Introduction:
Businesses in today’s world have been tremendously reshaped by the Big Data. Most multi-national and smaller- scale companies use Data Science in their decision- making processes. Big Data also plays a significant role in Digital Marketing and as well as it offers several benefits to the organization too.
The analytics that was used in the past for business decision- making was primarily based on the Traditional information systems that use internal data sources which they obtained from Enterprise Resource Planning Systems (ERPs). These data sets help in inventory management, tracking of most valuable customers, help in making pricing decisions and as well as also help in identifying loss-making products (Jeble, Kumari, & Patil, 2018, pp.36-44)
The arrival of the internet in the early nineties has simplified firms integration with their business partners. Information system in the last decade coupled with cloud computing, Internet, mobile devices and the Internet of Things (IoT). Such as social media produces data in massive volumes, and this data is generally referred to as Big Data.
Social media Role in Marketing
Has the power to transform businesses and industries and one such example can be seen in the essay 5 ways. Social Media Marketing Has Transformed Tourism Industry (Pes-admin, 2019)
The revolution of Big Data is more powerful than the past analytics systems. This Big Data helps managers to make evidence-based decisions rather intuitional -based decisions. It also helps leaders to make better managerial decisions. Three big data named financial data, customer data, and operational data also help marketers understand their target audience better. Make improvement in their business processes, and also help in measuring performance while ensuring efficient business operations (Austin, 2022).
Big data not only help business people but it also provides help in research work in educational institutes, students at their learning stage can take guidance from it, and can insert data in their dissertation work. Students that are making their marketing dissertation can take help from marketing dissertation writing services and can make their dissertation sound and appealing.
Similarly, if a student feels difficulty in writing a dissertation and incorporating big data in work, so buy dissertation UK services are also available in digital sources that can free their all dissertation writing problems and worries.
Benefits of using Big Data in Marketing
It is true that big data helps in enhancing company’s performance. How it can help in this regard, let’s discuss some of the benefits of big data in marketing.
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Help in building brand awareness
It helps companies in making customer-specific content, which leads to brand recall and brand recognition improvement. This was not possible before but thanks to Big Data companies without using a huge marketing budget can create brand awareness among audiences (Austin, 2022).
According to a study by Aberdeen Group, an annual 2.7 times increase in revenue has been observed when efforts in creating brand awareness were made on the basis of big data rather than considering analytics of traditional information system.
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Help in making pricing decisions
The Big Data influence on marketing in terms of pricing is important. As in marketing mix pricing is considered to be the most significant factor and is always set through careful analysis and monitoring. Thanks to Big Data marketers can make real-time decisions and can easily make adjustments in products and services prices (Austin, 2022).
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Help in Forecasting
Big Data helps in predictive analytics which is an important aspect of marketing analytics. This technology uses machine learning, data, and statistical algorithm for analyzing historical data and can help in figuring out the chances of future results significantly. It helps marketers in foretelling the sales and customer behavior by working on the events that have happened before.
So, with this analytics marketing specialist can speed up their processes of advanced reporting, informed decision making, and real-time forecasting (Patel, 2019).
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Help in increase driving sales
Companies can increase their diving sales with the use of big data (an important aspect of marketing). Customers’ payment method data, their frequency of purchases, and the choices of products and services that they preferred can help both sales and marketers decide the choice of approaching methods (Austin, 2022).
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Help in the creation of improved Marketing platforms
Big data help companies in refining their products, services, content, and operations according to customers’ convenience and ease of use. As the marketing experts believe that personalization is the key to run a company, so by using small details they create a positive user experience where customers feel validated and appreciated (Austin, 2022).
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Help in optimizing the company’s performance
The Big data helps in optimizing a company’s performance through the creation of campaigns based on customers’ behavior and purchasing patterns. So, with the use of social media activity data, log files data, website visits data and other unstructured data companies won’t waste their resources anymore on trial-and-error campaigns (Austin, 2022).
Conclusion
In other words, big data has increased the company’s level of bar and opportunities to market its products and services in a more efficient manner. Moreover, companies through effective data analysis can create a positive customer experience which can go a long way with the business.
Companies can get a head of their competitors through predictive models and special insights that big data provides. Digital marketing with the use of big data in any industry is truly the way forward in this era of technology.
The benefits discussed in this essay is not the full scope of big data’s power. The benefits and further utilization of big data will only be revealed in near future.
References
Austin, M., 2022. The Role and Benefits of Big Data in Digital Marketing. [Online]
Available at: https://www.toolbox.com/tech/big-data/guest-article/the-role-and-benefits-of-big-data-in-digital-marketing/
Jeble, S., Kumari, S. & Patil, Y., 2018. Role of Big Data in Decision Making. Operation and Supply Chain Management, 11(1), pp. 36-44.
Patel, M., 2019. Ways Big Data Benefits Marketing. [Online]
Available at: https://tdan.com/ways-big-data-benefits-marketing/24387
Pes-admin, 2019. 5 Ways Social Media Marketing Has Transformed Tourism Industry. [Online]
Available at: https://www.professionalessayservice.co.uk/5-ways-social-media-marketing-has-transformed-tourism-industry/
