Marketers have often used analytics projects over the years to gauge the public's reaction to new products or services. Taking information from sales ledgers, strategists within companies have concocted plans to keep customers interested. Analytics tools have changed, but they still have a place in the marketing orthodoxy. In fact, according to CIO, big data has made marketing analytics stronger than ever.
As the technology behind analytics improves, marketers have new ways to know what customers are thinking and feeling. In a few short years, the process of waiting for sales figures seems hopelessly outdated. Now, feedback is instantaneous through online social media. Unfiltered reactions, noise and all, are powerful fuel for analytics processes.
CIO identified the ways companies can change and mold their sales strategies in the age of big data. The source emphasized actions that were not available before, like predictive analytics based on constantly-updated figures. As a high-speed stream of data comes into a company, workers can instantly turn it into an accurate picture of the future, one that can underlie a strategic shift.
The news source also suggested that companies take sentiment analysis, detecting the public mood. These advanced procedures can tell whether mentions of a brand are positive or negative and shake out the trends present in either a specific demographic or the marketplace at large. Segmenting the customer base has also changed, CIO noted, becoming more precise than ever before. Rather than a campaign targeted at a large group, a company can now send out a message tweaked to include personal offers. Big data can help define those suggestions.
Many market observers have remarked on big data's effectiveness as a tool for sales procedures. Businessweek contributor Steve McKee gave a specific example of a company transforming itself through new analytics. He explained that the small business in question used a big data process to correlate information from a number of sources, including website usage and marketing spending. Officials can now quickly tell what effect advertising buys are having.
McKee explained that companies may soon be able to delve into sophisticated analytics at low prices through cloud BI. With the processing power and software hosted remotely, executives can get the same powerful insights they would receive from a large-scale online system at a fraction of the cost, through not paying directly for hardware.