Decoding Advertising Buzzwords: Big Data
Big data is, well, a big term to unpack.
As information is becoming increasingly complex and varied, a new marketing landscape has emerged. Big data is the child of the digital world we now live in, and it describes the challenges that come with using all of the information at our fingertips to make the most accurate decisions as possible, as quickly as possible.
Sure, the word “data” itself seems big, right?
When I hear “data” I think of huge rooms with banks of computers, churning out spreadsheets and arbitrary numbers.
But what is data in a marketing sense?
It’s much more actionable that it used to be, that’s for sure.
Today, we can collect online purchase data, mobile device usage, browsing behavior, and more, more easily that ever before. This data can lead us to more impactful insights, increased customer engagement, and marketing optimization.
Of course, simply having this information available to us doesn’t necessarily lead to more strategic marketing, but it does help. Combined with an integrated marketing strategy, big data can make all the difference.
We know not only who our customers are, but what they want.
We can learn what factors influence their loyalty.
Heck, we can even figure out if our audience will respond more strongly to a print ad or a commercial pretty easily.
So, how do we take these insights and turn them into success stories?
It’s important to look at as big data as an opportunity, not an inherent solution. It allows us to dig deeper, but it doesn’t do the digging for us. After we have the information, we need to share it – with salespeople, internal marketing teams, and anyone who plays a role in how your company presents itself to the larger public.
What’s the takeaway?
Big data can seem like a big task, but in reality, it’s perhaps one of the most valuable tools in any marketing firm’s back pocket.