The marketing world consists of a large world in itself that changes day by day and supports its change with its development. The marketing world, which has had to change most of the old habits with the increase of the internet and technological developments, aims to influence consumers with new developments.
For a long time, virtual reality, that is, artificial intelligence, has been talked about a lot and its development is continued by constantly adding to it. However, there is new content that is not yet the center of attention as artificial intelligence, but whose development will deeply affect the marketing world, is currently circulating in the marketing world.
Big Data
Big data, that is, big data, is developing with the dizzying development of computer technology and the communication technology developing in parallel with it. Data-driven marketing is a newer approach for our country. Data-driven marketing aims to better understand its customers and to develop the right marketing approaches. For this reason, the marketing world is now dealing with big data. With tested algorithms and analytics, you can turn big data into usable raw data for the company.
To explain with some statistical information:
- Between 88% and 92% of the world’s big data has been created in the last two years.
- The value of big data with a market volume of 10.2 billion dollars in 2017. It is estimated to be 53.4 billion dollars.
- Companies keep 80% of all data.
- 70% of the digital world is created by exabytes of data users.
- It is predicted that 1/3 of the data will be stored in cloud computing systems in 2020.
- Even a 10% increase in access to data provides Fortune 1000 companies with an additional $65.7 million in revenue.
- More than 570 websites are opened every minute.
- Over 6 billion hours of videos are watched on youtube every month.
- 500 million tweets are sent daily on Twitter.
- 60 million photos are shared daily on Instagram.
Especially in the last two years, the data has been so serious. The marketing world has started to experience great developments. Thanks to data that shows Google users where, for what purpose, and how many times they search for keywords, the most important executor of the big data phenomenon, which became popular after reaching the dimensions, was searched.
The interest in big data has started to increase since 2011. In other words, big data provides the opportunity to understand human behavior, make predictions, and smart management based on the data owned by businesses by the digitalization of data and collecting and organizing data in different sizes.
So, what is the main goal of businesses with big data?
Companies that obtain big data do their work according to the available data. At the same time, they can have customer trends by accessing information about what customers buy and what they need, especially on the Internet.
Other benefits of big data for companies:
- By creating and storing more data in digital format, companies can collect more accurate and detailed information about the product and have the opportunity to use this information in performance-enhancing actions.
- Big data offers the opportunity to offer special products or services to customers in small, short data.
- Good analysis of big data makes complex information more meaningful and provides convenience to brands in the decision-making process.
- Companies can have ideas about new products or services to be developed using data.
- By having previously unknown, unknown information they can obtain clearer and more accurate information
Companies develop new strategies with this information. By personalizing the customer, businesses can better assess their customer base and respond to customer needs immediately. In addition, they can prevent the loss of customers, and they can directly intervene in the problems by determining which area the customers are uncomfortable with.
Real-time analysis can be achieved by reducing processing time. At the same time, it can reduce the possibility of losing customers by responding quickly in times of crisis.
Provides access to data, creating transparency and tailoring actions for appropriate products and services.
Store behavior analysis, variety and price optimization, product placement design, performance improvement provide development in the retail industry. By providing geo-targeted advertising and production, it is on the way to fully satisfy the customer. For example, the products in the store of an x company in Taksim and the products in Bayrampaşa are not the same. Here, product distribution is made according to customer analysis with big data.
Big data also provides significant revenues and significant developments in the retail sector. With the barcode system, purchases will be reduced to the customer portfolio and systems will be developed within a few years that will instantly understand what the customer needs. Thanks to this development, the retail sector will reach the customer directly.
In the above data, we have mentioned statistics on social platforms such as Instagram, Twitter, YouTube. This data is very important for businesses. In developing countries, while buying customer wants is important, social media has a huge impact on customer needs. For this reason, companies attach great importance to their social media accounts and have a direct impact on their customer’s thanks to the activity of their accounts.
The income and benefits that big data provide to companies with the information obtained in a short time like two years are quite high. In the future, the effects of these data will be effective starting from the product development and market stage, and thanks to this effect, the profit margin of the companies will increase while the quantity and product imbalances will be eliminated.