Data Driven, The Union Of Big Data And Marketing
Marketing strategies based on insights from Big Data analytics are known as Data-Driven Marketing. In particular, I consider this model an essential strategic tool for companies today, which allows the development of effective processes capable of arousing the interest of the public to meet their expectations.
Table of Contents
What Advantages Can We Obtain Thanks To Data-Driven
One of the maxims that we must follow to achieve success in digitization is that almost everything can be measured, and with this, we can base our strategies on data and be more efficient. One more boost to make the right decisions and measure our results. In turn, Data-Driven companies have an easier time detecting threats and correcting their course. Thanks to our analyses, market opportunities and, in turn, customer needs can be identified. In conclusion, this transformation is opening many doors to those companies that know how to optimize it, which is why I think it is something very important to take into account from a business point of view.
Main Benefits Of Using Big Data For Decision Making In Marketing
In addition to the advantages, we can highlight certain essential benefits of Data-Driven. The first benefit would be to maximize the return on investment, therefore, if we know the exact response of our users to the impacts that we throw at them, we will be prepared to be more efficient and reduce the opportunity cost of a bad choice.
In the second benefit, we would be talking about achieving greater visibility in terms of having a greater knowledge of the role that the display plays in our strategy since it allows us to lose the fear of marketing based on visualizations. In this way, we obtain a correct attribution model, with this objective we take measurements at all stages of the sales process.
Thirdly, we would need to align business objectives with the reality of the digital user, since the latter is capable of controlling the purchase process. Therefore, our strategy should be focused on meeting their needs and not fitting our product into them.
The fourth benefit is that we could increase the volume of data we get from online channels. Therefore, if we are efficient in data collection, transmission, and good management of Big Data, we would obtain more data, and that can only mean higher income. In this way, we will be able to create a model that includes all the determining variables and also significantly prepares your team for the decisions they must make in their tasks in the short and long term.
The fifth and last benefit that we can analyze would be to definitively turn towards a user-centric vision. Data-Driven leads us to a new work model with which to change our perspective. We are facing the maximum expression of the user approach. And it is that, if we want to be successful in the performance of our investment, we need to “be the user” and know their behavior.
The Data-Driven In Digital Transformation
Data-Driven Marketing is an essential method in comprehensive transformation since it contains the three fundamental pillars to carry out said transformation. The first would be the use of technology, which is the main feature of this methodology, then we would have the talent, led by professionals in the sector who are capable of managing, analyzing, and interpreting this data, and finally the strategy in making decisions, because it is essential for the launch and development of successful marketing campaigns.
Examples Of Data-Driven Companies
For a company to be Data-Driven, it has to take into account the main approach by which this model is used. Strategic decisions must be made based on the exploration of information in the analysis and collection of all information.
One of the large companies that are shown as an example of this use of data analytics is Netflix, since it uses a Data-Driven Business Model collecting data through the interaction of users with the platform, basing the recommendations of series and movies in the creation of profiles of similar users for the comparison of their behavior. Another example that we should always watch is Amazon. Currently, many e-commerce continuously uses user data to personalize the account and in this way, they can offer you products more adapted to your needs.
The last example that we turn to initially is Uber and its market expansion since it uses its driver database to identify its location in real-time and be able to manage this information. In this way, it offers a more agile service to the user with better routes and location times. Even in their databases, they keep all the information of the trip made by the client to predict the supply and demand of vehicles.
Also Read: SMS Marketing An Economical Solution
- Mastering Algorithmic Trading Without Coding Skills - November 10, 2023
- 8 Tips for Procuring Technology for Your Business - August 15, 2023
- 5 Financial Best Practices To Follow When Starting A Business - July 6, 2023
