Big data analytics helps design better products and promotions
Chew on these statistics: By 2020, marketers would have access to 5,127 gigabyte of data on every consumer, according to the International Data Corp (https://www.idc.com/). This would give them the opportunity to record their consumers’ buying behavior and, accordingly customize their offerings. Personalized products and promotions will then be the order of the day.
However with so much complex data to process, marketers also face the uphill task of making sense of this voluminous resource. Data analytics would simplify this data, outputting it as easily-digestible visual stories that can be ploughed back into future products and campaigns.
The visual output could be in storyboard format, making it super easy for marketers to process complex data. Indians love good stories. It puts a face on a brand and the data begins to make incredibly more sense. Data analytics companies can do this very creatively, especially with the subjective data gathered from the social media space.
Data analytics is even more useful in the retail industry and for e-commerce sites. Every time a product flies off the shelf, a huge amount of data gets generated – who bought it, where and how? Because a customer stands to win loyalty points on each purchase, there is incentive to leave more data behind that can subsequently be used to design better targeted campaigns or promotions for the future. Consumers can indeed get to choose what category of ads they want to get; opt-in for promotions from their favorite brands – the possibilities are endless.
At a recent symposium on Big Data, organized by a media house, an industry veteran cut a very interesting futuristic picture of how this data could be consumed in the future – “You will now be able to predict when a baby comes into the world, when the baby would begin to attend school so that you can offer a range of products for first-time student – you can actually track the entire life of the baby and at appropriate times offer the family home loans, student loans and so on…”
Recall the first edition of Star network’s 13-episode, Aamir Khan-starrer TV show – Satyamev Jayate (SMJ).Simulcast on nine channels, the show reached 49 crore viewers and generated one billion digital impressions on Facebook, Twitter, Google+, YouTube and SMJ’s online discussion forum. When curtains fell on the historic show, a 100-strong ‘Big Data’ team, specializing in digital analytics went to work, trying to make sense of all that information that is now being ploughed back into a sequel – that’s the potential of information put to good use to generate more revenue and social impact for Star and Aamir Khan Productions!
Did you know that Facebook, the biggest aggregator of personal information gathers 2.5 billion content items every day in the form of status updates + wall posts + photos + videos + comments; 2.7 billion Likes per day; 300 million photos per day; 70,000 queries.
That’s just one information-swapping social network on the world wide web!
(From MLI, Social Marketing Division. As an integral part of our broader services, we provide clients with complete data management solutions including: Data Cleaning, Mailing Campaign Management, De-duplication and In house Database Management)
