“Data is the new oil”
A perfect axiomatic statement that has been repeatedly proven by leading tech giants around the world. How? Let’s dive in to learn more…
A century ago wars were fought over staking a claim on the black pitchy fluid but now data presides over the industries like an undisputed king.
An oil refinery resembles a cesspool of shady power and money wherein gallons of gas and numerous other hydrocarbon compounds emanate feeding countries around the globe.
On the contrary, data conspicuously resides in your boundary-less building which if not stored well can spill out irrecoverable damage on its owners!
Let’s Jump to Big Data
Big Data represents the large volume of data that can be mined to draw analytical solutions. Spawning over many lucrative and fast-growing industries, it has transformed the way conventional businesses function.
Gone are the days of endless hours or even days of data processing; it’s the time of micro or mini seconds to fetch, analyze, interpret and enact on real-time data to capitalize on business opportunities.
From the size, shape, speed or even the source, digital marketers have clearly no escape from the onslaught of data produced by end users.
Let’s find out more on what is Big Data?
Big data as the name goes by encompasses a humongous volume of structured, unstructured and semi-structured data gathered from multiple sources. The data has gone through extensive mining and advanced analytical models are used in machine learning and other advanced applications.
As per Google: Big data refers to data that would typically be too expensive to store, manage, and analyze using traditional (relational and/or monolithic) database systems. Usually, such systems are cost-inefficient because of their inflexibility for storing unstructured data (such as images, text, and video), accommodating “high-velocity” (real-time) data, or scaling to support very large (petabyte-scale) data volumes.
Why Do We Need Big Data?
Big Data is a commodity that many technology behemoths take leverage on to accelerate business growth.
While it is premature to monetize the concept, the future belongs to those who master the art of data collection, sifting, mining and analyzing to get actionable insights into consumer behavior.
Most leading companies are capitalizing on discovering data, in any form, and from multiple sources such as mobile apps, social media accounts, machine logs, sensors and more.
In 2016, Amazon, Alphabet, and Microsoft invested a whopping $32B in asset building and leasing to collect and manage a large volume of data available.
These companies are closing in to know us better through present data so they can predict the future. Why such desperation?
Well, consumers look for instant gratification and marketers have to up the game with some quick decisions to extract and elicit business value out of the data.
Over the years, technological breakthroughs have significantly cut down the cost incurred in identifying, collecting and computing data to make more accurate and precise business decisions.
“It’s to understand that the primary value from big data comes not from the data in its raw form, but from the processing and analysis of it and the insights, products, and services that emerge from analysis. The sweeping changes in big data technologies and management approaches need to be accompanied by similarly dramatic shifts in how data supports decisions and product/service innovation.” -Thomas H. Davenport in Big Data in Big Companies
This put us now on the stage to learn how Big Data is crucial for digital marketing?
Digital marketing has been growing at an unprecedented pace. In its early stages, marketers had to spend a lot of time in deciphering and anticipating to make the decisions. Most of the work went into playing hunch – the long shorts.
Nowadays, every single business action is largely data-driven! You can never afford to go wrong with your consumers lest you end up digging a hole in your pocket.
Enterprises, irrespective of their size and nature, have to literally bend over backward to sift through inordinate data to understand targeted audience and formulate digital campaigns in their best interest.
Here we explain the broad areas where Big Data influences your digital marketing efforts.
● Content Is Data-Driven
As per Boston Consulting Group (BCG) report, 58% of chief marketing officers (CMOs) asserts that big data will have its maximum impact on search engine optimization (SEO), email and mobile communications.
Content is nothing but the information a user is tentatively searching for. Most search marketers and SEO experts are closely tracking the changes Google is setting in. Consider your content as the pulverized data and employ data analysis tools to learn consumer behavior.
Take a step below and understand your customers’ behavior across your website, social media pages and more. Use Google Analytics and other digital tools to gather the behavior of the website visitors – clicks, time on page, conversions, backlinks, and other important search factors.
It helps SEO professionals to effectively optimize the website content to attract prospective customers and pique their interest in the products or services.
Remember, big data enables search engines to get a fine understanding of what a user possibly is searching for. Smart marketers just need to catch and apply these detailed aspects into the website to improve user experience for their visitors.
For instance, Walmart employed text analysis, machine learning and synonym mining to refine the site search. In consequent, they reported the growth of 10-15% in conversion rate after incorporating semantic search to their website.
● Advertise the Business Sensibly
There is hardly any business that survives without advertising their ad on Google. Each year over 5.3 trillion display ads are served to internet users.
You can optimize the website to rank in the top search results. However, companies pay Google to advertise their ads on the top of the page to gain more visibility.
With Big Data, you have control over what and how much to invest in advertising ads on Google. Companies bid for keywords as well as branded keywords. Some insane sum of money goes when corporate go all out to buy space on the Google search display.
As per NetMarketShare, Google has more than 81% of the mobile search market in 2019. These stats are staggering and make one wonder how much power Google holds over our actions.
There is absolutely no denial and well endorsed by Presidential candidate and Senator Elizabeth Warren that Google Inc., Facebook Inc. and Amazon.com Inc. have monopolized the market.
While Facebook only gives recommendations on ads people might be interested in, Google can actually figure out what exactly they are looking for, just based on the query. Make judicious use of Big Data to make a rational investment in paid ad search.
●Be a Better Judge of Marketing Channels – Desktop, Mobile or anything else
If you have to guess which the biggest source of data is, it has to be your smartphones where we spend most of our time. The web is primarily assessed through various digital devices and mobile being the most preferred one.
As per market researcher Newzoo, the number of active users on Smartphone will touch 3.3 billion by the end of 2018 while the figure may hit 3.8 billion by 2021.
Technology and big data have introduced many changes to find new customers. Customers shop differently when they are on a mobile device rather than a desktop. Trace their digital steps to refine your sales funnel and increase conversions.
Business leaders who make intelligent use of big data and its analysis will be able to stay ahead in the game.
● Identify New Business Opportunities
Big data provides insight into the foreseeable future. If seen closely, companies can find adequate scope for brimming untapped business opportunities.
From improving the services for the current audience to targeting the new market, Big data holds the fort. Understand the real-time data helps you get a sense of what customers expect.
For instance, find out what more a health app user looks for such as health tips, diet charts or some specialized information. Frame the website content accordingly to offer customers more than what they are looking for.
Over the years, corporates have made a generous investment in advanced tools such as Quantcast to narrow down their target audience.
● Enhance Website Design
Big data is growing beyond human comprehension.
As per Cloud Tweaks, 2.5 quintillion bytes of data are produced every single day. Again, as per predictions of experts, 40 zettabytes of data will be in existence by the end of 2020.
This data will not only help in improving the visuals and functionality but pursues a scientific approach to design website in order to draw more organic traffic.
If you have Google Analytics, you have access to tons of data to influence the site architecture of your website and its design elements
We can use this information to figure out what your website is lacking in. For instance, one of the common things to fix is internal search queries. Essentially, we look at what users are searching for on your website, yet unable to find.
Ponder over the possibilities; you can create new pages to provide relevant information; club all the possible customer queries into FAQs; upgrade the search box for long tail keywords.
Some of the suggested tools are – heat map analysis, traffic analysis, site search analysis, and many more.
Using data from heatmaps like clicks, taps and scrolling behavior paired with other analytics data, we’re able to make critical decisions about the overall design, functionality and organization of your website.
What the Future Holds For Big Data
It’s been more than a decade people have realized the pressure of data amount users generate in few seconds through websites, Facebook, Twitter, Instagram, YouTube, and other online services.
The development of open-source frameworks, such as Hadoop was a tangible milestone to manage a large volume of data in a cost-friendly ecosystem.
With the emergence of the Internet of Things (IoT), digital devices are round the clock connected to the internet, generating an unbelievable amount of data on customer usage patterns and product performance. Not to mention but artificial intelligence is only adding fresh dimensions to data management.
While big data has penetrated deep, it’s yet not fully used. The advent of cloud computing has stretched numerous other possibilities for big data across the industries.
On The Closing Note:
Big Data is surrounding us more than ever. Internet marketers are sitting on the edge to prey on every bit they get hold of to reach out to us before anyone else does.
It is hard to win the battle yet business Intelligence can make the difference to best serve the end customers. The best news is you have all the data right in front of you, use the right tools and techniques to sift and streamline to enhance digital performance.
Get on board ingenious digital marketers from iMark Infotech to create a roadmap towards formulating digital marketing campaigns that put you ahead in the league.
We employ sophisticated tools and rigorous data analysis on your websites and social media platforms to get incisive data for superlative digital solutions. Talk to our experts to get started!
Pooja Chandel is a professional digital marketer focusing to make each project achieve great results. She builds and uses innovative digital marketing strategies for campaigns.