Big data analysis has taken the world of data matrix by a storm; it has become a critical driver of business success in almost all sectors. Engaging customers with more than simple historical data has become the need of the hour for successfully organizations. To create ever more engaging offers and promotions, an organization now requires ‘in the moment’ data of customer activity, which is possible with more insight driven marketing as opposed to data driven marketing.
The value of big data
In recent marketing scenario, it has become increasingly evident that insight-driven marketing is far more valuable than simple data driven marketing.
Big data is a relatively broad term used for data sets so large and complex that traditional data processing ways fall short in comprehending it. Big data thus means a large volume of data, both unstructured and structured, which businesses collect on a daily basis, from all possible sources. Largely speaking, it’s not the data that has been collected which matters; it’s what the organization does with all the data collected. This avalanche of collected data should be analyzed for insights, since this will lead to better strategic moves and decisions in business.
Value of big data – or importance of big data revolves around that amount of data you have and what you do with it. Combining big data with high-powered analytics, a business can
- Reduce costs
- Reduce production turnaround times
- New products development
- Create optimized offerings from consumers
- And make smarter data based decisions
Why data-driven marketing is a great idea?
Marketers often create large sets of data to drive marketing strategies and decisions. The data sets means the business can create custom products that reach people at the right time, through right channel, at right place. In the process of attaining this, marketers focus largely on data-driven insights where creativity takes a back seat.
In data driven marketing model, generally the focus is on the numbers. The numbers largely influences what is in business’ favor and what isn’t. But there is no through on why consumers engage or do not engage in the product – this data driven strategy fails to understand why customers are unmotivated for a product, and in the long run this lack of awareness ultimately diminishes the brand’s identity.
Owning to the limited approach of data driven marketing, creative marketing should be included to understand customers’ involvement and emotions to help arrive at a product that is customized for consumers and is well accepted.
It’s important to understand that focusing more on insight-driven creative marketing doesn’t mean ignoring data. Big data plays a vital role in directing creativity. It is therefore important to maintain balance between numbers, data and insight-driven ideas.
Advantages of insight-driven marketing
In addition to knowing data and numbers, it’s vital to know where and in what segment your customers are in, whattheir interests are, and what clients’ are value for the organization. These ‘knowledge assets’ or customer insight is important for action oriented decision making in marketing.
Advantages of such insight drive marketing include:
- Insight driven marketing allows organizations to have a 360-degree view of their customers, which is not limited to just their data, but their characteristics, which define decision making.
- Insight driven marketing can be helpful for surveys and arriving at correct segmentation of customers.
- Insight driven marketing ensures direct and tested delivery of product which is customized to consumer requirement.
Big data is important for collection of all the data from all possible structured and non structured sources. The true and correct utilization of data is possible through bringing together data driven and insight driven marketing, because neither of the two is independent and full proof.
