Benefits and Challenges of using Customer Data for Marketing

We live in an era that is dominated by technology and real-time information, the Big Data represents for many industries and areas benefits and challenges. In what if it has strategic management can lead the business to be ahead from its competitors. In terms of Marketing Big Data has an infinity of benefits that yet will be discovered and explored. However, many surveys and studies are showing what good from its business can take advantage 

Global research run by TCS (Tata Consultancy Services, 2013) showed how important Big Data is for understanding customer behaviour, determining customer value, pricing, segmentation and timing as the main benefits for marketing. The correct analysis of this information can also help marketing departments to optimize brand awareness, especially when they know how customers interact with the brand, and as a result of it to improve customer acquisition as pointed by (Pearlman, 2019). Furthermore, the author brings the data analytics provides Business Intelligence which results in time and cost savings when marketing performance is optimized.  

When we look at the challenges that Big Data can represent for Marketing departments, the overload of Data is one of the biggest issues for many companies. As cited by TCS (Tata Consultancy Services, 2013) handing a large volume of data, variety and dealing with the velocity Data is produced is not an easy job to do, especially for small companies. Other points that represent challenges from the same research are finding a better way to organize Big Data activities inside the company and share information across sectors and departments. 

The importance of having Data performing in all platforms of the companies both online and offline is also a key factor that needs to be considered, that Data is crucial to maximizing the understanding of the multiple ways of the customer journey as mentioned by (Dudharejia, 2018). 

References  

Dudharejia, M. 2018. 4 Big Data Marketing Strategy Issues Holding You Back (And How To Fix Them). [ONLINE] Available at: https://www.smartdatacollective.com/big-data-marketing-strategy-issues-holding-back/ [Accessed on 22 February 2020]. 

Pearlman, S. 2019. Big Data in Marketing 101: Why it’s Important, Where it’s Going, and How to Get Started. [ONLINE] Available at: https://www.talend.com/resources/big-data-marketing/ [Accessed on 21 February 2020]. 

Tata Consultancy Services. 2013. Marketing: Big Data benefits and challenges. [ONLINE] Available at: https://sites.tcs.com/big-data-study/marketing-big-data-benefits-challenges/ [Accessed on 20 February 2020].