How marketers can harness the power of Big Data

Here’s your essential guide to all things big data, and how marketers can carefully craft a plan that will see them leveraging new business techniques to cut cost and improve efficacy.

19Jun

Big data operations have come to define the contemporary marketplace, with virtually every industry and market being fundamentally upended by the assorted ways we have of collecting, cataloging, and leveraging data for business purposes. Few have been as impacted by the ongoing big data revolution as marketers, but many fledgling newcomers to the field or those struggling with digitizing their operations are still having a hard time when it comes to harnessing the power of big data.

Here’s your essential guide to all things big data, and how marketers can carefully craft a plan that will see them leveraging new business techniques to cut cost and improve efficacy.

Big data isn’t coming – it’s already here

While much of the chatter surrounding big data seems to imply that in the near-future we’ll see a fundamental revolution in how we treat and leverage data, it’s a simple matter of fact that the information age has already ushered in a big data boom. Take a look at the immense sums of money companies across the world are pouring into the development of big data projects. You’ll see that we’re already enjoying a big data heyday that contemporary professionals simply can’t afford to miss out on.

Worldwide revenues for big data operations reached a staggering $150 billion last year. Those numbers are only likely to continue growing as more and more companies flock to big data solutions to remain relevant. How should a marketer hoping to make his or her mark approach big data, especially if they’re not familiar with the strange new ways we’re making use of these massive sums of information?

First and foremost, marketers need to understand that big data operations aren’t cheap, and can’t be assembled overnight. You’ll want a team of professionals to rely upon, and some well-tuned software to help you collect and make use of big data, if you’re really looking to up your tech game to remain competitive. Marketers can build incredibly in-depth profiles of potential customers to understand them better by leveraging big data operations. But doing so requires access to the information of many consumers, which often isn’t cheap.

Once you’ve begun to collect biographical and demographical information on a broad array of potential clients, you can reach out to them through digital channels in a much more enticing way that’s likely to buoy your financial results. After all, the number one advantage of big data in the field of marketing is that it helps marketers tap directly into the needs of customers so that they can better reach them with enticing deals and valuable opportunities.

Study like a pro

If you’re entirely unfamiliar with big data operations and are just dipping your feet into big data analytics for the first time, it’s best to study like a pro by relying on the tried-and-true methods of those who have gone before you. Take a look at some industry research breaking down the myriad of ways that successful companies are leveraging big data, and you may soon find yourself inspired to renew your investments into your own big data operations.

For example, most marketers are learning about how big data operations can help them capture real-time trends. This is one of the most important steps towards success if you want to offer limited deals in a competitive fashion. If you’re not leading in big data analytics, your competitors will soon outpace you as far as contacting potential buyers goes. Set about preparing your big data team for the trials to come, and you’ll be well-equipped to endure in the market for a long time.

Essentially, it all comes down to your big data team, and how willing you are to invest in the human capital you need to digitize your operations. While you may think a software program alone or an outsourced big data project will suffice, you’ll need at least one data guru of your own on your team if you really want to see results. Nurturing your data talent over time will also help you develop your operations while expanding your team with new, valuable members.

Always obtain the consent of those customers you hope to glean information from. However, many a marketer has totally failed in the market thanks to an inability to respect the privacy of potential clients. While big data is essentially a godsend for many in today’s cut-throat market, you need to respect common data practices and put a human face on your big data operations if you want to avoid appearing like a heartless marketer merely out to make a buck. Your marketing operations can’t afford to ignore big data operations in the information age, so start harnessing the power of big data immediately if you truly want to succeed.

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