In the past, marketers used their collected data to create ads that were targeted to broad demographics. Nowadays, personalization is becoming a core strategy for marketers. Big Data platforms are helping companies sort, analyze and manage immense amounts of information in new ways that allow their marketers to create personalized ads which more successfully target individuals.
A series of studies have shown that when marketers effectively utilize the vast data they can collect to create for personalized messaging, these data-driven strategies create substantial increases in conversion and engagement.
Power to the People: Marketers and media buyers are seeing tremendous results and
improvements to the performance of their ad campaigns when compared to traditional display ads.
In a recent study conducted by digital marketing software provider Signal, 92 percent of media buyers indicated that their clients plan to accelerate their media buys, and 66 percent plan to increase their investment in “addressable media,” which is a much more targeted approach than programmatic marketing.
In addition, the study found that 83 percent of marketers using addressable media reported superior performance across their clients compared with simple display ads. 60 percent experienced higher conversion rates, and 63 percent of advertisers reported higher click-through rates.
Does Size Matter? A Look at the Big Data Adaptors
Harnessing targeted marketing techniques is especially pertinent in a rapidly growing Big Data market attracting many new startups as well as large vendors like IBM, holding the largest Big Data market share at only 9.3 percent of the total market. SAP in second place has 3.9 percent, followed by Oracle at 3.3 percent and HPE at 3.0 percent. The largest share is “all other,” with approximately 67 percent of the market. In short, the playing field is wide open.
In addition, Wikibon estimates that the totaled $20 billion market in 2014 will top $92 billion by 2026, a compound annual growth rate of 14-16 percent.
The Big Data Effect: The Benefits of Personal Marketing
Regardless of a company’s size, the benefits of using Big Data to personalize the digital marketing experience are substantial. Recent findings by marketing vendor MyBuys reveal that 48% of consumers spend more when their experience is personalized.
90% of marketers believe personalization is the future of marketing and are making it a strategic priority.
It’s Personal: Big Data provides the knowledge that enables marketers
to connect with prospects and customers in meaningful ways.
Big Data Challenges and Solutions
However, there are challenges to the implementation of Big Data platforms. According to one recent study by Monetate many marketers are overwhelmed by the sheer volume of data collected, much less knowing what to do with it. Specifically, 94% of marketers know how valuable personalization is, but when data gets real, 95% of them seem to be stuck in analysis paralysis.
Big Data, Big Problems? Solutions for marketers are rapidly being developed
This is where Big Data software vendors as SQream Technologies enter the picture. With minimal change and cost, SQream’s proven solutions make it possible for organizations to execute Big Data projects previously considered too lengthy, complex and costly to take on. SQream’s performance increases the larger the data sets and more complex the analytic requirements, turning it into a highly compelling Big Data analytics solution for the marketing and advertising tech industries.
SQream is remarkably simple to use, extremely fast, with scalability and capacity capabilities making it simple to reach a deep data understanding and create a personalized, more targeted marketing approach.
Big Data analytics platforms such as SQream make it possible to better understand segmented audiences by providing near real time actionable insights about them, allowing campaign customization in increasingly refined ways. Marketers can use the technology offered by such vendors as SQream to maximize speed and analytics optimization so as to meaningfully connect with more people, in a more personalized manner – ultimately converting knowledge into business growth.
Marketers are constantly seeking out new ways to deepen customer loyalty and improve user experience, especially in the face of fierce competition. Big Data is perhaps the most important way to create a user experience that treats customers in the way that they want to be treated – like individuals.
While an ecommerce experience can be targeted by immediate signals of context like geolocation, clickstream behavior, site-searches, cookies and campaign referrals, true personalization relies on data to drive the experience. And for many ebusinesses, Big Data is a critical part of the equation.