According to the marketing bible of Kotler: Segmentation, Targeting and Positioning are major steps companies all over the world should go through. Now combine that with data!
How many times have you heard that Big Data is the next big thing? Quite often I presume, at least I heard it a dozen of times already.
Being data driven is a must today, but what does it really mean for marketers? The term Big Data in the marketing sphere is not really about algorithms, biometrics or queries, but rather about customer analytics and insights, which in turn mean big strides, big success and big money when implemented successfully.
Say hello to Big Data. It’s at every corner!
After all, the statement “Big Data is too big to be ignored” makes perfect sense. You probably do not need someone else to come and lecture you on the importance of Big Data today. The huge steps Big Data has made so far can be anything but ignored, ranging from the different fields of science, research, security, technology, transportation, architecture, law up to financial trading. The list is never ending, you name it, and it will most probably be there. Yet why should companies bother when it comes to Marketing?
Big Data Management: Data Management for Marketers who want to stay ahead
Unleashing value from the data collected and analyzed helps to gain a better understanding of consumers and their behavior. This in turn enables better targeting and retargeting of customers, optimization of marketing campaigns and performance, higher lead generation and finally allowing for one- to- one personalization in real time. Therefore, the opportunity cost of not pursuing data driven marketing not only piles up, but rather hinders the organization from reaching superior levels of customer service and engagement.
Are Philip Kotler and Big Data working together?
Remember the term STP? I bet many marketers are already familiar with it, according to the marketing bible of Kotler: Segmentation, Targeting and Positioning are major steps companies all over the world should go through. The process demonstrates the links between an overall market and how a firm competes and positions itself in that market, after being fully informed about its target groups. Big Data today has already paved the way for STP, by integrating large amounts of customer based data, compiled from the web history or social posts allowing for accurate segmentation and enhanced targeting.
Data Deluge: A universe made up of data
This sounds easy but how much data is really out there? To simplify this let us take 24 hours as an example. If the data created in those hours were burnt onto DVDs and stacked on top of each other, then you may as well have visited the moon, not only once but twice. Skeptical? I was as well, that is why I kept on digging into it and as matter a fact, as you are reading these lines hundreds of thousand search queries are taking place in Google right now.
How to digest it all?
So if we go back and think of Big Data, it has fundamentally shifted how marketers utilize data to reach their customers thereby changing the rules of the game by allowing companies process such massive amounts of data. Customization of emails to different segments with real monitoring of contacts’ preferences is an illustration of what Big Data can do. Sounds great doesn’t it? But to be able to do that, the company will be needing a robust database in place, to gain those insights as efficiently and quickly as possible. That is where Exasol, the fastest database worldwide comes into the picture and enables marketing automation. The Berlin-based Webtrekk marketing analytics firm resembles a great case of implementing the Exasol database, thus empowering its marketing automation tools to analyze the raw data fed into the systems. To read the full story please click here. Right now you take your lead position in the drive to change and take Exasol for a ride to assess how the database can be of service to your business.
Your resolution for this year
To wrap it all up, as a marketer, your marketing insights are only as good as the marketing data feeding them. It is still the beginning of the year and the journey of 2015 has just started so use it to make resolutions that stand up to their promise. It is time to resolve to be data driven. Big Data is something more than the next big thing, it is simply here to stay. So why don’t you start to benefit by giving Exasol a fresh new start this year.