The world of marketing is currently at a crossroads. Traditional processes and approaches are currently being challenged by emerging technologies and the looming specter of Web 3.0–which promises to be a sprawling landscape powered by decentralization and limitless metaverse worlds. So how can marketers deliver impactful experiences for their target audience in a changing digital landscape? Big data appears to be a leading solution.
As marketers seek to adapt to the age of Web 3.0, and the vast technologies that will impact traditional practices, new tools will become essential in order to keep up. At the forefront of this evolutionary process will be big data, which can tap into far greater customer insights and deliver 360-degree analytics surrounding what your market actually looks like.
As the chart above shows, there are currently many challenges presented by existing data sets for marketers. Factors like poor data quality and the difficulty of gaining meaningful insights into data mean that marketers are having to work with insufficient tools in order to create successful campaigns and intelligent marketing materials.
Big data doesn’t simply have the potential to change the quality of analytics available to marketers, but it’s also possible for marketing professionals to begin to ready themselves for the upcoming age of Web 3.0 insights today. Let’s take a deeper look into the limitless capabilities of big data and how teams can adapt in time for the data revolution:
How Businesses will Utilize Big Data
As the World Wide Web continues to grow into an ever-increasingly competitive space for businesses, we’re set to see big data insights become a key dependency for marketers across the world. The potential applications for big data analytics within businesses are vast, and can include:
- Improving Efficiency: Big data insights can boost operational efficiency for businesses via internal productivity insights and task management analytics. Bottlenecks within business processes can be identified quicker in order to relieve pressure on employees.
- Upgrading the Customer Experience: Through instant feedback on customer perspectives of your company and real-time sentiment analysis via social listening, marketers can make immediate improvements and tweaks to customer experience strategies.
- Optimized Marketing Processes: Through a blend of behavioral analytics, marketers can identify precisely where customer pain points are occurring within a sales funnel and focus on remedying the right areas of their brand. Likewise, high-performance areas of a funnel can be spotted and expanded.
- Nurturing Sales: Through cart abandonment insights, data-driven sales forecasts, and email segmentation approaches, marketers can identify which customer groups are spending more money and at what time in order to always focus the right levels of attention on the right leads.
- Forecasting Seasonal Demand: Adaptive inventory orders are possible via automated cash flow management systems. Through big data, businesses can spot when products generally enter periods of high demand and identify trends that determine when goods or services are desired by customers.
- Refined Social Engagement: Big data insights can also be used to optimize social media performance to deliver better engagement among target audiences–highlighting with some accuracy their motivations and interests in the process.
As the technology surrounding the world of marketing grows, so too do the capabilities and quality of insights offered by big data. For marketers, there’s no better time than now to prepare for this data explosion, and adaptations can already be made in a number of areas:
Prepare for the Data Explosion
In more traditional marketing approaches, scalable database engine technologies have been capable of processing and analyzing significant swathes of data–albeit at a slow pace. In our list of data challenges, 23% of issues stem from poor data quality, and for many enterprises, the act of waiting days or weeks in order to access insights may amount to nothing if the outcome isn’t conclusive enough.
The arrival of big data analytics would be even more tricky for businesses were it not for the rise of Web 3.0, which promises to deliver rapid processing speeds that can help marketers to gain instant actionable insights while the moment is still very much there to act upon.
For marketing teams, this means that a scalable infrastructure is essential, and in-house servers must be capable of receiving, processing, and working with high volumes of data. For more remote marketing operations, it’s worth exploring the possibility of utilizing 5G-ready devices to ensure that big data insights are accessible from anywhere at any time.
Working with Multi-Channel Brand Awareness
Retailers that rely on data-powered insights receive around 2.7-times more brand awareness over the course of a year.Aberdeen Group’s Data-Driven Retail Study
The potential application of big data in social listening can help marketers to better analyze what customers like and dislike when it comes to different brands. The data generated here can help marketers to optimize their customer service, a community of customers, and social media presence as a whole.
There is already a range of big data tools that marketers can adopt to optimize their multi-channel awareness campaigns, and platforms like Brandwatch utilize these techniques to deliver insights surrounding exactly what relevant topics are being discussed on social media. Brandwatch can extract data from countless online conversations to create intelligent reports that can be used for market research purposes like competitor analysis and crisis management.
Other platforms like SproutSocial use big data analytics to help businesses to manage their various social channels in a more unified manner without missing out on nuanced insights that are specific to only one network.
Although big data is certainly set to become a star in tomorrow’s world of marketing, there are plenty of actions that marketers can take today in order to prepare for a future built on big data. From setting up more scalable data infrastructures to adopting some of today’s most intuitive tools, it’s possible to embrace this aspect of digital transformation sooner rather than later–and better embrace the age of Web 3.0 ahead of your rivals.
Disclosure: Martech Zone is an affiliate of one or more of the brands mentioned and has included its affiliate links in the article.