There have been many technologies that have reshaped the world in recent times, and particularly in this new millennium. Perhaps, behind the scenes of almost all operations, big data is one such technology that has played an essential role. Today, if a company is already significant, it has to use big data to stay ahead. On the other hand, a small-scale company needs to employ big data to grow and become more prominent. Today, a significant portion of revenues of most multinational corporations relies on big data.
Therefore, it is hardly a surprise to find that gradually it has become essential for marketing. It is so because the advantages of big data for marketers are myriad. Nowadays, marketing professionals employ big data combined with proper analysis of the data set to increase their campaigns’ reach. By increasing the status of these running campaigns, they can also increase their influence. Data volumes have been exponentially growing in the last few years. This has led to data monetization becoming a very lucrative business for many. Let us try to analyze some of the advantages of big data for marketers.
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While there are many instances of big data leaving a mark in the marketing field, perhaps its most far-reaching influence is in getting exact pricing. The main parameter in marketing is pricing, and organizations need to do careful monitoring and analysis to reach the correct price. This has been a very time-consuming process for the most part. However, big data has helped to make it much easier to control, monitor, analyze and adjust prices in real-time. Two main pricing strategies can be implemented with the help of big data.
The first is called differential pricing. This strategy considers not just overall supply and demand but customizes it based on time and reason of purchase. Therefore, unlike earlier when airplane tickets had fixed prices, they vary based on the week’s time when one wants to purchase it.
The other is called versioning pricing. For the same product that a company offers, there are often different versions with slight differences. To price them effectively, it is often difficult to put a number on them without resorting to big data.
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Marketing is not just about an idea; it involves a plan to succeed. Big data can help devise a plan for marketing that is targeted and efficient. With the advent of big data, analysts and scientists can judge customer behavior and draw patterns from them. Big data has helped marketing planning grow by leaps and bounds. 65% of marketing personnel subscribe to the view that a marketing plan driven by data is more likely to bring success. Big data helps target clients by dividing them into sub-groups based on everyday habits. Thus, marketing plans need not be generic anymore and instead can be adaptive to each specific group.
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Beyond the products, the organization’s user experience has to be without hitches to market successfully. Big data can help customize customer experiences to a level where it is effectively personalized. Nowadays, each customer can receive services tailored to their needs by analyzing their search habits and other trends.
For example, Facebook stores and analyzes a large amount of data from all the users on its network. Based on this data, organizations can select where their target clients are located. It is possible to even deep-drill into the preferences of every single user. It is one of the most significant assets of big data in marketing.
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In big data, marketing analytics comprise a significant portion. Big data leads to enhanced forecasting with machine learning, statistical analysis, and algorithms based on historical data to generate future probabilities. Thus, marketing executives can choose to look beyond events that have already taken place and look to the future. Some of the various outcomes of big data in marketing forecasting are advanced reporting, real-time forecasting, and decision-making based on enhanced comprehension and higher decision-making skills.
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Return on Investment is one of the most fundamental parts of feasibility analysis, but it is notoriously tricky to judge rightly. Some statistics have shown that nearly a half of all B2B marketing executives experience trouble explaining their marketing plans regarding the revenue impact it has on the budget.
Big data can step in here to resolve this difficulty. It can be used to create an element-by-element analysis of the revenue stream. Some of the elements in this analysis are marketing investment, marketing channels, to name a few. This can also allow marketing professionals to check their calculations to avoid misinterpretation of the marketing techniques.
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So far, big data has been shown to improve strategies and forecasts. However, it is not just limited to such a small ambit. One of the most important legacies of big data is in the advertising space. There is hardly any place today in the corporate world where advertising does not rely on big data, wherever possible.
Earlier, marketing advertising used to be piecemeal and a cost center. However, in recent times, organizations have increased profits in marketing advertisements with the newfound business intelligence to create and distribute ads. Advertisements are now tailored to specific customers, much like specific strategies target specific groups. This allows people to engage more readily with the advertisement, as they can easily identify their tastes and habits subconsciously when they experience it. This has led to an explosion of the advertising space, and it is safe to say that big data has been one the biggest contributors.
Needless to say, online advertisements have been the main beneficiaries.
All in all, big data has reshaped how we imagine marketing. Marketing professionals use big data for pricing their goods and services, planning, customizing, forecasting, measuring, and advertising, to recount the instances named above. There are other functions of big data too beyond these broad strokes. In the coming days, big data is expected to be used more frequently as the data itself becomes bigger in addition to our improved methods of analysis.
The term Big Data was used for the first time in the 20s. However, it has been in existence for a long time. The uses of Big Data kept on increasing. Today in the information age, it has become the most important thing. There is no field in which Big Data is not applied. Almost every human, machine etc., has become the source of Big Data. It has reduced the burden of humans to a considerable extent. Without Big Data, it would have become practically impossible to interpret such a vast amount of information generated.
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