VALUE OF BIG DATA IN MARKETING

Operational analysis, Customer analytics, Fraud compliance, New product and service innovation and Data warehouse optimization are few of the most notable Big Data use cases in marketing. There are 5 ways in which the value of Big Data is revolutionizing sales and marketing

1. Differentiating pricing strategies at the customer-product level and optimizing pricing using big data. Research shows that McKinsey's revenue comes from standard products(75%) and almost 30% of all pricing decisions throughout the year fail to deliver the best price. Increase in price by 1% translating into 8.7% increase in operating profits, given that theres no loss of volume , pricing has a significant potential to improve profits.
2. Big Data is revolutionizing how companies attain greater customer responsiveness and gain greater customer insights. A study shows that 44% of B2C marketers are using Big Data to strengthen and increase responsiveness to 36% and are using it to gain greater insights and form more relationship-driven strategies.
3. With Big Data, it is now possible to embed intelligence into contextual marketing. The marketing platform in most companies are growing fast based on evolving customer, sales, service needs that are not satisfied by the current system. This has led to lots of companies not being integrated at the data and process level. Big data gives the foundation to build scalable systems of insight to help deal with this problem.
4. Big Data analytics increases ability of marketers to now focus on how to make customer relationships more successful.
   
5. Optimizing selling strategies and go-to-market plans using geoanalytics. McKinsey has found that biopharma companies mostly spend 20% to 30% of their revenues in selling, general administration. If such companies could more precisely align their selling and marketing strategies with places that had the highest sales potential, costs would be immediately reduced.

Reference

Forbes.com (2020) Ten Ways Big Data Is Revolutionizing Marketing And Sales. Available at: https://www.forbes.com/sites/louiscolumbus/2016/05/09/ten-ways-big-data-is-revolutionizing-marketing-and-sales/#1fe9eff321cf