Big Data Case Study
Big Data refers to an ability to derive insights and make decisions based on the newly available, expanded set of technological tools that store, process, and visualise data which is greater in volume, velocity, and variety opposed to traditional business intelligence (BI) tools are able to handle.
Big data doesn’t automatically lead to better marketing, but it has the potential to do so if used in the right way. It’s not the data itself that’s so important. Rather, it is the insight derived from big data, the decisions you make and the actions you take that makes all the difference.
Combining big data with integrated marketing management strategy, marketing organizations make a substantial impact in the below mentioned key areas:
• Customer
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Operational: This big data category includes objective metrics that measure the quality of marketing processes relating to resource allocation, marketing operations, budgetary controls, etc.
Financial: Housed in an organization’s financial systems, this category of big data includes sales, revenue, profits and other objective data types that measure the financial health of an organization.
Challenges
1. Mapping the customer journey
It is important for marketers to understand how the customers eventually move from brand awareness to brand conversion. Even in the digital age, tracking this process can be extremely troublesome. Customers might first see your brand on a billboard, then read about it on various social media, and finally make a purchase on their mobile device.
Despite the challenges, marketers are still not able to use the data available to them effectively in order to connect the dots between online and offline
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As e-Marketer found, most marketers are using fragmented, faulty approaches for understanding a cohesive customer experience.
As a result, most marketers are having trouble combining data as it becomes available across multiple channels, giving them an incomplete understanding of how effective/ineffective their efforts are, in the buying process.
In a utopian world, there would be a one-size-fits-all solution for marketers looking for integrating big data into their strategies. But each product line, offering, content and customer journey is unique. So until the tools are available, or they are able to build their own, marketers will continue to struggle in finding the desired technology in order to provide a better picture.
3. Earning customer’s trust
Marketers try to improve their customer experience, but in order to do so, they have to track and follow each buyer’s needs and wants. And that can cause some trust
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