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Value in Big Data for Marketing



Big Data has a huge amount of aspects that can be measured in terms of value, but before measuring that it is important to define what part of it is more relevant for an expected business outcome, it means that the value of Big Data will appear depending on the business perspective or objectives. 

According to (Rossi, 2015) It is how we make use of data that allows us to fully recognize its true value and potential to improve our decision-making capabilities and, from a business standpoint, measure it against the result of positive business outcomes. 



The most common ways to verify the value of Big Data are through the three Vs of it, see the post-https://newdatadbs.blogspot.com/2020/02/the-3-vs-of-big-data.html. However, there are other perspectives that can be taken into account as highlighted by (Big Data Framework, 2018): 

Transparency - It can be used to determine future decisions, that makes a company more transparent reducing the barriers between departments. With that clarified it is possible for instance a company create new products and or services faster by the collaboration made with those departments. 

Discovery - With the increase in the amount of data generated every time new aspects can be analysed and new insights about customers preferences or on how products/ services can be more profitable by using this information for example. 

Segmentation and Customization - It is possible to analyse data to customize services based on segments and specific profile of a customer which can benefit the business revenue. 

Automation - It can optimize enterprise process and improve accuracy, it means manual processes in all different aspects of an organization can be replaced by it. 

Innovation - Either for creating new business, products or services or just for optimizing them innovation is another important factor that Big Data can drives. The information of an existing process can give new ideas of optimization or how to solve specific problems through innovation. 

When we think specifically the benefits for the marketing perspective (SAS, 2020) stand with three key factors that Big Data can drive for customer perspective, operational perspective and financial perspectives. Moreover, on the customer perspective the effect on the engagement: going ahead of who are the customers and giving information about locations, they preferences and the ways they would like to be contacted. Customer retention and loyalty: It can give a better understanding of what elements of a product or service can keep a customer rebuying from a company. Marketing optimization and performance: it can optimize the investment cross multi-channels and the testing and analytics process. 

For (Roberts, 2014) the value of big data for marketing perspective is divided into two possible value points. Big Analytics and Big Automation, where the first make the possibility of using what is useful and what can help drive improved activity like sales, traffic and margins for example. Automation, Big Data requires much more real-time analysis, which will result in more automation for marketing processes as well. 


References 
Big Data Framework, 2018. Value of big data. [ONLINE] Available at: https://www.bigdataframework.org/value-of-big-data/ [Accessed on 20 February 2020]. 
Roberts, J. 2014. An introduction to using Big Data for Marketing. [ONLINE] Available at: https://www.smartinsights.com/digital-marketing-platforms/big-data-digital-marketing-platforms/introduction-using-big-data-marketing/ [Accessed on 20 February 2020]. 
Rossi, 2015. How to measure the value of big data. [ONLINE] Available at: https://www.information-age.com/how-measure-value-big-data-123460041/ [Accessed on 20 February 2020]. 
SAS, 2020. Big Data, Bigger Marketing. [ONLINE] Available at: https://www.sas.com/en_ie/insights/big-data/big-data-marketing.html [Accessed on 21 February2020]. 

Another reference 
Blake, S. 2017. [ONLINE] Available at: https://www.forbes.com/sites/forbestechcouncil/2017/04/14/wheres-the-value-in-big-data/#25cb290730da  [Accessed on 18 February 2020]. 



Comments

  1. Wayne D21 February 2020 at 12:18

    Really enjoyed this! Thanks for sharing

    ReplyDelete
  2. Leonard21 February 2020 at 13:11

    Well written papi
    Thanks for the knowledge

    ReplyDelete
  3. Natalha Dias21 February 2020 at 15:50

    Yes! Big data is changing the world! Really well written!

    ReplyDelete
  4. Arjun Negi21 February 2020 at 16:59

    The content of this blog post was refreshingly unique. Thanks for sharing this, Tiago.

    ReplyDelete
  5. Sushanth22 February 2020 at 02:42

    A good read!! well done.

    ReplyDelete
  6. MJ22 February 2020 at 03:50

    very informative! good post Tiago

    ReplyDelete
  7. Shubham Mehta22 February 2020 at 04:33

    Nicely pulled :)

    ReplyDelete
  8. Elina22 February 2020 at 06:24

    I really love your post tone and valuable info!
      My last post is also on the marketing related topic, I will appreciate your comment)

    ReplyDelete
    Replies
    1. Tiago Pereira24 February 2020 at 03:46

      Thanks Elina! Good to know you liked It! Sure, I will read your post!

      Delete
  9. Aishwarya Venkatesh23 February 2020 at 02:39

    Very informative Tiago, keep it up!

    ReplyDelete
  10. (ADI)GIT_blog23 February 2020 at 12:39

    I love the way you write... Keep it up

    ReplyDelete
  11. Marília Martins 24 February 2020 at 01:12

    Very well written! This is the big challenge that we as marketers are facing nowadays - using data to bring value to marketing campaigns. Yet, the data collected, come with lots of benefits, but also many implications.

    ReplyDelete
    Replies
    1. Tiago Pereira24 February 2020 at 03:49

      That is the point, set up the information collected for specific needs of the business! Thanks for your comment!

      Delete
  12. Feu Darty Fice24 February 2020 at 03:37

    Very well written and concise article! Well done!

    ReplyDelete
  13. Maël24 February 2020 at 08:10

    Nice perspective on the contribution of big data to digital marketing,good job

    ReplyDelete
  14. Colin Almeida24 February 2020 at 12:06

    Very well explained how we can use big data as marketers.

    ReplyDelete
  15. Dylan O'Regan24 February 2020 at 16:33

    Superb work Tiago as per usual. Good work making the explanation process simple to understand

    ReplyDelete

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