Use Of Big Data In Marketing Intelligence
The growth of a company in today’s world depends a lot on positive marketing and brand creation. Suppose the potential customer base is not aware of the product or service you are providing. Subsequently, you would lose your customers to the competitors who portray their services well to the outside world. A well-known online technology survey states that using data and data analytics in marketing intelligence makes decision-making 5 times faster than without it. Each company has different marketing goals and a fixed uniform model won’t be right for every kind of business. This is where big data plays a crucial role in finding the best-fitted path for the company.
Role of Marketing Intelligence
Marketing intelligence plays a huge role in providing information about your customers. It also gives qualitative feedback on why a customer is preferring certain brands and services over others. Starting as a means to check and distribute a product, marketing has become more human-centric. Just a few years before the COVID-19 pandemic, there was an offline-online integration in marketing; companies had started to shift advertising and marketing to digital platforms through social media or recommendation engines. Subsequently, in the age of the emerging blockchain economy and platform marketing, data-driven marketing will focus the most on entrusting the customers digitally.
The tasks in marketing intelligence are –
- Creating a sample size and attributes of the company’s ideal focus market. This helps in targeting the right customers and observing the behavior pattern of such a typical customer. Indeed, such indirect feeds and opinions from the customer make company decisions concerning marketing more sound.
- Companies can conduct publicly open polls and hand out virtual surveys (which can ideally be completed in less than 3 minutes for better engagement) to know what the current customer wants. Here, you don’t want to impose brief and lengthy questions, as they might get irritated and create a negative impression of the company.
- A company looks forward to reaching as many people as it can. A good way of doing so is being available on multiple, accessible platforms. Email surveying and marketing is the best way to keep your customers and yourself updated on one another. Again, You have to know the limit between marketing and spamming.
Big Data in Marketing Intelligence
For a company in any sector, big data analyzes the key factors that play an important role in determining the key factors for marketing. Apart from conducting surveys, a marketing team can use genuine structured data to gain actionable insights without the direct involvement of customers. There are 3 common uses of big data to stay on the top in marketing.
Finding and Tracking information enables companies to find relevant public information sources. This is possible with certain data digging algorithms and feature selection. Public information is especially useful in estimating the potential and future of a business. It would also help small and new businesses to optimize their pricing and save hugely on initial costs.
Keeping a close eye on the Competitor Market becomes easier with big data in the picture. This does not mean plagiarizing the moves of a competitor or following the exact footsteps of everyone else in the market. Staying updated on the competition helps a company identify its own unique selling points (USP), determine the cons in the competitors, and accordingly improving the product or service. Yet, a company has to stick to public data for doing so for ethical business purposes.
Social media activity is, as of now, the best platform to mine customer sentiments. One of the reasons behind this is that the data on social media is open to everyone. It is also a fruitful platform to explore various new trends and stay ahead of the curve. Big data even provides predictions on probable future trends.
Besides, big data gives insights into CRM; it outlines a reformed strategy based on the company’s previous sales reps, key factors for conversions, customer reactions, etc. In this sense, big data in marketing intelligence is both internally and externally applicable.