The influence of Big Data on marketing strategies
6 steps to a big data marketing plan
Everyday, in their daily activities, businesses gather more and more data that they can use when taking marketing decisions. Organizations own today many data bases. Nevertheless, they face the difficulty to connect the different sources of data, that are often isolated in different departments. According to a study by Google and Bostons Consulting Group, few enterprises take full profit from the huge big data that they gather and the digitalization possibilities available nowadays. In Europe, less than 2% of the businesses do it, in any sector. This is a complex and long process that is nowadays incipient for most organizations throughout the world. Thus, making progresses in this area will give us an important competitive advantage.
What is the big data marketing
The big data marketing is the marketing for this new era of technology, hyperconnectivity and superabundance of data. Marketing has always tried to put the consumer in the center of our strategies, and now we have a huge wealth of data that allows us to do this in a much more efficient way.
Big data marketing tries to capture and analyze insights from our consumers almost in real time. The goal is to reach the dream of 100% personalized marketing: sending the right message to the right person, in the appropiate moment, through the right screen and device. And this being able to measure the process throughout the whole funnel.
According to a study by Vodafone, 23% of the big enterprises consider the efficiency of the processes as the biggest benefit of digitalization, followed by the improvement in the communication with the customers (11%), maximizing the customer satisfaction (5%) and having a deeper knowledge of the customer’s needs (3%).
Step by step
When setting up big data marketing strategies these are the six fundamental steps that we must focus on:
- Identify our digital assets: choose the data that we want to gather and decide, among the data that we already own, which parts will we use.
- Carefully define the audiences we want to address in a personalized way.
- Automate the tasks to gain efficiency and aim for a real-time model.
- Fine-tune the attribution of each action. It is essential to measure the ROI of all the marketing actions in order to gain response agility and adaptability. We must measure ROI in all the different phases because it is our main driver. Our goal must be always to improve the efficiency of our marketing.
- Increase the reach of our actions. Big data marketing strategies allow such a focused segmentation that we sometimes run the risk of addressing a too small target. We must remember that scalability is one of the beauties of big data marketing. At the beginning of the process, one of the most important and strategic steps is identifying which data will be relevant for our business goals.
- The organization must adapt itself, improving its skills to be able to manage a big data marketing strategy. Very often, it will be helpful to count with external partners such as BCM Marketing, that can help us in a process that requires an important technological and technical know-how.
Businesses find a wide ranging of obstacles, depending on the industry and its individual circumstances. But we often find a mix of factors related to the resistance to technology adoption, the ability of the staff to integrate this technology in their daily routine and cultural factors about the change management in organizations.
Nevertheless, this situation is slowly changing. According to a recent study by Vodafone, 12% of the enterprises consider digitalization their main challenge.
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