Big data is essential for improved marketing results and cost-effective marketing measures. This is not a new concept, it has been around for years, but today all businesses are aware that there are vast amounts of data readily available for them to access. Those who wish to have a successful business will tap into that data and analyze it in detail to optimize their business operations.
There are five important reasons why you need to utilize big data in your marketing efforts on a regular basis.
1. Big Data is a Goldmine of Information
Both B2B and B2C businesses benefit from the use of big data, no matter whether big or small. Big data tells you who is visiting your website, what their interests, needs, and wishes are, how they interact with you website, how many times they visited, what products and services they were interested in, and much more.
This data can be refined based on which pages they visited on your website, how long they spent on each page, which marketing campaigns they responded to. By analyzing and understanding this information, you can improve your sales funnel considerably.
2. Big Data Lets You Know the Market
One important factor of business success is understanding market conditions. Market conditions will help you see which products are sold the most, and analyze what makes these products successful. It will also help you see why certain products are not sold and what’s standing in the way of sales.
Without analysis of your data on a larger scale based on market conditions, it is not possible to get a big picture about needs and satisfaction with your services and products. For example, market information can reveal why customers left your website without making a purchase, or why they abandoned their shopping cart.
Analyzing this information will help you create products and services that truly meet your customers’ needs, and you will be able to optimize them so that your customers remain satisfied after purchase.
3. Big Data Lets You Get to Know Your Audience
Big data lets you segment your audience into smaller groups based on their needs, buying behaviors and even what type of marketing they responded to best. Knowing what ads, pages, posts or events led to conversion from a mere visitor to lead, and from lead to customer, will help you identify which campaigns work best for your audience.
You can use this information to refine your marketing strategy and optimize your leads.
By analyzing this data continuously, you will cater to your leads more, which means that your campaigns will have a higher success rate, and you will also get more leads and customers. You can also improve the overall customer experience and satisfaction, as you can easily identify and address any issues that you find along the way.
4. Big Data Improves Your Sales Funnel
The traditional sales funnel consists of the following steps: awareness, interest, evaluation, decision, action (purchase).
The majority of your customers may spend time in each of these levels of the process to varying degrees. A critical aspect of improving your sales funnel is to get visitors who align with your ideal customer profile.
For many customers today, the awareness and interest phases can even be skipped. Customers already know what they want to purchase, so the main goal here is that they purchase it from you.
Thanks to software solutions, you can use the information acquired to segment your visitors according to what’s most important: you can see which consumers browsed through specific items, whether they put items in a shopping cart before they left the website, how many times they visited your website, and more.
You do not want to let potential customers simply walk away after showing interest in a product or service that you offer. Big data tells you more about the customers who you should immediately target in a refined way. Having an optimized sales experience helps you land a sale rather than lose a customer to a competitor.
5. Big Data Lets You Automate Business Processes and Reduce Costs Significantly
Big data facilitates automated marketing in a cost-effective way. By integrating automation software with a CRM program, you can segment your client lists more easily.
Contact information for each client or customer is automatically updated with all the relevant data once they are entered in the automation system, which saves you an incredible amount of time. Thank to this, you can produce segmentation lists based on location, demographic, behavior or another important segment within seconds, and determine appropriate marketing strategies and techniques to apply to each segmented group.
It is easy to gloss over specific marketing strategies and opportunities. After all, you may think that your current marketing efforts are sufficient. However, why would you settle for sufficiency when you could easily take your marketing efforts to new heights? The reality is that you can bolster revenue and profits by improving your marketing. Saving time while making more money in the process is essential if you want to compete in the marketplace today, and the key to success is analyzing big data.
Thanks to all the information big data holds, you can easily get to know the market, your customers, their needs and expectations, which helps you improve customer experience with every aspect of your business. You can easily build and segment your marketing lists and refine your campaigns. You can work on improving your sales funnel, lower costs and bolster efficiency. You can automate your business processes and focus on the core of your business in order to improve sales and revenue. Thanks to all of these advantages, not only is access to big data a big advantage in today’s business environment, it is also a veritable necessity.