Big data is a big deal when it comes to reaching consumers. 78% of marketers use data-driven marketing as part of their strategies, and with good reason. Thanks to technological innovations, businesses are able to collect an unprecedented wealth of consumer information. Skilled marketing professionals use this data to build campaigns that target the right customer with greater efficiency and effectiveness. As companies continue to find success in analyzing consumer information, big data and marketing will remain intertwined for the foreseeable future.
Data is collected virtually every time you do some tech-driven activity. Actions like posting something on social media, visiting a website on your smartphone, or making a debit card payment provide valuable insight for many entities. For example, social media sites may use your personal and professional data to connect you to an old college friend or former business colleague. Social scientists could mine your data to ascertain more concrete information on social and societal trends. Websites may use your information to help build a more efficient, effective website.
In business terms, marketing professionals can use your data to create highly targeted strategies that aim to pursue the right customer at the right time. Gathering, analyzing and interpreting data on where you shop, what you buy, and how you browse the web can provide key data not just on your interests, but also the interests of like-minded socioeconomic groups and demographics. As technology continues to evolve and more avenues for data mining are created, data-driven marketing will continue to be a valuable strategy for numerous businesses.
To learn more, check out the infographic below created by the Ohio University Online Master of Business Administration program.