Having access to Big Data is not HREnecessarily the answer to your marketing problems. The realm of big data is so vast that we haven’t yet got past the periphery. And adding fuel to fire is the fact that many do not understand the impact that big data can create when used optimally.
A lack of proper interpretation of technical data may be a reason for the slow progress. But there has been a possible shift in perception of big data in 2017. Companies have started utilizing big data with the right insights, giving rise to some really impressive and impactful results. Let us look at some innovative approaches to big data use in 2017.
Prescriptive Analytics: Impact Creating Advice
While predictive and descriptive analytics have been used with big data, prescriptive analytics is a field that has not yet utilized effusively. It is a type of analytics that lets marketers prescribe different possibilities and help them chose a particular solution. The core idea here is offering advice.
With prescriptive analytics, you can
- Predict future outcomes
- Know the reason for the outcomes
- Have recommendations on actions which will utilize the predictions made
The multiple outcomes prediction is a boon to companies as they can assess the outcomes of actions taken. While the method of analytics is complex and not used in day to day business setup, when used correctly, prescriptive analytics can rewrite the decisions and bottom-line of a company.
You get to optimize scheduling, production, inventory, and customer experience. Thus, the marketing response potential will increase manifold.
Locations Based ad Targeting
Ad targeting in a programmatic way is the newest marketing automation trend. Mobile explosion has forced marketers to look into location-based ad targeting with real-time automation. This aspect of big data use combined with automation is likely to produce fantastic marketing dividends in 2017.
The insights that businesses gain about the customers can drive sales like never before if used wisely. Another unique and efficient way are to use geo-fencing along with geo-targeting to create a cross-channel environment that is focused on relevance and successful reach at all times.
Artificial Intelligence (AI) with Big Data
The hottest marketing drift now is using AI to decipher big data and arrive at predictive insights. The advantage with AI is that it can be used quickly and without much expense. The marriage of AI with Big Data is a highly promising one. Data scientists have now taken up with AI to understand the database marketing services in a more accurate way.
While the original role of data scientists was to analyse data with the aid of artificial intelligence, the system is now used to recommend models that give guaranteed results. Although AI will not replace the data scientists shortly, an increase in automation of the routine tasks performed by data scientists is certainly on the cards, and this is expected to bring forth huge gains in productivity.
Whatever insights that big data brings to your business it can be a powerful tool only when used the right way possible. With innovative thinking and blending in a human touch to the numbers, it is possible to scale new heights in productivity via the big data route.
By utilizing the tremendous possible that client-centric data can provide, businesses need to
- Be conscious of the influence of data analytics on messaging and consumer behavior
- Opt for the suitable data to improve value to client obligation efforts
- Use multi-channel marketing for collaboration of data collected from various sources to produce proper interactions and campaigns
Having the appropriate customer database in place, generating customized product launches and service propositions by targeting customer segmentation and profiling is possible. Companies can then improve the accuracy for different clients, develop campaigns, decrease risks, and boost ROI. The support of customers and fruitful relationships can be made without providing any discounts or offers. Time to explore the veiled prospects now!