BENEFITS AND CHALLENGES OF USING CUSTOMER DATA FOR MARKETING

Today, we will learn about how customer data is essential in marketing. To increase customer insights, the company uses customer marketing analytics which delivers personalised customer experience according to the customer's requirement and needs. Marketing is one of the most significant departments in any business. The Department helps companies to get customer attention. Many marketing campaigns impact the bottom line of a business explicitly. So nearly all marketing initiates should be managed by keeping the return on investment in mind. (Warner, 2019)

Nowadays the marketing specialists need to make a super-efficient, robust marketing plan and to do this the marketing team should have proper knowledge about the market, it's trends & customers, competitors etc. That is the reason why they need to focus more on Big Data. The details can be linked to the industry, the clients, the target audience, rivals or even to the old plans and their returns of the company. (Warner, 2019)

Benefits of collecting customer data using Big Data are:

• Every marketing expert needs to understand the target audience & customers. At the end of the day, the main objective of marketing experts is to attract more and more customers to get them on board. (Warner, 2019)
• Companies have to gain an extra edge over their opponents to become successful. This is precisely where big data analytics tools and applications play a role. Competition-related data can be collected and analysed in a manner that helps marketers gain valuable insights about their opponents. This is how we have an enhanced understanding of our competitors. (Warner, 2019)
• Marketing experts can understand the conditions of the market or industry by analyzing the big data. They can acquire more knowledge of trends in the industry and future prospects. While developing new marketing strategies, this information can be quite useful. They can also use big data to learn about the past of their company, at the same time. (Warner, 2019)

Challenges faced while doing so are as follows:

• The most difficult challenge faced while collecting customer data is knowing what kind of data is required. Data is available everywhere in huge volumes, i.e. customer, operational & financial data. But having an enormous amount of data is not necessarily better, having the correct data even if in a small amount is. (Sas.com, 2020)
• The next challenge is to know which and how to use the analytical tool. As the volume of Big Data increases, the time available to make & act upon decisions is shrinking. (Sas.com, 2020)
• Lastly, to know how to use the data and convert it into insights and impact of it in the real world. (Sas.com, 2020)

BIBLIOGRAPHY:

Warner, J. (2019). Why Marketers Should Tap Into Big Data. [online] business.com. Available at: https://www.business.com/articles/big-data-marketing/.  [Accessed 23 Feb. 2020]

Sas.com. (2020). Big Data, Bigger Marketing. [online] Available at: https://www.sas.com/en_us/insights/big-data/big-data-marketing.html [Accessed 23 Feb. 2020].

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