Value in Big Data for Marketing

An inevitable partnership as it was called in The Guardian (2013), big data has a tremendous opportunity to change the way of marketing. So, all companies, as well as the marketing department, are facing a large amount of data every day. Moreover, businesses have to considerate only data which has a specific impact on companies processes, products or their customers.

According to Ghosh (2015), marketers are currently afraid of significant growth of data by 40% yearly, which marketers have to analyse due to improving features of the products (services) or customers’ higher satisfaction. All this data makes marketers life and work more challenging than ever. However, they know that without statistics and analytics, their companies are blind deer on the highway (Pearlman, 2019).

As SAS.com discovers, we have three fundamental data types that are beneficial for marketing:

1.  Customer: Web analytic, Social Meda, surveys, previous marketing research can bring a lot of different data, attitudes, desires, needs and customer behaviour that can help in the marketing decision process.

2.  Operational: This type is about the relationship between the marketing budget, management, company's resources and operations on the one side and quality of their measurements on the other side.

3.  Financial: This category is taking into consideration sales, revenue, profits and other objective data types that measure the financial health of the organisation.

Having all this information above help the marketing department in the implementation of customer insights and feedback. We have various examples where gaining data for marketing purpose lead to creating well-targeted marketing campaigns. For instance, Parick Morrissey from DataSift highlights the ability to get 400 pieces of data such as location, gender, sentiment, content from only 140 character tweet (Backaitis, 2013). When we have this kind of information about our customers, we can target them and get more needed data as well as send them product or services that they are looking for. We have witnessed an everyday situation when we are searching for some products, and then these products start to follow us wherever we go, or whichever website we visit they are reminding us of them.

Source:http://jdmeier.com/

How powerful is having valuable information for the corporation we can see from leading companies as Tesco PLC. Tesco PLC has recognised the marketing power of Big Data, where it collected data from its customer loyalty cards with 17 million customers (representing approximately 40% of UK households). Dunnhumbi, a market research firm, has processed all this data and formed the basis for Tesco's rapid rise in the retail sector in Ireland and the UK (DigitalStrategy, 2015).

Considering all this above, we can notice the importance of getting qualitative and valuable data in the marketing process and how it can help us in making beneficial decisions for our business. I would like to end this topic with the saying:

“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction and skilful execution; it represents the wise choice of many alternatives.” – William A. Foster

References:

Backaitis, V. (2013) 'Hey CMO! Hey CIO! Work Together or Lose Everything', CMSWire.com. Available at: https://www.cmswire.com/cms/information-management/hey-cmo-hey-cio-work-together-or-lose-everything-023404.php  (Accessed: 10 February 2020).

Digital Strategy (2015) 'Big Data For Marketers – How Your Decision Making Process Is Changing'. Available at: https://digitalstrategy.ie/big-data-for-marketers/?fbclid=IwAR2Ihv3XbASGiSemqz57Vw1lne4UAR32AKRbtiW8C449o3m0FwtWpjlUfj8  (Accessed: 11 February 2020).

Ghosh, M (2015) 'Big data in marketing analytics - Analytics Magazine'. Available at: http://analytics-magazine.org/big-data-in-marketing-analytics/ (Accessed: 9 February 2020).

McKone, D.& Lewis, A. (2016) 'To Get More Value from Your Data, Sell It'. Available at: https://hbr.org/2016/10/to-get-more-value-from-your-data-sell-it  (Accessed: 8 February 2020).

Pearlman, S. (2019) 'Big Data in Marketing 101 & Why it's important'. Available at: https://www.talend.com/resources/big-data-marketing/ (Accessed: 9 February 2020).

SAS.com 'Big Data, Bigger Marketing' (no date). Available at: https://www.sas.com/en_us/insights/big-data/big-data-marketing.html (Accessed: 9 February 2020).

The Guardian (2013) 'Big data and marketing: an inevitable partnership'. Available at: https://www.theguardian.com/technology/2013/oct/16/big-data-and-marketing-an-inevitable-partnership  (Accessed: 11 February 2020).