Modern Marketing Is Data Driven
Big Data is a term that means, essentially, huge volumes of data that programs (usually artificial intelligence-based platforms) cull for specific factors. These large files of data get sifted through algorithms to spot users’ habits, preferences, and tastes. Whether it’s looking to see who buys diapers and beer versus who buys diapers and wine, or who buys diapers and chew toys or diapers and kitty litter, the data yields patterns that reveal much about a person’s life. They tell you what people want.
When you invest in this type of big data collection, you can better strategize your marketing campaigns. Instead of sending arrows wildly from the quill, you target and let fly, hitting your exact mark each time. So rather than a blanket slogan or attempt to appeal to people in general, you get to hone and refine your marketing so that you reach deeper and motivate more behavior.
Able To Adjust Accordingly
More enticing, by analyzing the data further, a company can know which marketing ad or campaign is working and which is not. In the past, a company would typically just pull an underperforming ad and re-deploy the dollars elsewhere. As an entrepreneur, this is a waste of your resources. If your target audience isn’t responding as expected, you can review the big data to look for reasons why and then adjust.
For an over-simplified example, you want to push a protein powder during the breakfast hour because data shows that people want a good start to the day, but sluggish sales causes you to return to the data and discover that most people who use such a product exercise at lunch and might benefit from a power shake midday. Now, you can keep the same campaign but push it later in the day. By using Big Data, you not only get the advantage of targeting your audience, but you can also adjust the campaign if it’s not meeting expectations.
Widespread And Available Tech
You’ve probably seen this work if you use social media. When you perform searches on the Internet for shoes, coffee makers, etc., you can expect to see ads for these items appear on your social media feeds. You’ve been targeted—marketers know what you want, and lo and behold, they provide it! You can do this, too.
Getting market insights through big data mining is a great way to know where to spend your marketing budget to maximize your effect. Big data can be used for small companies the same way it is for large ones; by automatically detecting online users that are looking for your product, your ads can be targeted rather than widespread.
Instead of wasting arrows, make each one count.