Value in Big Data for Marketing

Welcome to our third blog in the third week of our college semester, the topic of discussion today is the value a business can derive from Big Data in marketing. In the previous 2 blogs, we discussed:

•  What is Big Data
• 3 V's of Big Data

The collection and storage of customer information by businesses have existed ever since the inception of the internet. Companies have collected and stored huge amounts of data in hopes that they might require it sometime in the future. Earlier the data collected was random and had not much specific value to it whereas, now the data collected has some kind of specificities attached to it and has specific values to be derived out and used to perform a specific purpose or task.

In this technologically advanced and Big Data era the data collected can be analyzed and put to use to make better and more profitable decisions for the business. It also helps in various other benefits which are mentioned below:

1. Better customer insights
   Analysis of the big data can tell you a lot about the current needs of your customers. If a lot of people are talking about a certain product over the internet or a social media platform you can make use of it and pop up your ad for better target marketing.
2. Personalization
   You can analyze the purchase behavior of your customers and suggest to them the products they would like to buy. This builds one to one rapport with the customer and increases the chances of making a sale.
3. Understanding market trends
   The past, present and future market trends can be analyzed and strategies can be developed on their basis.
4. Minimizing risk
   With a large amount of Big Data a full in-depth study of your competitor and the customers can be done which further can tell you about the risks associated with your business and product. This risk identification can help you make changes and avoid any or minimize the losses.

It is not just the collection of immense data but the collection of valuable and high-quality data that matters and is of use to the companies. This data is further analyzed and value is derived using various tools and methodologies depending upon the requirement of the business.

We will meet again next week with a new topic till then keep sharing your views, suggestions, and questions in the comment box below. 


References:
Bhattacharjee, S. (2017) 'Big Data, Data Mining, and Machine learning: Deriving Value for Business'. Available at: https://www.smartdatacollective.com/big-data-data-mining-machine-learning-deriving-value-business/ (Accessed : 25 January 2020).