Nowadays, marketing decisions are made by big data. Big and complex datasets which cannot be analyzed by traditional data-processing is made simple by big data. Evaluation of data draws attention to insights which helps an organization in decision making and making strategic moves to achieve the collective goal of an organization. As the numbers of outputs and customer decision-making process become complex, organizations are dealing with vast amounts of data both structured and unstructured. There are several free and paid big data tools organizations to use to make sense of data. Here is how big data can be leveraged for digital marketing success:
Makes a Better Marketing Campaign Blueprint
Finds the Right Product Price
The conventional way of pricing is done based on information like product cost, competitor pricing, demand, and the perceived value of the product. While big data uses additional information like, completed deals, performance-based data, and incentives. Big data makes pricing as granular as possible especially in the B2B sector because each deal is different from the last. When deciding the price of a product, companies need to remember that they already have a lot of unused data at their disposal. It is challenging how to derive valuable insights from the information. The pricing strategy must consider factors like the disposable income of the customer and particular products bought by the customer in the last five years. Macroeconomic factors like quarterly GDP growth, exchange rate, inflation rate, etc. Taking these factors into consideration will help in pinpointing the right price. Big data also automates pricing with no human touch which leads to less chance of error.
Shows Relevant Web Content
Online marketers will be able to display customized content based on the knowledge base to engage the visitor better. For example, an online marketer can look at a visitor’s time spent on a page to determine what the visitor is interested in and serve relevant and customized content based on their browsing history. The website will look different depending on who is visiting it. This is a bit challenging for the development team. But, customers are demanding customized experience, and digital marketing teams that fail these expectations will not be able to compete in today’s market. Companies can build a strategy by using inductive research, deductive research, and customer self-selected methods to guide customers where to click and what to purchase. Organizations that follow these strategies will win in the market.