improving campaign performance, and increasing market share for the newly launched product. Big data is improving planning, customization, pricing, customer loyalty, personalized and targeted marketing, and advertising profitability areas for companies (Richardson, 2017; Chrisos, 2018). Large companies make use of big data analytics to be productive for a business. For example, eBay uses predictive big data analytics software to obtain powerful intelligence and a real time insight into its financial affairs. Thus, it can be said that big data is beneficial not only in doing effective marketing of the new products and services but also in many other business processes.
References
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Chrisos, M. (2018). 3 Major Impacts of Big Data Analytics in Marketing Organizations. Techfunnel.com. Retrieved from https://www.techfunnel.com/martech/impact-of-big-data-analytics-in-marketing-organizations/
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Columbus, L. (2016). Ten Ways Big Data Is Revolutionizing Marketing and Sales. Forbes.com. Retrieved from https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/#43ab3ab621cf
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Ghosh, M. (2015). Big data in marketing analytics. Analytics-managize.org. Retrieved from http://analytics-magazine.org/big-data-in-marketing-analytics/
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Iyer, C. (2018). 3 Challenges with Big Data for Marketers. Martechadvisor.com. Retrieved from https://www.martechadvisor.com/articles/data-management/3-challenges-with-big-data-for-marketers/
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Richardson, C. (2017). 7 Great Benefits of Big Data in Marketing. Smartdatacollective.com. Retrieved from https://www.smartdatacollective.com/benefits-big-data-in-marketing/
