The implication of Big Data Analytics in business decision making is irrefutable. Marketing is aimed at getting the attention of prospective customers. A well-conceived marketing plan engages prospective customers to buy. Influencing the customer’s decision to purchase can only be made when you have the right data available in hand.

Generally, data informs decisions that are made across all forms of organizations. Existing data would inform the marketers on what has worked in the past and what could work in the future. Big Data Analytics can help you redesign your marketing funnel to capture more leads and turn them into buyers.

Big Data Analytics

Big Data analytics employs Data Science that helps to examine and analyze different kinds of data. These data are inaudible to most non-professionals. The data science tools employ various mathematical techniques to give a comprehensible shape to numerical data. It’s easier to comprehend a Pie-chart or a bar-graph over a complicated Excel table. 

The implication of Data on marketing is immense. With the right data in hand, you can program algorithms and A.I. to deliver personalized products to the customer. The best examples of data analytics and algorithm programming are various video streaming channels. For instance, YouTube can customize the video recommendations for a user based on their history. Netflix can recommend movies or series that a user is more likely to watch based on their preferred genre, and Facebook can deliver advertisements to users based on their browser search history.

How to choose Big Data?

What you have to understand is that although an immense amount of data is available, it's not of equal value. You must be wise to choose the right data for analysis.

The use of the right data and right scientific tools can help mitigate risk and fraud, deliver relevant products, and personalize customer experiences.

Big Data is a misnomer for a large volume of data -both structured and unstructured. It’s not the amount of data that's important; it's what marketers do with the data that matters. Big Data Analytics helps to examine large amounts of data to uncover insights that can realign your marketing technique.

• Choose the data sets that give clear indications about how consumers will react.
• Plan how to use the chosen data in a marketing strategy that reflects its insights.
• Execute the plan
• Evaluate its success and learn from the new data generated what worked, what didn't work, how well it worked, and how cost-effective it was.
• Use that data to tweak or change each component of your marketing plan
• Repeat the cycle to create ever-tightening circles around your target consumers.

What are the different ways to use Big Data Analytics?

Here are six different ways to use Big Data Analytics to increase your marketing ROI.

Set Competitive Rates

Big Data Analytics helps to examine consumer demand and market-rate to identify prices that will yield the maximum profit in real-time and determine when to activate the customer base through promotions.
Understanding market rates can offer insight into competitor's prices and pricing models. With the right data in hand, you can easily speculate the future returns on your competitive rate.

Effective Product Delivery

Big Data Analytics has helped to streamline personalized marketing to attract more visitors. Using analytics to evaluate multiple data streams helps to find out what does your user want.

In the case of video streaming channels like YouTube, a user is first offered videos based on their geography. Once they start surfing videos, future recommendations are made based on their browsing history. With more accurate speculation, YouTube is able to keep a user engaged in the channel for hours at a go, thanks to personalized marketing. With smart advertising techniques, they're able to remarket products based on their other browsing history.

Personalized marketing helps to deliver products effectively.

Reduce overhead costs

One of the most recurring expenses for any organization is managing and hiring overhead costs. With an effective marketing plan and the right data set tools, you can reduce unnecessary manpower.

Data science initiatives have the potential to reduce man-hours needed to manually analyze the data. Advanced data science tools can process and analyze data and present results within seconds.

Using data science tools does require skilled manpower, hence you should be wary of whom to hire and whom to let go.

Analyze Marketing Performance

You can segregate each marketing process or activity and analyze its performance to understand if it's making you any profit.

In improving the marketing ROI of an organization, performance analysis is a necessary process. Performance analysis compares the outcome of activity with the expected result. 

The marketers can compare the actual outcomes against expected outcomes and historical results to determine what went wrong or right. This can also help extrapolate how consumer behavior differed from one scenario to another. The insight gotten from performance analysis could also indicate developing trends in consumer behavior.

The marketing performance can often be measured in total impressions of advertisements, total clicks, and conversions, total expenses vs. total revenue, etc.

Understand Consumer behavior

The performance of organizations is driven by their knowledge of consumer behavior and market trends. 

Much to our surprise, consumer trends keep changing consistently. An organization must be prepared to take on the constant change and update their marketing techniques. Adapting to the change can yield better turnover. 

It's only possible by adopting Big data analytics. You have the right data in hand to help monitor the ever-evolving behaviors of your consumers. More people today choose to surf the internet through smartphones. Businesses must invest more in developing applications, websites, and UI based on the mobile experience. 

With big data, you are even able to predict future trends from developing activities.

Compare your perception to reality and adjust accordingly

With big data analysis, you can ascertain the reality of your marketing returns vs. expected returns. With the right data in hand, you can always tweak your marketing technique to accommodate new changes.

Big data analysis can help to realign your marketing goal by targeting consumer accuracy, customer segmentation, and real-time marketing.

Adopt big data analytics and data science into your core business strategy to churn more marketing revenue in the long run.

Here is the brief infographics on how can Big Data Analytics help grow Marketing ROI?

 

Searchable Design LLC is the best digital marketing agency in the US. We offer the best data science service in Urbandale. Get in touch with us to learn more about the best data-driven digital marketing strategies.