How can data-driven marketing improve your business
Big data refers to a large pool of data sets that can be analyzed to reveal patterns, trends, and associations, especially human behavior and interactions. Nowadays, Big data is transforming the business field, especially in marketing and sales, in unachievable ways before technological advancement.
Together, the approach of using data collected from customers to enhance and optimize superior strategies and communications is called "data-driven marketing." Marketers use customer information to understand their behavior to predict the needs and trends. Winning their heart and serving precisely what they want is the key success factor of doing business. Therefore, this approach is one option that the business owner should consider when conducting a business strategy.
There are three perspectives of big data which marketers should take into consideration.
This data category helps marketers deeply understand their target audience. The panel data may derive from such sources as company databases, marketing campaigns, points of sale, websites, customer surveys, social media, online communities, and loyalty programs. Some of them can be an insight that indicates the customer's black box and their behavior. By interpreting and finding the data pattern, personalization of customer experience is one strategy that gives the highest customer satisfaction.
The financial data set is crucial to measure performance and optimize campaigns more efficiently. Sales, revenue, profit, costs, margins, and marketing statistics are included in this category.
Operational data relates to business processes. This category includes operating cost, logistics, CRM systems, resource allocation, and other sources. Collecting and analyzing them can help marketers and business owners improve performance and optimize to reduce costs.
One example is how Spotify utilizes its Big Data and artificial intelligence to improve listeners' experience by personalizing customer playlists
(Photo reference: techcrunch.com)
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