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Big Data – What it means for marketing

May 18, 2013

Data…. well, you need to approach the IT team. Havent we been saying this since ages! All of a sudden, we never realised when we entered an era where a major chunk of data is being created by consumers. And consumers remind me of Mr. Marketer – who always communicated the message he wanted to convey. Perhaps, its now time to listen to these consumers before we speak.

People across the globe are texting and tweeting, commenting and liking – big data is getting bigger. This exponential increase in data poses a big opportunity for every marketer. Consider this: since ages we segmented consumers by their gender, geography, purchasing power, age, etc. With the explosion of data, maketers can gain a view of the consumers’ emotions. But the barrier there is to create such a view. Advanced Analytics and Self-Service BI can help in transforming this big data challenge into an opportunity. Consider a classical case – I tweet about a simple request of updating my bank account nominee. A simple approach is to help the customer do this. But, that’s something which even a service representative can do however, what insights can do is to tell that if a person changes the nomination details maybe there has been some change in his life – he’s just got married, for instance. Now, that becomes a vital cue for cross-sell, doesnt it! Now imagine a situation where you have a billion of such tweets with varied requests – there’s the big data battle.

As marketers, we need to embrace analytics as a culture and not just as a toll that IT implemented. By leveraging big data analytics marketers can understand their customers and hence deliver value via cross-channel marketing techniques. This is a value which probably no print or TV or press release can add. In my next blog, we will see – how. Stay Tuned!

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