Big data accelerating business growth
- 20 May 2015
- 850 views
Big data is currently on the rise. Consumers have proliferation of choice in terms of how they interact with brands. Whether that is through email, social media, mobile or various other platforms. Due to this increase in digital, brands are now having to use marketing analytics to better understand their consumers and their journeys. In turn, this data enables brands to figure out the best way to target their consumers through analysing what they browse and buy.
The richness of information provided through open source data platforms and analytics programmes has had a huge impact on the market. This is why here, at Accenture, we focus on having data and advanced analytics at the core of everything we do in marketing. With the acceleration of big data, I believe that it’s important to incorporate this mind-set and strategy now as it’s only going to get bigger over time.
Brands are still figuring out the best way to utilise data. I have found that it’s incredibly useful for personalisation – using data along with the analysis collected from analytics to create a strategy that both understands and targets consumers via their behaviours online.
I believe that it’s crucial for any marketer to know how effective their marketing is. For a brand to be successful and increase their growth, they must exploit the right data platforms and incorporate this into their analysis. The best data analytics in the world is pointless unless you can transform it into crisp insight.
Big data isn’t just for large businesses, it can be effective for SMEs too. It is just as important for a small business to invest in their growth as it is for a larger corporation. The ideals are the same, just on different scales. ‘Big Data’ accelerates growth by providing brands with the ability to identify trends, patterns and gain a competitive advantage - this information can be beneficial to both larger companies and SMEs.
I think that marketers will face many changes and challenges in terms of data collation and analysis. You can read more about this in my article ‘Six typical success factors for good agile marketing analytics and economics’ on Marketing2025.
I recently read in Marketing Week that the conversation around big data is currently at the stage where it is recognised as being central to everything businesses do. So where is it leading? I predict that the companies who do not recognise marketing as the place to do the best analytics thinking will fall behind.
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- 850 views