|Big data is essential in marketing / Photo Credit: mrmohock (via Shutterstock)|
Jon Simpson of business news platform Forbes said marketing stayed the same for the 15 years after the internet went mainstream back in 1991. It didn't change until big data emerged as a treasure trove of business intelligence in 2005. At this point, marketing underwent a game-changing revolution. There are three types of big data that changed in marketing. Customer data refers to information on a customer’s online search and purchase behaviors to aid marketers in understanding their target audience. Financial data is defined as concrete figures that allow marketers to measure performance and compare against competitors. Lastly, operational data are insights into business processes that may enhance performance and minimize costs. The goal of marketing is to successfully promote and sell goods or services, and big data has changed how marketers will achieve it.
The term “big data” has been in circulation since the early 1900s. It is also associated with the challenges of storing and analyzing massive amounts of data created each day as more people have access to the internet. The emergence of big data was important because marketers could collect a different type of data. 20 years ago, marketers collected point of sale transactions, coupon redemption, and more. Now, they collect geolocation, social media actions, etc. Therefore, big data has prompted marketers to create new approaches to the field and create tools to help them gain valuable insights from consumer-generated data.
There will be more than 150 trillion gigabytes of data by 2025. This means marketers will need to use more advanced tools to analyze and store data. In the near future, marketers will need to invest in online software that can handle big data. Of course, today’s big data tools need to evolve or else they will be left behind. Gaining a competitive advantage will become more challenging as more marketing groups gain access to the same consumer data, prompting marketers to be innovating to make themselves stand out. As the world becomes more data-focused and driven, the success of marketing campaigns will depend on attention to detail in data analysis, as well as utilizing insights to effect changes to deliver improved results.