Popular Research Trends on Big Data for Better Decisions in Marketing

Guest post written by: Tegan Wehner, Tropare

Marketers rely heavily on previous and incoming data to make better decisions. The current situation is that a third of marketing professionals are now turning to data to get facts before they lay out any strategies. Big data is inevitable with the current technology and integration of appropriate operations. Thus, marketers have no option other than to bite the bullet.

Ultimately, there are numerous benefits of using report-based data to make decisions. According to research, marketers have a hope of achieving several objectives through this approach. The top on the list of these objectives is getting loyal customers followed by higher conversion rates. On the lower side of the list, we have better multitouch attribution.

That said and done, it is better to look at the top research trends on big data that will enable better decision making in marketing.

Using Data to Understand Consumer Behavior

One of the most crucial roles in marketing is to understand the market segment. This benefits the company in many ways. Previous consumer buying trends are used in retail stores to understand what the customers have been buying, the peak times of the year for each product, and a lot more. Likewise, service industries such as banks, insurance companies, and the hospitality industry get to understand their market segment this way.

According to current studies, over 60% of marketers in all sectors are keen on using data to understand their market segment. This trend is now the highest and it is predicted to improve marketing operations by over 30% over the next two years.

Budget Based on Data

The marketers of today are using data more than ever before. Research shows that marketing budgets and that of the entire company are based on past and present data related to consumer behavior, demographic data, and competitor’s data, just to mention a few. The more accurate data they have, the more accurate the budget prediction will be.

When using the best data analytics tools, it is easier to get a clear picture of the future. Much more useful information can be found on the web today. Research shows that about 48% of marketers have successfully predicted an increase in the budget when using these tools.

Using Data to Improve the Product

Customers are always looking for a superior product that will meet or exceed their expectations. Marketers already know this and they are now relying on big data to get an edge. It is already a trend for competitors to peep in on each other to understand how they are building their products. The goal is to come up with a better product that will get preference from customers.

As this is happening, they also analyze customer data to understand what it is that they consider a superior product. According to studies, this approach is gaining momentum very fast with over 50% of marketers confirming that they are actively looking for ways to differentiate their products.

The Takeaway

From the above insights, it is clear that marketing can hardly succeed without data. Additionally, data is not useful without the right analysis tools and skills to get the most out of it. If you are a marketer, you now know the current trends in using big data for better decision making.

Guest post written by: Tegan Wehner, Tropare