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Marketing based on Big Data

Big Data analysis is to become a pillar of future marketing strategies in companies seeking to achieve a measurable competitive advantage. No wonder - thanks to processing information about customers' behaviour it is possible to adjust the offer to their real needs, forecast the demand for given products and services or optimise production costs. However, data storage and analysis are associated with some challenges for companies. Which one?

Selection of stored data

Large datasets called "Big Data" come from different sources and contain different kinds of information in many formats. The enormous diversity of stored data - including behavioural and transactional data - makes it necessary to select them skilfully. Only true and useful information will bring profits when implementing data storage-based marketing. Effective marketing is based on the collection and analysis of a variety of data, which must meet the conditions of reliability and truthfulness. At the same time, they reduce the risk of making wrong and costly business decisions.

Analysis of information sets

Huge amounts of stored data also require efficient analysis. The implementation of Big Data analytics requires the use of innovative analytical tools, thanks to which it is possible to effectively use the collected resources and integrate large data. The use of tools such as cluster work, in-database or in-memory analysis allows to successfully reach information that is not available using traditional methods.

The need for analysts

However, effective tools for analysing stored data are not enough. An indispensable element in the Big Data chain are specialized analysts, called data scientists. According to Hal Variana, Google's chief economist, data scientist is the most desirable profession of the decade. These analysts can make optimal use of the information coming from the data, drawing valuable conclusions from it.

Skilful use of data

In order to make the most of the possibilities offered by the analysis of the stored data, it is necessary to have both specialized tools and high analytical skills of the people who process them. Companies and businesses that base their marketing on Big Data also face the challenge of re-evaluating their individual business objectives, which may be, for example: to increase profits, gain new customers or reduce operating costs. Their knowledge is crucial in effectively determining the scope and type of data stored.

Good news for marketers

Despite the undoubted benefits offered by Big Data tools, Polish companies are still reluctant to implement them. As the research conducted by Intel shows, only 18% of Polish companies store data and subject it to analysis. Fear of excessive costs and the risk of failure makes us lag behind Central Europe when it comes to the application of Big Data analysis. Luckily, the constant development of technology lowers its costs, so that not only large, but also medium-sized and smaller companies can already store and analyze data. This is good news for marketing professionals because, according to the 18th Global CEO Survey conducted by PwC, as many as 80% of CEOs recorded measurable benefits in their companies based on Big Data marketing.

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Quotation

Everyone went outside to smoke cloves and bitch about having to stay after for the State.

Jon Stewart on events following Charles — January 19, 1999