Marketing Industry Utilizing Big Data

Big Data is defined as extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Big data is shaping the way industries are utilizing their consumer information.

Being compromised of both unstructured and structured data, it is constantly changing to meet the demands of the consumer. Big Data in Marketing for example, provides insights into which content is the most effective at each stage of a sales cycle, how Investments in Customer Relationship Management (CRM) systems can be improved, in addition to strategies for increasing conversion rates, prospect engagement, conversion rates, revenue and customer lifetime value.   

With large amounts of data available, businesses are trying to get ahead of the game with consumers by predicting what they want before they even ask for it. That requires your business to have to understand what they want. However, what sets companies apart in an industry is how they utilize the Big Data to uncover specific insights unknown to competitors about the consumer. By picking a persona, businesses can really narrow down that Big Data to utilize it to their advantage. In other words, companies need to sift through all the data that makes a difference for customer’s daily lives. It can really help with a companies ROI. 

Businesses can also use social media listening which can easily help them find out what customers are talking about and sharing as well as things going on in their lives and jobs. You can do this by listening through LinkedIn groups, following Twitter hashtags and more. 

Social media is a great way to discover consumer insights and Facebook Power Editor is a great tool that allows businesses to convert customer data into insights!

Step 1: You can access Facebook editor by logging into your Facebook account and at the top on the far right, there is a drop down menu where you will click "Create Ads". Once you get there, select "Traffic" (to lead people to your page) and then under the traffic button you will see, "Create Ad".

Step 2: You're on your way to create your ad, now you just need to verify information.

Step 3: It is time to identify who and where your ad is going to. Be sure to be as specific as possible with location, gender, language and age. For this example, for Swell Water Bottles, the location is in Oxford, Mississippi for women 17-23. It also gives you an option to add interests, which I added, fitness and health.

Step 4: The final step is that you can create a budget and schedule for your ad.

My ad for Swell Water Bottles based on the criteria I had entered gives me an audience of potentially reaching 2,000 people. This data is key to retail stores in Oxford and how to better promote the sales of Swell Water Bottles.