Sep 18, 2014
Breaking Down Big Data for Your Business
That’s the phrase on the street: big data. It’s big data this, or big data that. Aside from all the hype, what use is big data to your business marketing? Does big data have any potential to turn marketing into something that actually produces healthy increases in revenue? Of course.
Think of the challenges in marketing: an inability to effectively target key audiences without spending a fortune. The battle is even more uphill when it comes down to convincing consumers to actually buy into the product or service that is being marketed. In a way, big data overcomes both of these obstacles. Big data basically takes information about consumers and interprets it to understand consumer behavior. If a young woman likes certain Facebook groups, that says something about her and her buying habits. Big data aggregates millions data points and spits out all the information needed to reach consumers in unprecedented ways.
Big data is particularly useful to small business operations that can’t afford advanced analytics companies or market analysts. Marketing Method is one of the cheaper alternatives and specifically specializes in small business analytics. Imagine the marketing potential your business will have when conversion rates, website visits, social metrics and call metrics are all presented on one easy-to-use platform.
Harness big data to understand your buyers, then use that understanding to convince buyers to convert into company sales. Depending on the industry, different sets of big data will be relevant to marketing goals. Start small, but get comfortable with the idea of relying on data to make major marketing decisions. Data increases the effectiveness of campaigns, and by extension ROI. Want to learn more about big data? Here is a great explanation, compliments of SAS.com.
Here are key points to remember when using big data for your business:
-Let consumer habits drive your marketing strategy. This isn’t always intuitive, but it is imperative to get a good conversion rate.
-Determine consumer values and use those values in marketing messaging. If a group cares about family, family needs to be mentioned explicitly and implicitly in campaign messages.
-Always use appropriate marketing channels. Using the incorrect channel comes at the price of completely missing consumers that are being targeted. You might as well hand out marketing dollars on the street.
-Evaluate efforts for effectiveness. This means tracking information that normally is overlooked. How long are consumers are your website? What content is most popular? What gets the most clicks? Adjust accordingly to optimize the effects of subsequent campaigns.
Big data will only become more and more relevant to modern marketing. As this happens, put your business on the map by harnessing the power of what is online and available from consumers. The results will surprise you.