Well hello Big Data!
First things first, Big Data does not just refer to the ever increasing volume and complexity of information, it is also concerned with the challenges and capabilities of associated with storing and analysing huge data sets.
With these new found challenges and capabilities comes new opportunities for our beloved marketing industry, I have cherrypicked some ways in which marketers can leverage big data within their marketing strategy!
Without making this sound overly complicated, you can use a Customer Management software to centralise fragmented customer data through different touch points in online shopping. Having all this data into a single data set creates a holistic view of customers based on their interactions and preferences. This can create a powerful tool which can be used to create customer personas, sophisticated segmentation and strategic targeted campaigns to engage with the right customer. This can be used to facilitate programmatic marketing.
You can actually place a pixel on the backend of your website to implement a digital digital display targeting campaign. I haven't actually done a post about pixels but rest assured I will get round to doing it soon! When you see a display advertisement and you see it again on a completely different site, it is probably because you'e encountered a pixel somewhere in your internet browsing journey.
kiss goodbye to that unpredictable "gut feel" approach to sales forecasting and say hello to the sophisticated algorithms which is now becoming the weapon of choice when predicting sales. As you've guessed this all comes from the optimisation of big data and using this data to your advantage. You see how the industry is shouting about storytelling, have you ever considered the story numbers can tell?
Optimising pricing strategies
Throughout sixth form and even university, pricing is that one area of marketing everyone avoids like the plague! Although it is a dull area, it is a key area within the marketing mix and there is no point in having all this engagement on your site if nothing will convert into a sale. There's more to pricing than simply saying "okay this will cost £xx.xx" with no real plan or strategy. Luckily Big Data can put an end to your pricing woes. While pricing needs to be competitive, reasonable while offering a decent profit margin, you can use Big Data to identify variations in pricing and how it can impact on your overall sales - this way you can settle on prices that will benefit you and the customer!