In the age of e-commerce and social storytelling, data-driven branding is a potent weapon. Modern marketers have a more comprehensive understanding of the consumer-brand connection than ever before – owing to the increasing amount of data produced in the digital era. This astute perception can be attributed to big data analysis tools that exploit massive data for proactive insights into market research
What is big data?
Big data refers to a huge, rapidly expanding, and unstructured amount of data that companies and customers create on a regular basis. The sheer quantity of these data may be frightening to businesses; nevertheless, there are technologies available to assist them to manage, analysing, and utilising this information.
Several of the world’s major firms have embraced big data. Business intelligence tools enable businesses to make more data-driven judgments on aspects of their business that have previously been qualitative, such as branding and customer care.
What role does big data play in brand longevity?
Big data analytics have a crucial function to play in improving operational efficiency, accelerating product development, improving customer experience, and maximising return on marketing investments. The many streams of digitised information found in big data originate from a wide range of business sectors (e.g., finance, customer service, and inventory management). People used to file documents, spreadsheets, and antiquated systems manually to consolidate and analyse data. Not only was the task time-consuming, but it also prevented companies from reacting immediately
Many global companies utilise enterprise application suites that integrate ERP or CRM software to access their own data. The use of such technologies promotes balanced decision-making, product development that is informed, and efficient marketing techniques.
What are some key takeaways for marketers?
1. Customers come first, but marketers must lead CX efforts within their company.
Despite the fact that CMOs and other marketing specialists aren’t crunching numbers (they have software to do it for them), they are in charge of obtaining and sharing insights from the data. This goes beyond marketing statistics into the realm of customer experience (CX) planning. Marketers are uniquely positioned to understand what drives sales and build brand loyalty.
2. Market research methodology increases brand resonance.
Starbucks, a global coffee chain, has made a name for itself by conducting clever market research to solidify its brand as a household name. The firm runs field trials of new items in its locations and draws on data from social-listening initiatives, market researchers, and its own franchises to guide future product development.
3. Data-driven storytelling breeds credibility and engagement.
The term “content marketing” has been used to describe a method of branding and lead creation that has gotten a lot of attention. Although journalists have known for some time that incorporating relevant data points into content attracts readers, marketers have nevertheless been adopting this approach. The impact of statistics and data that are chosen carefully and aimed at addressing a consumer problem rather than enhancing a brand’s reputation is more potent since it incorporates emotion with credibility.
Investing in both TV commercials and paid social media ads allows companies to reach customers across other platforms where they spend more time. Using channels they use increasingly frequently, such as video content and podcasts, helps marketers reach their target audiences. Hiring a data scientist or utilizing a service like HubSpot or BuzzSumo can help identify patterns in market trends.
To brand themselves more effectively, several of the world’s top companies are leveraging huge data in their marketing efforts and across all functional departments of their organisations. Enterprises are defending their position in the economy of the future by integrating a comprehensive, data-driven market research plan with customer-centric product development.