Guest post by Finnegan Pierson.
Any business venture in existence won’t remain in existence unless it can generate sufficient revenue and profits. The two old standbys of marketing and sales support the generation of money into a company’s coffers. Attracting audiences to marketing strategies requires continually changing with the times. Otherwise, a business falls behind and cannot keep up with competitors. Potential customers can simply ignore a business that employs outdated marketing strategies.
Currently, big data is poised to infuse huge changes into the way businesses conduct sales and marketing endeavors. This news should be taken as a positive. Those capable of harnessing changes and trends in big data can do so to their sales and marketing advantage.
Big Data Helps with Pricing Products
One way to improve sales is to provide a product at the price the customer wants. Attempting to guess the best price often leads to a lot of product not being sold. In many ways, analyzing limited data leads to little more than guessing about what price would appeal most to consumers.
Big data makes big changes in this arena. Drawing from a large collective of information about customers and what they want, profits can be altered accordingly. The price remains profitable for the company and agreeable to the consumer.
Create Stronger Customer Relationships
Customers sometimes feel a strong bond with a particular company. Certain fast food franchises have consistently done well over the decades because customers maintain a pop cultural connection. Comic books understood connections to customers was critical to success, which is why the industry takes the convention circuit so seriously. Through examining big data, any company finds itself able to take steps to build stronger customer relationships.
The better relationships might develop from improving customer service or coming up with unique products or marketing strategies. In order to improve relationships, a business requires a better picture of its buyers. Big data compiles information about customers that assists marketers to better target them in an effect and personal manner.
Search Engine Optimization and Email Marketing Gain New Life
SEO and email marketing aren’t spoken about in the most positive of terms these days. Not too long ago, SEO and email marketing helped all kinds of different businesses improve sales and reach new customers. In the social media and pay per click landscape of today, many pronounce SEO and email marketing as being ineffective. Big data has come along to give both SEO and email marketing new life.
SEO and email marketing strategies do have their limitations. The clock cannot be totally turned back to the time when both could prove to be an automatic goldmine with little effort. That said, the potential for using both to great success and big data improves the chances of making things more productive. An infusion of detailed information could assist any type of marketing campaigns. Why would ones utilizing search engine optimization and email marketing be excluded?
Contextual Marketing Gets a Big Data Boost
Contextual marketing relies on reaching a target market by examining the search and browser history of potential customers. Contextual marketing surely relies heavily on informational analysis in order to be effective. Services such as, Tableau on Hadoop certainly helps with analyzing data. Scouring big data sources creates an additional pathway to access that necessary information.
Unfortunately, systems designed to analyze data can fail to deliver the speed and efficiency required to procure necessary information. How can this problem be addressed. Big data comes to save the day here as well. Big data creates a research portal to develop systems capable of overcoming hurdles faced when performing analytical tasks.
Big Data Improves Marketing Approaches
Big data’s impact reverberates through many sectors of the business world. Marketing and business are intertwined so no one should be surprised big data has an effect on marketing and sales strategies. Many may be surprised at just how vast the impact truly is. Likely, the impact will continue to grow.