The word Big Data has been on everyone’s lips for some time now. The generation and collection of data is, after all, nothing new. The meaningful use of this data, however, is a fairly fresh challenge and opportunity.
Gaining insights into customer behavioral patterns plays a critical role in creating focused, targeted, or even personalized campaigns. Big data can help make sense of the information gathered, such as retention cost, average transaction value, and even customer satisfaction.
The purpose of advertising and marketing is to persuade consumers to become customers and buy a certain product or service. To get the message across and influence people to purchase certain products and services, advertisers and marketers need to create a message that resonates with their target audience. This is where it can get tricky. Defining a target audience is the first thing to do because different types of people will respond to different content. Different markets (groups of people defined by age, social status, and other factors) will respond to different things.
Smart marketers make use of all sorts of information about their target audience(s) and customers in order to fine tune (ultimately even personalize) the message and delivery of their campaigns. This is where Big Data comes into play.
Big data could be described as a large collection of information, which can help marketers obtain essential insights into their customers’ needs, interests, wishes, behavior, etc. Through big data analytics, marketers can find out relevant details, such as shopping patterns, online behavior, interests, consumer habits, and trends, just to mention a few. It’s easy to understand why big data is such a hot commodity these days. The basic idea is that such information can take the effectiveness of advertising and marketing to a whole new level and at the same time provide content that is far more relevant, engaging and efficient.
Big data can be used to help create targeted and personalized campaigns that ultimately save money and increase efficiency. It enables marketers and advertisers to gather information about user behavior in order to target the right people with the right product.
Using the power of data analytics, advertisers can identify emerging trends and provide real-time live ad customization. Because the key element of advertising is trying to reach the right audience at the right time with the right message or offer, big data will help predict purchases, identify and analyze consumer behavior and the type of performance that certain segments of your audiences will perform against. The development of new technologies also permits companies the convenience of using data in a smarter, safer way. In other words, companies can now actually mine their data to improve both the bottom line and customer service, instead of just sitting on an undeveloped gold deposit.