Digital Marketing- Learn about the 4 V’s in Big Data
According to digital marketing specialists, big data is the most happening thing in this digital age. That's because of the advent of improved mobile marketing schemes, better internet marketing analytics tools and the widespread use of social networking sites. If you haven't embraced it to this date, it's high time you do it to enhance your online marketing campaign.
Big data is prevalent term and used to denote a plethora of information in organized or unorganized data form. This information is used by online marketers to forecast and evaluate business situations. This is in turn helps in making confident and informed business decisions. So, to give readers a better idea about it, we will talk about the 4 V's in big data.
Data volume can be enormous and buildup with time. The wealth of information may come from sources like social media sites as well as machine-based info. How much of this information is relevant to your business can be filtered using modern analytic tools. This is essential to detect the essential metrics pertinent to your business.
The volume of information is useful for your digital marketing campaign and may affect the following:
Data that Helps You Describe Your Customer: The info available will help you understand the profile of your customers. You can get demographic details such as age, sex, education, income, profession and marital status. This is where the importance of social media comes into play. Use the data available to design your products and tailor your services based on your customer profile.
Data that Helps You Identify Your Audience: You will get different types of visitors on your website. Then, how will you come to know more about them. You can exploit the benefits of big data analytics and ascertain the unique identity of your audience. You will also be able to know about the channels they use to visit your site, i.e. desktop, mobile, tablet or PDAs. Based on the information, you can design, develop and create a responsive website for your customers.
Qualitative Data: The info collated from analytics via qualitative data will help you implement robust marketing techniques. This will help in transforming leads to sales. Qualitative data is very important and involves aspects like shopping habits, behavior, customer opinion and motivational pointers. Such information can be easily accessed from customer comments, email communication, feedbacks and interaction.
Quantitative Data: It helps you know about customer inbound and outbound interaction, their buying history, social media activities such as liking or sharing your content. There are other analytics info as well like product reviews of your audience, number of visits and comments.
The speed with which data is received is the greatest challenge for modern day marketers. The most challenging part is effective management of tons of data. Now, how to respond quickly after receiving loads of data? Here are some ideas to help you:
- Embrace mobile apps to keep pace with speedy mobile browsing activities of your prospective customers.
- Offer fast recommendations for identical products based on your customer's buying habits.
- Embrace mobile marketing to reach out to more people to generate more leads and sales.
Data can be collated from several sources and forms. You can source from email communication or from audio or video formats. You can manage complex data by:
- Using dynamic analytic tools having the ability to receive and understand the inflow of data.
- Using the right tools to separate groups of related information.
- Segregating new from old data that are coming from multiple sources. This will help you relate and compare the variations in digital marketing trends and consumer actions.
This implies the ambiguity of the information available to marketing experts. Some data can be inconsistent and make it challenging for businesses to respond appositely and accurately. Here some ways you can lessen the imprecisions of data received:
- Organizing information as per importance, value and groups. This is the key to approach each set of data and use it accordingly for an improved and effective marketing plan.
- Ascertain the value of information received without any delay. What a consumer likes today may change tomorrow. If you don't act quickly. You will end losing a potential customer.
- Make the best use of data as per your purpose. This will avoid misperceptions and mixed interpretation.
- Take help of data management experts and IT specialists to assist you in managing the volume of new information. It will help you concentrate on your real time marketing plan.
Now, there are four essential steps to implementing the 4 V's for adding more value to your marketing campaign. These are:
When more value is added to your marketing efforts, it offers the following business benefits:
Identifying Buyers from Customers
A purchaser is one who invests in your products and uses them. On the other hand, a customer shows interest in what you have to offer but have not purchased. Making use of big data analytics will help you in terms of improved consumer retention and convert leads to customers.
Assess Customer Engagement
You can access and interpret data from Facebook comments, tweet updates and social discussions. This way, you understand customer needs and preferences and assess the level of customer engagement.
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