Value in Big Data for Marketing

Value in Big Data for Marketing

In marketing, big data is making immense changes by proving relevant insights that are necessary for sales cycles and improving customer experience through customer relationship management. The big data is providing the marketers with the insights that are necessary for maximizing the conversion rates, revenue rates, prospect management, customer lifetime value and quality forecasting highlights. Big data helps in identifying the right pricing decisions about the product and service (Wang and Kim, 2017). With the big data implementation in marketing, most of the companies have been able to enhance the profitability of the company, no loss in the volume of the products and increasing customer retention rates. 

Big data is helping the organizations to know about the customers (KYC – know your customer). By accessing the data, the marketers are increasing their business intelligence in improving their customer base, improving the existing product designs, trying to identify the behavior of the customer and maximizing the revenue of every customer (Vasiljeva et al, 2017).  The data-driven marketers or retailers tend to enjoy high brand awareness than compared to other retailers. The big data offers the marketers with a 360-degree view of the marketing elements that are needed for improving the customer and shopper interface. The business intelligence offered by the implementation of the big data results in cost and time savings (Hamid and Kuppusamy, 2017). This is, done by optimizing the 

performance of the marketing elements. 

There are three types of data that are needed by marketers with their decisions or business calculations. The three types of data are operational data, financial data, and customer data. With the help of the customer data, the marketers can identify and reach their target consumers and thus provide them with customized products (Sihi and Lawson, 2018).  Customer data is, generally derived from the customer’s web searches, purchase histories, email address and name. The financial data helps the marketers to keep control of the marketing cost. Here the marketers also evaluate the competitor’s financial position in the market so understand their own strengths and weakness. The operational data relates to the customer relationship management, logistics, statistics, shipping and feedback data (Anshari et al, 2018).  Evaluation of these data by the marketers assists the companies in keeping a check on the overall costing or budget decisions of the company. The multi-cloud ambiance has offered the companies with an easy way so that they can track the books and journals in an effective manner so that they can streamline the organizational resources in an optimized manner (Lee, 2017).  

DMD Marketing Corporation provides its authentic database, which can respond, report and reach towards the dynamic and digital conduct of more than 6 million United States healthcare professionals. For their successful marketing campaigns, the company deploys around 30,000 email marketing campaigns and 300 million emails. As big data provides business to receive a competitive advantage so it makes the company differentiate their position from the other healthcare companies present in the US (Anitha and Patil,, 2017). The company uses tools such as big data integration tools/ This makes the company refresh their emails every day thus making the organization outpace the market competition with mail deliverability by 95%.

 

Reference List

Anitha, P. and Patil, M.M., 2018. A review on data analytics for supply chain management: a case study. International Journal of Information Engineering and Electronic Business, 10(5), p.30.

Anshari, M., Almunawar, M.N., Lim, S.A. and Al-Mudimigh, A., 2018. Customer relationship management and big data enabled: Personalization & customization of services. Applied Computing and Informatics.

Hamid, M. and Kuppusamy, M., 2017. Gamification implementation in service marketing: a literature. Electronic Journal of Business & Management, 2(1), pp.38-50.

Lee, I., 2017. Big data: Dimensions, evolution, impacts, and challenges. Business Horizons, 60(3), pp.293-303.

Sihi, D. and Lawson, K., 2018. Marketing leaders and social media: blending personal and professional identities. Journal of Marketing Theory and Practice, 26(1-2), pp.38-54.

Vasiljeva, T., Shaikhulina, S. and Kreslins, K., 2017. Cloud computing: business perspectives, benefits and challenges for small and medium enterprises (case of Latvia). Procedia Engineering, 178, pp.443-451.

Wang, Z. and Kim, H.G., 2017. Can social media marketing improve customer relationship capabilities and firm performance? Dynamic capability perspective. Journal of Interactive Marketing, 39, pp.15-26.