Big data is an often-used buzzword that can mean just about anything to the untrained. All we know is that data is valuable, and we can use it somehow to grow our business and predict the future. Today we’re going to take a look at how big data can help your company.
According to the World Economic Forum, 463 exabytes of data will be created on a daily basis by the year 2025. In case you didn’t know the average computer only has 500 gigabytes of available storage.
Yes, that’s an outstanding number that the recent pandemic obviously accelerated.
What most companies don’t know is that there is a difference between big data and marketing. A data-driven business has to follow a process to use the information collected or sold to them. Let’s take a look at where these two intersect.
Where Big Data & Marketing Intersect
Let’s start with marketing, you don’t need us to tell you what marketing is or why it’s important. However, marketing is taking on a new role when you combine granular data. Traditionally, marketing was as simple as running ad campaigns or setting up inbound traffic.
Before that, a business would hang their sign and hope people came in from the street.
Seems primitive, but the technological world isn’t so different. You just have to understand who is driving the cars and how to target them. Whereas in the past you just had to make sure there were cars.
That’s where big data comes in.
Big data is a large diverse block of information that is completely unusable in its raw format. It takes a piece of the mind of all those people journeying in front of your industry and pulls it together. When the data is broken down visually it becomes usable.
Data alone will not increase your business, however when you filter it with a demographic analysis and segregate the data into verticals, marketing intersects big data.
Benefits Of Using Big Data In Marketing
Companies that implement big data strategies into their marketing can see a massive increase in growth because their targeting becomes granular.
Forbes In 2015 confirmed this in a report that demonstrated that companies that implement data-driven marketing are six times more likely to increase their profits from regular marketing strategies. Partially this is due to being able to personalize a customer’s experience and understand what their needs are to a greater degree.
Big data of course plays a central role in the creation of personalized products. Predictive sales are the way of the future because they allow supply chains and engineers the ability to create products that they know will sell instead of testing them.
You can use data-driven marketing in the following ways.
Increase Ad Performance
ProxyEmpire for example provides its customers with residential proxies in Geo locations around the globe designed to test and gather intelligence of ads for regions. By doing this companies can better understand how advertisements perform in different locations.
Understand Brand Sentiment
You can scrape data down to the county level and alert your brand executives every single time your product is mentioned. This becomes more powerful when you visualize all the data collected to see how the public views your company.
Measure Customer Loyalty
Data helps you understand the lifetime value of a customer and how much money you can invest in onboarding a client. Through the power of data and the visualization of it, you can better know how well your marketing is performing concerning your initial investment.
Collecting Your Data
Data-driven marketing should be thought of as a supply chain that starts with data extraction through the use of web scraping. Companies hire developers to create web crawlers for their specific industry to make requests from platforms in order to pull the data into one spot.
Web scrapers leverage residential proxies so that they can target specific areas on a granular level without getting blocked from the entities they are scraping data from.
The results are vast amounts of unstructured data that are useless.
Unstructured data has to then be converted into structured data which can be months long in the process. That’s why small companies that do not have a team of developers will typically buy data that is already structured or simply use the data they have from previous marketing campaigns.
Conclusion
Big data has been here and the virtual world is becoming increasingly as real as what has been deemed reality. The pandemic accelerated this trend and as data grows so can the implementation of it within a company’s marketing strategy.
Data-driven marketing is here to stay.
Your company can benefit from its implementation. ProxyEmpire Is a utilitarian resource for driving big data and we’re always here to help in the bottom right-hand corner of the chat if you have any questions about getting started.
