Technology advances have put the power of big data marketing into the hands of small and medium sized businesses as well as huge enterprises. Many big data solutions are moving to the cloud, reducing small business worries about infrastructure and physical constraints that used to limit big data access.
Big data marketing makes use of the gargantuan amounts of information that are created every day on the internet and makes them accessible to marketing professionals. Access to big data can change how marketing professionals craft and communicate their marketing messages. In the year 2000, only one-quarter of stored information in the world was digital, but now more than 98% of it is stored digitally. Here are 8 things you should know about big data marketing today.
1. Data Must Be Collected From Multiple Channels
Companies today collect information for big data marketing from an average of 3.4 channels. These channels might include websites, in-person contacts, call centers, and mobile apps. Today's consumers interact with companies across multiple channels, feeding businesses data across many different entry points.
2. Most of Your Big Data Is Going to Be Unstructured
Most data collected for big data marketing is unstructured. That means it's not the kind of information that can easily be put into a traditional database or spreadsheet. Unstructured data may come from documents, photos, audio files, email messages, and social media posts, among others.
3. Velocity Is an Essential Component of Big Data
Big data marketing is fast. Locations, purchasing patterns, and behaviors change frequently, and that can cause traditional data to go "stale" quickly. Big data provides significant amounts of information in real time, so strategies and tactics can be adjusted based on the latest information.
4. You Can Track the Customer Journey With Great Precision
Big data marketing techniques let you learn things like how many times a lead saw your banner ad, what they were doing when they clicked on it, when they visited your website, which of your blog posts they read, and where they went when they left your site.
5. Business Goals Should Drive Big Data Processing Decisions
If you don't define goals for your big data marketing initiatives, you won't get far. Data analysts can do remarkable things with big data, but they need your input. Set your business objectives up front. Then your data scientists can go to work to get you the insights that address those objectives.
6. Big Data Lets You Reach Beyond Your Known Customers
Your target consumer no longer has to be the endpoint of your marketing research. Big data marketing allows you to learn about broader trends, including what your competitors are doing right. And it allows you to do it much faster than you could with focus groups.
7. Big Data Will Allow Powerful Market Simulations
As big data marketing tools mature, they will allow marketing professionals to simulate population samples to test processes. This should save significant time and money while making insights more accurate, allowing businesses to tailor marketing tactics with precision.
8. Dirty Data Will Cost You Money
Poor quality data can cost B2B companies millions of dollars. You simply can't expect an analyst to pull accurate insights from dirty datasets. Applying any code to a database requires that the data be accurate, timely, and free of duplicates for insights to mean anything. And faulty insights could also cause customer service to suffer, increasing costs more.
Big data marketing technology can put a lot of power in your hands, but you should use that power to provide customers with a unique, relevant brand experience. Pelting customers with sales pitches or irrelevant offers will backfire, regardless of how big your database is.
ReachForce helps marketers increase revenue contribution by solving some of their toughest data management problems. We understand the challenges of results-driven marketers and provide solutions to make initiatives like marketing automation, personalization and predictive marketing better. Whether you have an acute pain to solve today or prefer to grow your capabilities over time, ReachForce can unify, clean and enrich prospect and customer lifecycle data in your business, and do it at your own pace.
To learn more about how ReachForce can help you optimize demand generation and your impact on revenue, check out our real-time web form enrichment demo, or request a free marketing data diagnostic. Get the power to let data drive marketing and higher performance.