The value of data is beyond our imagination. That might be the reason why the 21st century is saying: Data is more prominent than oil. The value of big data in business is growing each day. Without data, the business frameworks rely on trial and error methods or guess works. Now, the entire world is revolving around data. B2B companies are heavily dependent on data to bring significant changes to their business. There are effective ways to make use of big data for strong marketing and sale.
Given the trove of knowledge gathered by digital networks, mobile phones, sensors, surveys, etc., it is said that the amount of open data doubles every three years. As individuals and organizations, we generate gigabytes of data every day, sometimes unknowingly, which has tremendous value for those with access to this information.
Enhancing Customer Experience
The major customer-centered organizations are those at a particular customer level that have a wealth of knowledge and act on this to strengthen customer communication and how the customer is served. Big data is used in more advanced cases to guide product creation to enhance the consumer experience, such as manufacturers using sensor data embedded in products to advise after-sales services such as proactive or preventive maintenance, for example.
Enhancing Data Segmentation
It can be feasible to operate segmentation without the need for primary market analysis in circumstances where businesses have loads of data on customers. The information is often saved on different systems, so they need to be combined and cleaned first, along with analytics to integrate hypothesized data into the missing cells. To arrive at a segmentation, a set of statistics can then use. The more sophisticated approach is usually latent class clustering since it identifies latent variables in the data (such as factor analysis) to readily classify a suitable number of segments. It can operate on almost all types of data (unlike K-means, which is limited to data scale).
In order to better understand clients, markets, or business results, common usage of big data analytics is for interrogating and modeling data. Big data, for example, can be used to predict demand and profitability of particular goods over a given period of time, to help write business plans and plan production and inventory management better. Big data may also provide insights into the competitive environment, particularly in markets where data such as pharmaceuticals and securities are readily accessible, such as the potential effect of a competitor releasing a new competing drug on sales. Following mergers and acquisitions, big data analytics are often of benefit, as a business probably has a multitude of data on different products, housed in various data platforms.
How will Big Data help you in marketing?
Though marketing and sales are different units of an organization, still both the departments are acting as each other’s backbone. It is important to know where marketing efforts should be centered. With Big Data, accurate targeting, lead generation, and growing revenue, you can do more. Big data will help the marketers to decide where consumers are going to be, how they can behave, and what they can do, in conjunction with predictive analytics and AI approaches. This responsiveness represents the potential to generate better demand, to build new markets and segments while developing and maximizing the experience of multichannel and omnichannel marketing.
It doesn’t immediately lead to better ads to have big data, but the opportunity is there. Think of big data as the hidden ingredient, the raw material, the prime part. It’s not the knowledge itself that is that relevant. Instead, the knowledge gained from big data, the choices you make and the decisions you take to gain all the difference.
Get the Right Data
For years, data on the kinds of customers visiting your B2B website has been available: just head over to Google Analytics. The real cutting edge in marketing big data comes from those who can accurately evaluate why they visit your site and what else they may be looking for. Determining not only what a possible lead is looking for; but also their position as a lead is one of the fundamental advantages of big data. The ability to customize content to the knowledge base of a reader and advance as a lead, it is an opportunity that big data will unlock for many marketers that are still untapped. As B2B marketers continue to gather more information about their consumers in the coming years, they will increasingly find themselves creating more focused, interactive content; rather than abstract guesswork; and recommending sales based on concrete purchase proof. Now, this is the bit where AI comes in handy. Email marketing has been the one of the prominent channels to attain quality leads. Build a targeted email list that can trigger campaigns to the right audience at the right time.
In every generation, every business has its unique challenges and possibilities. Fortunately, even relatively small B2B businesses have a chance to compete against bigger players with the help of the right technologies. An increasing trend among marketers has seen in the last couple of years. Increasing demand for data quality is emerging. The quality of their data is identified by more marketers each year as a deciding factor for their go-to-market strategy.
Alexander Daniel is a marketing strategist who strongly believes strategies and creative ideas enhance business growth–an analyst as well as marketer, motivated by great ideas. At present, Alexander works with InfoGlobalData one of the leading providers of targeted email lists that support campaigns to reach target audience.