Big Data: Driving force in the growth of Digital Marketing.

Introduction to Big Data in Marketing.

Big data can be used to gather, analyze and use a huge amount of digital data in marketing to improve business growth and operations. Big data has been proven to be a major tool for marketers who are constantly trying to optimize performance, to build customer relationship, making precise decisions and improving engagement and loyalty of existing customers. Big data plays an important role in marketing as it leads to better insights about the potential target audience and helps to make better decisions. When marketing strategy and big data is combined businesses can have a major impact in the below-mentioned areas:

• Customer Engagement: Big data helps marketers to understand who their customers are, where they are from, what they want and how to reach the customer so that Personalize Customer Experience can be delivered to them.
• Retention and Loyalty: Big data can be used to understand the existing customer and their interest to create a marketing strategy where businesses can influence customer loyalty and to make them coming back.
• Performance and optimization: Every marketing campaign needs to be optimized to perform better by collecting data and analyzing it through testing and measurement.

Types of Big Data in Marketing.

• Customer Data: Marketers need to understand their target audience to help promote their business by collecting customer data such as their behaviour, opinion and purchase history through marketing campaigns, website analytics, surveys and social media.
• Operational Data: The statistics of marketing and sales, cost and operational cost come under financial data and by using big businesses can measure performance and operate efficiently.
• Financial Data: To build a financially strong organization, the businesses need to analyze metrics using big data such as sales, profits, revenue.

Implementation of Big Data in Marketing by Brands.

• Netflix: Netflix is using big data to get better marketing insights and to improve their advertising problems by using the data for targeted advertisements. Netflix collects huge amounts of data as they have more than 100 million subscribers and using big data they analyze what the subscribers are browsing and what suggestions they can send them as per their interest by using your past search and watch history. 
• UOB Bank: UOB bank being a financial institution has the potential to suffer losses if not monitored and has been using big data to control risk management. Using big data it reduces the time required to calculate the time required for risk valuation. Usually, it took them 18 hours but using big data with the risk management system it reduced to a few minutes which helped them to create real-time risk analysis.
• Coca-Cola: Coca-Cola has been using big data to understand it's customers for acquisition and retention. Coca-Cola created a digital loyalty program for their customers and they managed to strengthen their data strategy by getting customers to engage with the program. 

References:

• Talend. 2019. Big Data in Marketing 101: Why it’s Important, Where it’s Going, and How to Get Started. [ONLINE] Available at: https://www.talend.com/resources/big-data-marketing/. [Accessed 18 February 2020].
• sas. 2019. Big Data, Bigger Marketing. [ONLINE] Available at: https://www.sas.com/en_us/insights/big-data/big-data-marketing.html. [Accessed 18 February 2020].
• Mentionlytics. 2018. 5 Real-World Examples of How Brands are Using Big Data Analytics. [ONLINE] Available at: https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/. [Accessed 18 February 2020].