Given the unprecedented growth of Internet over the past couple of decades, marketers have more than just tagged along in the digital growth story. They have charted new ways to reach out to the target consumer. Today, digital marketers are stuck in the ‘web’ of numerous applications. Everybody has been talking of big data for a while now. But is all the information potential used well? There’s often simply too much of it to make sense of, and it can be difficult to know even what to look for. In essence, it’s not simply about big data anymore but about how you can use big data to get the right data.
Cracking the Big Data code
Big Data is increasingly becoming key to communications and selling platform for companies, increasing the potential of growth in digital marketing. Initially limited to search engine enhancements and banner advertisements, digital marketing now takes the form of rich media display ads, YouTube video clips, Facebook content, targeted e-mails, and other campaigns.
Consumer-centric data, if read properly, can help companies hit a gold mine of customer intelligence. Consumers spend hours every day on the Internet and leave behind large amounts of information about who they are and what they seek. Their daily Internet journeys reveal their online interests, the content of their communications, the purchases they make, and so on.
While industries continue to collect all of this online information, so far, most brands have been unsuccessful in cracking this ‘code’.
“The best way to capitalize on the strong consumer correlation involves focusing the digital advertising campaign on the customer segments with the highest conversion rates. They need to have the appropriate technology to access and use digital and social data. With this, marketers will be armed to make smart decisions for the company,” said Shikher Gupta, Head – Digital Marketing at Videocon Industries.
Big Data and Advertising
According to Gautam Talwar, Chief Strategy Officer at Rediffusion Y&R, “Big data’s marriage with advertising will only improve over the years. The algorithms that want to find a specific kind of person searching for something in any geography will only become more and more defined, and I think that will reduce the level of overall ad avoidance in the future because at least the advertising will be relevant to the consumer. It may still not be differentiated but relevant for sure which is better that today where the advertising is still trying to be relevant to the consumer in the online space.
“I think more new metrics to evaluate advertising online is also needed. Is the ad "discoverable?" And is the advertising "sharable?” These are two metrics one must keep in mind to make sure that digital and online space is utilized effectively by advertisers. You may not have the same metrics in the offline world.”
Kulmeet Bawa, Director Enterprise - South Asia, Adobe, said, “There is a mountain of information out there for a business to use to help them improve marketing initiatives, create targeted campaigns and identify new revenue opportunities. This data has been collected for years and available for a long time, but for the first time, marketers have access to technology that will help them make sense of the data, driving actionable insights and ideas.
“And therefore, it is imperative for marketers to make use of technology and intelligent digital marketing solutions so that they are able to (a)integrate datasets from disparate online and offline sources and get a high-definition view of their customers, (b)intelligently identify hidden behaviors and recognize patterns in big data using customer analytics and data science technologies within the data workbench, (c)assemble insights into easy-to-understand dashboards and visualizations that can be used by stakeholders to make better business decisions, (d)instantly deliver key insights to downstream systems to take action and improve marketing optimization.
“Effective targeting leads to less waste and higher profit for a marketer – and a great brand experience for a consumer. The truth is, marketers must tap into the constant stream of web activity and customer data to gain intelligent insight into what visitors and customers want to see and experience. They must immediately act on that insight and deliver highly relevant, personalized content throughout the customer life cycle. As customers move across online, mobile, and social channels, marketers should be able to build individual profiles that capture customers’ interests, activities, and interactions, all of which helps in creating more relevant marketing experiences.
“Today’s marketers need a personalization solution that’s both intuitive and sophisticated—one that gives them complete control, reduces their workload through automation, and increases customer conversion and brand loyalty,” he emphasized.
Profiling online users in an effort to evolve digital marketing is one of the biggest steps companies can take toward unlocking big data’s potential. Nevertheless, the application of online profiling is limitless.
According Shreya Shivangi, Head – Digital Marketing at LG India, “Digital marketers need to take stock of the wealth of online consumer information that is readily available and develop highly targeted advertising campaigns to boost their marketing efficiency. In addition to profiling online users, big data can be leveraged in a very pragmatic and operational way.”
There is no doubt that Big Data can redefine search, affiliation marketing, and Internet-based direct marketing. But in today’s market, most marketers are yet to reap the digital marketing benefits that big data has the potential to provide.