After years of worrying about and feeling burdened by Big data, today the marketing and advertising technology sector is embracing it in a big way.
Advertising and marketing professionals have realized the potential of Big data. They have understood how Big data can be immensely beneficial for facing the challenges ahead of them.
Big data posses immense possibilities and opportunities, as it can uncover crucial insights of customers behaviors, buying patterns, and lot more significant information that can not be traced without analyzing Big data.
But all that glitters is not gold, as most companies and brands still lack the expertise necessary to analyze vast amounts of data and make it actionable.
While Some companies are not aware of these advances, then there are the others that are aware but have not devised out a strategy towards adopting it, and lastly, there are those who are these companies are collecting data they don’t yet know how to use.
Big data analytics can churn out specific crucial, valuable information which can aid in devising customizable marketing and advertising plans to target a particular segment of customers. By gathering information and learning user behavior, Big data save money and increase efficiency by targeting the right people with the right product. Big data enables organizations to predict interesting patterns and trends of customer behavior that are not visible on the surface.
The world is moving towards digitalization, and consumer’s digital footprint has immense value in this personalized era of marketing and advertising. Every time a person goes online, google something, browse websites, view products, the digital footprints that a person leaves behind can tell a lot about his interests, intention to buy the products, views, etc. There is such a huge amount of information generated from every interaction one has.
But there is one issue. A recent survey showed that bots and not humans view almost a quarter of video ads. Thus a significant proportion of impressions aren’t being shown to human beings and this leads to unnecessary expenditure on advertisements that do not convert. This leads to ad campaigns become less impactful or in some cases fail to perform. As a result, there is an arising demand to identify and eradicate ad fraud and non-human impressions.
The solution to the problem lies in predictive analytics big data platforms. This technology enables brands to classify customers, thus allowing the businesses to have the appropriate and most effective reach and impact on the chosen category.
For example, Tel Aviv-based Optimove is a marketing automation platform that leverages predictive analytics to prioritize a company’s existing customers to retain loyal customers, rather than use their resources to acquire new ones. Customers are presented with the targeted deals and services specifically tailored according to their needs, thus, significantly raising the chance of conversion. With this type insights, marketers can target relevant customers at the appropriate time with the tailored offers.
Big data analytics can help companies to acquire customers while retaining old customers. It can help companies to increase revenues considerably while keeping the operations cost low. Big data if analyzed well can optimize the overall efficiency of the organization.
Customers are changing with the changing world, knowing your customer is the key to success for companies today. Big data quenches the company’s thrust of knowing the customers inside out.