Living in a new era of computational sophistication, “big data” couldn’t be hotter. The term of “big data” refers to the ever-increasing volume, velocity, variety, variability and complexity of information. For marketing, big data is the fundamental consequence of the new marketing landscape, born from the digital world we are living in nowadays.
As big data continue to be a huge focus and priority in marketing, some issues come along, such as how big data has changed the way of marketing, or is it a positive or negative shift for marketers.
From my perspective, I prefer to take the positive side. As a marketer, I always hold a belief that big data brought a paradigm shift to marketing. It provides a “short cut” for marketers to complete their jobs better, since big data brings necessary insights into which content is the most effective at each stage of a marketing cycle, how to improve Customer Relationship Management (CRM) systems, in addition to strategies for increasing conversion rates, customer engagement, sales and customer lifetime value etc.
However, having big data doesn’t automatically lead to better marketing. It is not the data itself that is so important to marketing, but is the insights derived from big data. Why not just treat big data as a secret ingredient to our big dish, the raw material of our products, or the essential foundation of our skyscraper. Big data cannot affect marketers’ decision making or action taking without the support of necessary insights derived.
Meanwhile, it is inevitable for every marketer to get hold of the skill to leverage greater insights from big data by harnessing various data analytic tools, for example, Google Analytics. Yes, there is no compulsory requirements for marketers to learn analytics or mathematics, but knowing how to study the data is still a required course for all of us.
In order to leverage big data, there are three types of big data that are a big deal for marketing.
Even though big data brings so many advantages to marketing since it appeared, we cannot deny that there are still some challenges and unsolved issues related to the use of big data daunting for marketing.
One of the hottest issue of big data must be the privacy concerns. Consumers are becoming more wary about what is happening with the vast amounts of data now collected about them, but sometimes the data is collected automatically without any notices. Here are one typical example. When we are browsing Amazon, the products recommendation on the main page are always relative to the products we browsed few days ago. I am not sure whether or not this is legal, but I believe maintaining the balance between profit and privacy is always important.
Knowing what data should be gathered and how to go from data to useful insight is another challenge marketers are faced with. Data is everywhere. There are enormous volumes of customer, operational and financial data marketers are able to collect, but remember one thing: more is not necessarily better- gathering the right data and turning it into deep insights are crucial.
Additionally, we cannot trust every bit of data we get. Holding a dialectical and developing attitude to evaluate the data we collected will help us to conclude effective insights we need. Since the world is developing quickly and the trend of consumers behaviors is changing every day, the past behavior the data provides cannot prove the present and future trend. The past data might be a reference when we are making future marketing decisions, but it cannot be the decisive factor.
Okay, thank you for your time and be happy! 😏