Best Uses of Big Data in Marketing

Best Uses of Big Data in Marketing
One of the big data application is marketing, link between marketing and big data as defined by the American Marketing Association, is defined as: “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
In the article, it wrote about the benefits of using big data in marketing, such as create a more accurate profile of your target consumer(s), personalize those marketing messages and product offerings, and so on. They also mention about the link between 4Ps and big data. 4Ps is a marketing analysis tool, and the Ps represent Product, Price, Place, and Promotion. Big data can help hone marketers’ understanding of consumer preferences to design the kind of packaging that would attract consumers and more readily lead to a sale.
For pricing, it wrote ‘By incorporating various real-time datasets, including supplier and inventory data, models of consumer likelihood to purchase, and financial forecasts, firms can employ dynamic pricing.’ And product, it is one of Big Data’s most common uses is to obtain product insights, that firms can easily conduct qualitative and quantitative market research online at a much lower cost than two decades ago. 
The application of placement in marketing is that marketers can use Big Data to determine the optimal channels to place their products. Last will be the promotion, big data can help consumers pinpoint the most likely targets to buy product, by allowing marketers to craft a more complete profile of their average customer.
As a business student, I learnt a lot from the article, by how we follow the world trend and at the same time, we can apply it to what we learn in class. 





Link: https://www.cleverism.com/best-uses-big-data-marketing/

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