Every business in one way or the other has access to data corresponding to their customers, competition, and market. Naturally, to stand out from other businesses and to ensure competitive advantage they need insights from other areas.
A customer is equally a social person with a set of habits, preferences, constraints and empathy. So, the business specific data about the customer concerning his buying habits, economy or demographic category just fail to present the person in totality. These days, businesses are finding it extremely necessary to grab hold of these multi-faceted data about their customers for better marketing output and decision making. Big Data analytics that converges across huge volumes of digital data from all niches and walks of life allows them this exposure. Thanks to Big Data businesses now can grab crucial business insights that so-called business analytics of earlier time were not capable of delivering.
Mobile data to feed Mobile Marketing
What is the biggest source of digital data today? We all know it is mobile. Yes, the web is now accessed principally through mobile devices. A vast majority of digital interactions is starting from web browsing to social media interactions to using a wide range of apps for a variety of purposes; all are done on mobile devices. Naturally, mobile communications became the largest source of digital data now.
Apart from the overwhelming volume and diversity of digital interactions, latest array of device sensors is continuously feeding digital interactions and marketing maneuvers with specific data about the users. From location information to user behavior data to transaction data to device specific interactions, a wide array of sensors and device data offering more facets of data for driving better and enhanced insights. The scope of Big Data analytics for mobile marketing is made bigger by this overwhelming volume of customer data fetched through mobile interactions and an array of sensors. There is no wonder in the fact that several think tanks including IDC predicted a never-before increase of digital data in next five years or so.
Key areas of mobile marketing with Big Data
Data is everywhere and marketing initiatives today cannot but leverage the scope of this exponential volume of digital data. But what are the areas of digital marketing where the role of Big Data already proved to be big? Let us begin our inquiry with some valuable data. According to Forbes customer analytics spearhead the bandwagon with 48% of Big Data use cases followed by operational analytics with 21%, fraud control and compliance with 12%, R&D with10% and data warehousing in enterprises with10% of Big Data use cases. So, although the use of Big Data analytics in different business verticals is yet to reach its pinnacle, enterprises are increasingly taking positive steps to incorporate Big Data to add value to their business operations.
Knowing the effective pricing and monetization model
In a highly competitive scenario where every business is trying to make a solid foothold with an attractive pricing while keeping the bottom line a promising one with a great monetization model, a business cannot help but taking help from competition and customer data to know what type of monetization will work best and how a product can be intelligently priced.
For example, let us take the example of monetizing your new mobile app. First of all, you need to consider what does the buying habit of your target users indicate. Secondly, it is important to know whether most of the popular apps in your niche are free or not. Thirdly, know the typical preference of your target user groups when they really pay for an app. Now, you also need to know whether there is any local constraint for users across locations. The real-time customer location, context, and situation as envisaged by the mobile sensors will also tell you how to promote a pricing for the upgraded version of the app. Lastly, you need to know what kind of promotion works best for your users to push them into buying an app.
Now, apart from fetching this multi-layered data, any other customer and market data that can offer insights about the likelihood of buying your app or preferred pricing or effective monetization model of that niche, can be hugely helpful. This is where Big Data broadens the scope of your traditional analytics several folds by contributing more layers of information and data-driven insights.
We are already too aware of it in more ways than one. It is already the biggest mover in the world of marketing. No longer ‘one message suits all’ kind of marketing ensures any traction or user engagement. It happens principally because of mobile devices. As we seldom leave our handheld devices, the device sensors easily capture how each person prefers to use the device and a whole array of use patterns for apps and features.
On the one hand this gives businesses a whole reserve of valuable customer insights, and on the other hand, users also have a distinct sense of personalization with the device and apps. Naturally, businesses cannot help but deliver messages, promotions, offers, services and products as per the user preferences, location, context, and constraints. This personalized and highly individually targeted marketing needs more customer and device data and analytical power to achieve this feat. No wonder, Big Data analytics is increasingly being banked upon by businesses to make highly targeted and individual customer-centric marketing possible.
When social media is Big Data
We already know the game-changing role played by social media for businesses. Today, social reviews are ahead of the web, SEO and other digital avenues in influencing buying decisions. Naturally, social media is targeted by customers and businesses alike to get lucrative offers, share experiences and drive sales. Moreover, it is where businesses find their prospective customers often off-guard. Yes, just analyzing a few hundred Likes, comments, shares and the friend circle, the profile of a customer along with his buying habits, preferences and dislikes can be clearly assessed. Thus, social media data with its multifaceted and huge volume of data just offer the ideal data reserve to get hold of most important business insights.
On the other hand, businesses trying to make a better impact on social platforms with their promotions and social branding can fine tune their data-driven insights with Big Data analytics. This reciprocal and intertwined role of Big Data and social media will continue in the time to come.
To conclude, the impact of Big Data on mobile marketing will continue to get bigger and bolder. Apart from this increasing influence, Big Data will also have more reciprocal values from the increasing mobile presence of enterprises.
Also Read: Mobile marketing