Big data has changed the way we live. Today, copious amounts of data are being produced every minute. Those who succeed in using this data to grow their businesses are true champions.
Big data has revolutionized the fields of marketing and sales. Thanks to data algorithms and predictive analysis, we can now optimize our budgets and attain customers at a much lower cost. Here are some tips to help you improve your company’s marketing strategy by using big data:
Budget management:
One of the biggest challenges for marketers is to stay within their budget in every campaign. The target ROI must be met, otherwise it will keep you up at night. By using big data, you can carry out campaigns that are more focused.
This will help marketing managers stay within their budget much more easily. The best way to go about this is to use your social channels to collect user data about products and services your audience engages the most with.
With the help of these analytics, you can reshape your campaigns and create content that the audience is most likely to interact with.
If you posted content that received very few likes and zero engagement, it is a warning sign. You should abstain from wandering into that territory again. You can cut down the budget on those kinds of projects and focus on other areas of engagement.
Competition:
You can use the power of big data to gain a competitive advantage over other businesses in your niche. This is one of the most thrilling aspects of big data.
Knowing about the impact your product or service has on the market compared to other players within the niche can help you improve your marketing game.
There are many tools out there that can measure the analytics on your competitor’s social profile and give you the exact idea of how well your profile is doing.
You can also use this process to catch up on new skills your competitor may be deploying. Other important data include search engine data and audience demographics data. This information is crucial for your brand positioning and to venture into target markets with more focused campaigns.
User experience:
Digital marketing can have a larger impact on your business if you work with user personas to drive your campaigns. If you are bringing the audience to your website’s landing page through PPC campaigns or other social ads, greeting them at the landing page with the next step is your responsibility too. You must create landing pages while keeping the user in mind.
User experience can make or break your marketing campaigns. Heatmap technology can help you identify areas on your site where users spend most of their time.
Heatmap data is very important to create the right calls to action on your landing pages and on other places on the website. This data can help earn more conversions through smarter content strategies. You can play with hover effects and drop-down menus to make people perform a specific action on your pages.
Lead nurturing:
You can offer a personalized lead nurturing process through data-driven marketing. Loyal customers on your website need to know that you cherish your relationship with them. Make them feel important by crafting a personalized lead nurturing process.
A small ‘Hey Sandra’ will have a bigger impact in impressing your customer compared to a ‘Hey’ in an email. Gather information about users and their demographics through tools and then implement that knowledge into your email marketing strategy. Segmentation helps in selling smartly to leads on the basis of their interest in your business.
For example, if a customer is arriving on your website and clicking on a White Paper but not filling the form, you can retarget them through some other channel by using the interaction data.
Buyer personas:
Creating buyer personas is the first task of a marketing manager. You need to know who you are selling to and what that section of audience likes? User profiles are the backbone of your marketing strategy.
Without this information, you’d just be aiming at the wrong target with the wrong weapon. Increase access to more than 200 data points with your user personas. This will enable you to accurately understand the impact of your business in a user’s life.
The names, email addresses, gender, location and device information of your users is crucial for marketing. Social media marketers can use this information to insert correct parameters in social ads. Facebook has a diverse space to personalize ads and user personas can be used in those ads.
Content marketing:
Using big data in your business can help you create better content on every platform, be it digital or physical. You will be able to create content that resonates with your audience, and when it does, it might even go viral.
There are some companies that deal exclusively in viral content because they know the type of people who interact with their posts. It might seem like data and content are not related to each other, but once you start combining the two, the results will astonish your ROI meters.
On the other hand, this data can also tell you how a reader turns into a customer through your content. Tools like Google Analytics can show you the path a user followed to convert into a customer.
Optimize pricing:
How you price your products and services is important because the customer has some standards of pricing which have been set by ages of being exposed to marketing campaigns.
You can differentiate pricing strategies through data-driven strategies. Optimize your pricing data to turn your business into a successful and customer-centric entity. McKinsey reports that 75 percent of a company’s pricing strategies come from their standard products and 30 percent of pricing decisions made by companies fail to deliver every year. With a 1% price increase translating into an 8.7% increase in operating profits, assuming there is no loss of volume, pricing has significant upside potential for improving profitability.
Contextual marketing:
Working with the support of big data, it is now possible to apply contextual marketing to your business. As the marketing processes in companies evolve, more and more marketing managers are using context to impress customers.
With the successful integration of data and processes, you can turn your marketing game around. The insights, real-time analytics and automation can help you put together a plan where everything helps to build an omnichannel marketing process.
Geoanalytics:
Geographical location is becoming more important than ever in the field of marketing and sales. You can optimize selling strategies based on geolocation. Every device comes with a location sensor that can be used to personalize deals and business information by local businesses.
Businesses are already thriving thanks to Google listings since it brings businesses operating nearby closer to a customer compared to a business that comes up in generic searches. You can collect location data, restaurant analytics and combine all this information to present personalized deals to your customers.
Inbound marketing:
More than 54 percent corporate marketing officers believe that search engine optimization, email marketing and mobile optimization are their preferred channels to promote a campaign for the maximum impact on target customers.
Big data analytics reveal their true powers in these channels since you can measure everything and leave nothing to assumptions. It can enable marketers to prepare a solid inbound marketing strategy.
Last word:
Big data is a power that has strengthened enterprises, reduced capital, cost and increased revenue. It has immense business value and the potential to create economies of scale. The key here is to be able to use large amounts of data in your favour. Have you applied any of these strategies in your business? Tell us in the comments section below.
