Over the years, the fundamental objective of marketing has remained unchanged, which is to effectively market and sell, be it a product or a service, but big data has changed how marketers accomplish this goal.
Data-driven marketing is not only necessary for businesses to succeed in all sectors, but it also gives them the ability to communicate with customers in an informed manner. Statista reported that the big data analytics market is expected to reach over $655 billion by 2029. The world will use and store around 181 zettabytes of data by 2025. This ocean of data enables organizations and businesses to provide more relevant and tailored marketing and customer experiences.
Big Data centric marketing strategies for 2024
Big Data allows marketers to enhance the consumer’s overall marketing experience. Here is how your company can use it in 2024 for better marketing and to generate higher revenue.
No amount of marketing strategies can retain existing consumers or generate more leads if they cannot trust the brand in the first place. Customers often have little knowledge about the various kinds of data that businesses gather, why they gather it, as well as what they intend to do with it. By being open and honest about data collection policies and making explicit declarations regarding the use and sharing of personal data, brands can gain the trust of consumers.
Modern customers desire greater control over the data that brands gather, retain, and utilize. Businesses should take advantage of transparent data collection methods to gain support and establish credibility. A report stated that 84% of customers are more inclined to share their data with organizations that have clear data policies, whereas 77% believe that this has an impact on their purchases, and 50% say they are inclined to make additional purchases from transparent brands.
Reduced data collection
Less is more. This stays true for data collection as well. Most of the companies collect and hoard data that is not necessary. Thanks to modern technologies, companies can now extract intel and achieve more with significantly less data which once they required a lot of it. It is believed that the ideal practice is always focusing on 20% of the data that is driving 80% of the result.
Through segmented and individual customer analysis, marketers can create tailored campaigns that have a deeper impact. From ad content and ad space to product range and deals, everything can be tailored specifically to cater to a customer using their browsing patterns.
Customer journey optimization
The boring old customer journey with mindless hammering and confusing advertisements has turned into an exciting and useful one because of data-driven marketing. Data can help marketers identify areas of resistance in the consumer journey, smooth out those patches, and improve their overall experience.
You don’t need a fortune cookie to determine whether your brand is loved by your customers or not. Big data enables marketers can determine client sentiment and pinpoint areas for development by examining social media mentions, reviews, etc. It’s like a horoscope come true, providing you with priceless input to mold your strategy.