Big data is a collection of data from traditional and digital sources inside and outside your company that represents a source for ongoing discovery and analysis.
One of the reasons that big data has seen accelerated interest is due to the high growth rate of digital media. With the increase in use of tablet and mobile devices the typical buyer has a larger number of channels to access and consume content. Big Data has applications in several industries, but let’s stick to its impact on sales and marketing today and in the future.
Big Data’s rise coincided with the Internet is going mainstream. Companies suddenly found themselves able to collect massive volumes of information pertaining to customers and their needs and behaviors. While the actionable insights were valuable to sales and marketing teams, the information was often buried within these data pools, difficult to extract or find actionable insights.
Big Data is becoming less scary to the average marketing team as more companies invest in CRM systems and marketing automation and analytics to collect specific information and report on the findings in real time. The marketing teams that have embraced Big Data and experimented with various reporting and analytics techniques have been able to adjust their marketing practices in line with evolving customer behaviors and increased competitive pressures.
Investors will look to see a return on capital invested and rather than injecting further cash, there will almost be a chance to take a breath and re-evaluate the past 12 months. This will lead to reduced spending, but a further development of what can be achieved through the use of big data, as this hasn’t yet been completely defined.
Big Data optimization trends and not fall behind more data-centric competitors, marketers must focus on three best practices:
Marketing teams are not only expected to engage customers, but utilize all available data pools to pinpoint specific activities that aid in nurturing strong relationships and result in long-term conversions. Data pools not only show when a lead becomes a sale, but also when customers respond more positively to specific marketing messages as part of a nurturing campaign. Therefore, consider the value of voice-based marketing automation tools to not only track where the leads are coming from, but collect information throughout the sales cycle and analyze the results in the context of a broader, multichannel campaign.
Finally, marketing teams should acknowledge the value of Big Data by bringing in a data specialist who can focus on marketing measurement and modify reports to find specific answers to important questions. These growth hackers, as they are called, bridge the gap between technology experts and marketing professionals.
As data continues to play a bigger role in marketing campaigns, it is important for companies to identify the most important measurements to their ROI and growth
Modern marketers in the age of Big Data should keep an open and creative mind to marketing reports and analytics. There are many marketing automation tools available that target specific information or channels. While it is important to break down marketing activity and customer responses channel-by-channel, it is equally valuable to access real-time multi-dimensional reports and analytics. Marketers should be able to view a variety of customized reports and drill down to key data points to extract vital insights.