What benefits does big data bring to marketing? (by Romina Giovannoli)
Digitization has revolutionized the way marketing is done. With the rise of big data, marketers can segment the market down to the smallest granular unit: the individual consumer. This gives rise to one-to-one marketing: marketing aimed at single component segments that allows you to tailor offers and campaigns to each individual consumer.
The customer database and market surveys are no longer the only sources of consumer information. Added to these are data from the media, social networks, the web, points of sale (POS), the Internet of Things (IoT) and engagement that contribute to creating an integrated ecosystem of data.
With big data, segmentation becomes more dynamic, allowing marketers to promptly change their strategy. Furthermore, companies are able to monitor the movement of a consumer from one segment to another in real time according to the different contexts. But at the same time, we must bear in mind that big data does not replace traditional market research methods, especially hi-touch ones such as ethnography, usability testing or taste testing. Big data and market research must complement each other. Market research is carried out on a regular basis for specific and limited objectives, while big data is collected and analyzed in real time to improve marketing in progress.
Marketers with big data are able to discover ideas for new products and services and can estimate market demand, while businesses can create customized products and services and personalize the customer experience.
With the collection and analysis of big data, the correct price can also be calculated and a dynamic pricing model can be set up.
Big data, in addition to helping marketers in defining the offer, is useful for defining distribution strategies. In marketing communication they are used for targeting, content creation and media selection. They are also valuable for push marketing, for example for channel selection and lead generation. They are also very useful for after-sales assistance and customer retention, as well as for predicting customer loss and defining service recovery measures.
Romina Giovannoli
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The article What benefits does big data bring to marketing? (by Romina Giovannoli) comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/quali-vantaggi-apportano-i-big-data-al-marketing-di-romina-giovannoli/ on Sat, 21 Jan 2023 08:20:39 +0000.