Big data has quickly made a name for itself in the private sector, as decision-makers around the world now recognize the potential behind accumulating, analyzing and using consumer information to their advantage. While executives can launch these initiatives to enhance internal operations, the projects are also highly advantageous for organizations looking to deploy personalized marketing campaigns - something customers are highly intrigued by today.
A recent Business 2 Community report highlighted some of the ways big data projects can improve marketing initiatives, emphasizing that customers should not be seen as a constant. Instead, managers should recognize prospective clients as ever-changing variables that need to be catered to in a unique, customized way.
In other words, the traditional marketing techniques are no longer applicable today, Business 2 Community noted. By putting real-time and historical customer information at the center of an advertising campaign, organizations can prioritize data quality and be able to improve their chances of attracting and retaining clients.
Ditching old-school approaches
In the past, businesses would often emphasize the benefits of a particular solution or service in the hopes that it would be appealing to a large portion of the company's intended audience. This method cannot be used anymore, as today's tech-savvy consumers recognize when an organization mass produces a promotional strategy without specific individuals in mind.
Business 2 Community noted how companies should take a cross-channel approach to marketing. This shouldn't be done in the hopes that the ads will reach a wider range of people, but rather so individuals using specific platforms will be able to participate in certain promotions. By analyzing what endpoints consumers are most comfortable with, executives can launch strategies catered specifically to these people without leaving out others using alternative media.
A study by Columbia Business School's Center on Global Brand Leadership and the New York American Marketing Association revealed that more than 90 percent of corporate marketers believe successful campaigns use customer information to generate customized, targeted ads. This is because these initiatives often provide the most return on investment, helping firms expand their client base and boost revenue.
As big data becomes a more centralized aspect of a number of business tasks, decision-makers should consider incorporating the initiatives with marketing to keep clients happy and coming back for more.