Big Data’s Impact on Marketing
Let’s start with marketing which has long relied on demographic data. With big data, marketers can collect huge amounts of data on consumers including demographics, shopping and consumption behaviors, preferences, and even interactions with the company. Tapping into this data provides marketers with a deeper understanding of their target customers, improving their ability to craft marketing campaigns that strike a chord as well as attract more targeted customers.
Big data also helps marketers to better understand the problems consumers face — a key factor in developing marketing messages that convey that the company understands and can help.
Big data and marketing insights can also help the sales department by honing in on the best quality leads. Instead of wasting time pursuing leads that don’t match a specific profile, sales can pursue those that do.
Let’s not overlook Amazon and its recommendation engine that suggests other products based on what other customers have purchased. Those recommendations come directly from big data.
Big Data’s Impact on Human Resources
Similarly, hiring managers can examine big data to better understand the backgrounds of the company’s current workforce as well as the types of candidates to pursue. For example, if human resources wants to attract the brightest engineers, a hiring manager may examine an HR dashboard to find the right balance between years of education and experience.
Big Data’s Impact on Customer Service
Imagine hiring the best product designers, developing the best products, and attracting the right consumers via brilliant marketing campaigns. Now imagine losing a large percentage of those customers due to poor customer service. As you know, the customer experience is crucial to a business’s long-term success. Using big data to pinpoint areas in need of improvement allows your customer service department to repair those areas — and continuously improve.
Big Data’s Impact on Strategy
All of the above translates into a competitive advantage. Companies that tap into big data often out perform their rivals. You can use big data to identify trends, risks, and opportunities as well as gauge current consumer confidence.
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- Datafloq, “How Big Data Analytics Will Affect Your Company Culture,” – https://datafloq.com/read/big-data-analytics-affect-company-culture/116
- Ivey Business Journal, “Why Big Data is the New Competitive Advantage,” – http://iveybusinessjournal.com/publication/why-big-data-is-the-new-competitive-advantage/
- CIO, “How Big Data Can Improve Marketing and Customer Service,” – http://www.cio.com/article/2385922/big-data/how-big-data-can-improve-marketing-and-customer-service.html