The world has dramatically altered around us, perhaps too soon for our liking. A few decades ago, the very concept of smartphones was something that came straight out of a sci-fi movie. In fact, even in the recent past, the people generally weren’t even aware of how to leverage the Internet for their benefits. The idea of having a digital marketing agency was a lingering thought at the back of their minds. It was unachievable, and the world needed another Einstein to crack the myth for them.
Today, we have smart machines that are capable of communicating and making decisions for us. We have a number of social media accounts to keep us updated at all times. We have analytics to study data trends and we have large data centers with most of our information stored in the cloud.
According to the International Data Corporation’s (IDC) predictions, big data analytics is a burgeoning industry in the technology-powered world where we reside. The market value of the big data analytics industry is predicted to go through the roof hitting the ginormous $200-billion mark by the end of the year 2020. Isn’t it strange how fast we have outgrown ourselves? Forbes claims that more than 53% of major industries around the world are focusing their investments in Big Data. These companies are not going in directly, they are leveraging the power of digital marketing.
Wondering how big data is shaping the future of digital marketing? Here, check it out.
Marketing Will Mostly Be Data Driven
How does digital marketing benefit from Big Data? Big data allows organizations to collect information from vast pools of resources. It enables them to analyze and study collected information using a range of analysis tools. Most companies leverage it by studying consumer behavior and identifying where to tap into their customer lives. The idea is to send out the right message at the right time to the right people.
Back in the days of yore, organizations would splurge a fortune in traditional advertising. Highly interactive ads with catchy slogans and rhyming jingles were the lifeblood of radio and television channels. While this was lucrative to some extent, it failed to leave a mark on a larger scale. Once a brand breathed its last, it would instantly be replaced by another. With the advent of social media advertising, the definition of marketing has taken a turn for the better.
Marketing is now more data-driven than approach-driven. Organizations capitalize on customer data by studying behavioral patterns. They identify which campaign ads were most successful and fine-tune them accordingly. All thanks to Big Data!
Higher Percentage of Social Conversions
Social conversions are important to organizations. Without an appropriate ratio of social conversions, organizations may be hindered in grasping the needs of their customers. Social media is one of many platforms which can be leveraged. But with the introduction to “Internet of Things (IoT)”, marketers are compelled to tap into new-fangled expansions on strategizing business modules.
According to a research conducted by Gartner, more than 5.5 million different devices are interconnected using the “Internet of Things.” And according to Cisco, more than 50 billion objects will be connected to each other, and to the Internet, by the year 2020. Today, from refrigeration units to thermostats, television sets to traveling vehicles, everything boasts a separate database of their own. They are connected via the cloud environment. All search queries are stored in databases to create a vast repository of information.
Imagine if your fridge could send you an alert if you are running low on milk and even auto-order from your fav stores, you WhatsApp your home oven to preheat itself so that it is ready to go by the time you reach home with that scrumptious frozen pizza that you cannot wait to devour, if a passcode from your phone could gain you access to your vacation rentals, or if the machines at your home can order their own replacement parts!
Today, IoT is ready to be optimized for use with social media, allowing user shares and automated posts to be generated regularly by a stream of connected devices as well. This is bound to pave the way for a host of burgeoning social monitoring tools with a propensity to capitalize on the prowess of billions of interconnected smart objects.
Gleaning access to personal information about each customer will enable business leaders and marketers to foster meaningful relationships with their clients. IoT devices will be able to analyze, share, and collect the favorite sounds, colors, tastes, habits, and other elements to gain a better comprehension of who each person is and how to personalize their message for them. By analyzing big data for IoT related services, marketers will better understand where the market influx is on the rise. New campaigns are projected to emerge, which will surely produce more profitable impacts for companies so they can grow significantly.
Marketers Will Have Access to Personalized Ads
Traditional and run-of-the-mill modes of advertising are not as rewarding as they used to be a couple of years earlier. A few days back, I visited a symposium where a dynamic personality was debriefing the crowd on the benefits of traditional branding. After being exposed to a stream of visually stunning graphics and a range of other tactics, I conjectured that his end-result was to convince the crowd that selling ads on Radio is what takes businesses to that next level.
After the session was completed, each small business owner was provided with a brand strategist, selling them on why brand marketing through radio is essential for their business. But, my partner and I realized that running ads on radio is more of an “interruptive” business strategy than a convincing one. It may significantly result in tarnishing the brand’s image irrevocably.
Big data has opened doors to understanding which areas can be tapped by marketers using different data processing tools. One tool that stands above the competition is Yarn. It allows marketers to understand customer behaviors by studying different demographics. Marketers will become capable of analyzing and predicting the wants of their customers by scrutinizing previous purchase patterns. By following these patterns, marketing campaigns would become more personalized.
Nothing makes a customer more content than that when they are made to feel special.
Real-Time Analytics Will Allow For Making Quick Changes
A major benefit of incorporating Big Data strategies in digital marketing is that it allows marketers to study data in real-time. With tools such as Hadoop reporting and many others, analytics to study data in real-time has now become possible across Big Data environments. Analysts will equip themselves with quick decision-making by studying data and identifying when a campaign is failing to perform. It will not only save the organization a fortune but also greatly assists in deploying marketing strategies that perform better.
According to an estimate, more than 44% of firms dealing with the consumer market, ensure that Big Data greatly benefits their firm while addressing the aspect of responsiveness. Big Data can enable marketers to fine-tune their marketing strategies and create campaigns that are more data-driven.
Summing it All Up
The evolution of big data has unleashed new horizons for most companies belonging to the technology industry. Organizations are now coming up with newer policies to include big data as a core aspect of their marketing strategies. Companies failing to make use of big data are considerably lagging behind in progress and are facing a vast array of issues. Most of these issues center on customer retention, building brand loyalty, and circumventing unsolicited expenditures.
If your marketing teams are failing to adapt and leverage the power of big data in their business processes, they are embarking on a downhill journey. While it may be difficult to identify the chasm at the moment, in the days to come, the market is going to become pretty competitive. If marketing teams aren’t going to adjust to more robust tools and technologies, they will significantly incur massive losses.
At Branex, we believe in giving our clients stellar exponential solutions. Do you think you have an idea that can help you create a website or an application with Big Data features? Talk to Us. We can help you build one.