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article imageBig data is changing the way startups approach marketing

By Karen Graham     Aug 30, 2017 in Business
When a company, regardless of its size, wants to market a product, an old trick used in TV ads still applies — "The more you know..." And with the prevalence of technology in our lives, this saying has proven all the more powerful with today's consumers
We live in a world of technology that touches every aspect of our lives, and most consumers today want to know what a product is, what it does and how it is supposed to work. And while this information is vital to selling a product, many businesses also are using some older marketing techniques in innovative ways.
Everything is done on the Internet today, and conversely, everything done on the Internet can be tracked and used for marketing purposes. This means that data mining has become a growing business, generating a wealth of information on consumer likes, dislikes and any other demographics a company might need.
Digital transformation will be critical in the future of business
Digital transformation will be critical in the future of business
Pixabay / Pexels / Creative Commons
Big data is already being used by large companies and corporations to enhance their marketing. But an interesting question has been laid out — would big data be helpful for startups and other small enterprises? Small businesses start off being in competition with the big boys on the block, and getting a piece of the market share can be tough.
Customize Customer data to your needs
There are several benefits for small companies using data analytics to create a customer base because the information can be mined for specific criteria. It's called "Customized Consumer Engagement." This kind of information can give you data on customers in your geographic area, where they spend their time, how they use their smartphones and what apps they use the most.
For a startup company, using data analytics is far less expensive than the old way that required more advertising dollars and a considerable amount of leg work. Not only that but with data analytics, a business can stay one step ahead of the competition because you will be able to have access to trends in customer buying habits, in other words, knowing what a customer may like tomorrow or next week.
This kind of data tracking is known as "fast-data," and platforms like Spark, Kafka and Storm have become very popular in recent years due to their ability to process streams of data with lightning speed.
This kind of fast-data is also being incorporated into “smart” power grids, where demand can be forecast and resources allocated across the grid to ensure adequate power is available when and where it is needed, using cloud computing. This technology is also being applied in smart city projects around the world.
How about live updates?
Anyone who has ever been in business, or owns one, now wants to know what the public is saying about their products or customer service. That information can also be handled, using big data as a virtual stethoscope, to check on the pulse of your business. There are several tactics that can be used.
For example, monitoring Google Trends is probably the most approachable method of utilizing Big Data. From what is the latest product being snatched up to what topics are cool at the moment, take a look at what is trending around the world. Use digital information to clearly define your market and to develop Ideal Customer Profiles (ICP).
Basically, the intelligent use of big data will only enhance the marketing experience and could be just the edge a new company needs to get them going in the right direction.
More about Marketing, big data, startups, data analytics, customized approach
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