Using Big Data in Marketing Strategies
Mining and analysis of data have become a fundamental prerequisite for any effective and successful marketing strategy. Various mediums generate a large amount of data that plays a valuable role in the marketing campaign for business organizations. Relatedly, generating and exchanging information from various sources such as social media, call centers, or online transactions has been increasing in the e-business domain. Big Data analytics is the trending technology that is commonly used in these processes. High-end firms are increasingly adopting this technology to quickly discover market trends. The idea is to gain customers’ needs and interests for quick and better decisions. This study identifies Big Data Analytics as the most common trend that Azinova Technologies can use in generating a massive amount of data to know the market’s needs and customer behavior and ultimately devise better marketing strategies for business growth.
Data Analytics represents a new wave of change that tracks people’s digital activities the world over. The dramatic change has revolutionized the marketing industry by utilizing both online and offline user behavior to determine consumers’ habits, as well as customer’s individual and purchasing profiles. As such, Sayyad et al. (2019) agree that Bid Data becomes handy in the face of fierce competitive pressure, leading to higher customer acquisition and retention. Scholars in the vanguard of marketing contend that Big Data technology is causing a paradigm shift in the marketing sector. It is the next frontier of innovation, competition, and productivity (Sayyad et al., 2019). The technology traces, collects, and processes users’ digital footprints to define different individual schemes, determining their individual or group-related behaviors. Such findings serve as useful elements of competition and productivity, not to mention innovation and growth. Consequently, Big Data analytics plays an important role for firms to dramatically adjust their marketing approaches.
How Companies Have Addressed Marketing Through Big Data in the Past
Since its inception, Big Data has been the foundation on which successful organizations build their business and marketing strategies to remain competitive. A recent survey of U.S. firms that heavily depend on data analytics for their businesses suggests that until 2020, 84% of business enterprises were using advanced analytics and Bid data strategies to accelerate their decision-making and bring greater accuracy (Pugna et al., 2019). The survey’s further findings intimate that more than 25% of American companies consider investing in advanced analytics and Big Data to be top of their priority. In relation to this trend, the survey projected that firms using Big Data will grow by a margin of $14.2 billion by 2026 (Pugna et al., 2019). These findings point to the success of incorporating Big Data into business strategies. Its value includes the generation of new knowledge that consequently results in innovative and actionable insights in organizations. For example, rich business intelligence is one of the bloodlines of marketing attributed to Big Data. Thus, these opportunities provide the background on how major firms have handled the issue of Big Data.
One of the common trends in using Big Data is the cost reduction concept by firms. Most organizations that invested in advanced analytics and Bid data in the past cite dramatic cost reduction and significant improvement in time required to perform computing tasks. Such tasks have frequently been used to facilitate effective marketing decision-making processes when understanding consumers’ lifecycle and customer-reaction strategies (Saidali et al., 2019). With this form of technology, firms have attained an average degree of knowledge combination, leading to the ability to make decisions in real time and achieve production success. A typical approach most firms have embraced in the past is the development of a pioneer orientation in their Classical Marketing Analytics (Saidali et al., 2019). In this strategy, enterprises could create the standard of a marketing domain to measure future rivals through consumer data using Big Data to accurately predict production success. The concept utilized customers’ data to execute cost-effective, customized programs that project customers’ needs and preferences. Therefore, organizations that focus on cost reduction decide to incorporate Big Data in their marketing strategies based on technical and economic criteria.
Despite the many advantages of Big Data, the technology has been marred by challenges. A critical component for its success is the need for cultural change and leadership commitment. As argued by Sivarajah et al. (2016), a lot of what successful companies have to do with Big Data is not necessarily related to the technology and data. Rather, they have paid much attention to organizational change and the adoption of technology. This challenge continues to pose significant challenges to firms adopting Big Data for marketing. Some companies even consider a change in the general leadership, analytical orientation, and skills as the most important aspects of implementing Big Data. In this regard, the challenges mentioned above continue to give most firms a hard time implementing the technology, albeit with the recommended solutions.
How Experts Address the Big Data Concept in Marketing
Experts in the marketing field have come up with ample solutions to the aforementioned challenges. At the heart of these remedies is the large investments required in the adoption of bid data. According to Wright et al. (2019), while Big Data has positively transformed the business world, it requires huge investment to realize its profitability, as in the case of Google or Google. The investment entails using cloud computing, collecting a large volume of data, variety of data, and high veracity of data. These information categories are then transformed into actionable results to improve organizational performance. The high volume of heterogeneous data often influences financial and market performance by improving the decision-making process. Additionally, marketing pundits recommend using and reusing the collected data through business-to-business (B2B) strategic alliances. Collaborating with firms that provide essential data storage and access facilities is instrumental in developing customer-based products and services and increasing innovation and transparency. These approaches confirm that business-to-business and business-to-customers are intertwined in the world of Bid data and systems.
How Azinova Technologies Should use Big Data to Address its Marketing strategies
As with other successful companies, Azinova Technologies should adopt cloud computing to facilitate the application of Big Data technology in its business processes. This concept would strengthen the productivity of Big Data technology thanks to the cost-effectiveness of cloud computing, consequently helping to improve its competitiveness. Alongside this combination, the company could also switch from what it considers Big Data to real Big Data. A worthwhile explanation behind this approach is that the market research data is full of information regarding perceptions, motivations, and contexts for customer behaviors. As such, the firm can expand its data set by integrating it with other larger data sets to get well-accessible information about user information and consumer activities that enable it to develop effective marketing strategies.
Competitive firms have started to recognize the value of Big Data in their marketing strategies. Most companies have been caught in the wave of collecting consumer data to determine their lifecycle and purchasing behavior. Enterprises are using Big Data for their benefit, to customize and offer customer-based services, and to achieve long-term relationships. In the same vein, Azinova Technologies should heavily invest in Big Data and cloud computing to realize long-term growth and competitiveness. The move should be aligned with effective leadership and an implementation plan to successfully adopt the new marketing approach.
Pugna, I., Duțescu, A., & Stănilă, O. (2019). Corporate attitudes towards Big Data and its impact on performance management: A qualitative study. Sustainability, 11(3), 684. https://doi.org/10.3390/su11030684
Saidali, J., Rahich, H., Tabaa, Y., & Medouri, A. (2019). The combination between Big Data and marketing strategies to gain valuable business insights for better production success. Procedia Manufacturing, 32, 1017-1023. https://doi.org/10.1016/j.promfg.2019.02.316
Sayyad, S., Mohammed, A., Shaga, V., Kumar, A., & Vengatesan, K. (2019). Digital marketing framework strategies through Big Data. Lecture Notes On Data Engineering and Communications Technologies, 1065-1073. https://doi.org/10.1007/978-3-030-24643-3_127
Wright, L., Robin, R., Stone, M., & Aravopoulou, D. (2019). Adoption of Big Data technology for innovation in B2B marketing. Journal of Business-To-Business Marketing, 26(3-4), 281-293. https://doi.org/10.1080/1051712x.2019.1611082
We’ll write everything from scratch
Submit your APA-formatted draft, including citations and a reference list with at least five references to the assignment folder no later than Saturday of week 3. If you would also like to submit your draft to the writing tutors for review, please do so no later than Saturday of week 3.
The full instructions for the project are posted below:
Your boss, who was impressed by your memo, has asked you to identify a single significant issue in your industry and prepare a research-based position paper on how your company can most effectively address the issue. The issue may be one of the trends you identified in project 2, or it may be an overarching issue related to the trends. Use your research to find out how the issue has been addressed by other companies in the past and how experts in the field recommend addressing it.
This assignment is designed to refresh your research and citation skills so that you are fully prepared for the next courses in your program. You will find, access, and analyze information from a variety of sources that include library databases, online trade and professional journals, and timely industry online web resources. You will also refine your ability to provide in-text citations and references in accurate APA format. Review the rubric to understand how you will be assessed.
Your paper should open with an introductory paragraph that identifies a specific issue and makes a claim about its significance in your industry. The rest of your paper will develop an argument that supports this claim. Please review the helpful information about writing an argument paper in UMGC’s Effective Writing Center’s writing tutorial.
Body paragraphs need to describe and justify your proposed approach to the issue and explain how it relates to how other companies or experts have addressed the same issue based on your research. Use information from your sources to support your ideas while ensuring that your own voice and ideas control the paper. Be sure to include a parenthetical citation (Author’s last name, year of publication) at the end of every sentence that includes words, ideas, or data from a source.
While presenting your own argument, you should also anticipate and refute counter-arguments or alternative approaches. By showing that you understand other approaches and being very clear about how your approach is preferable, you will be more likely to convince readers to take your advice.
You should end your paper with a concluding paragraph that reiterates your recommendation and reminds readers of the most important points you want them to remember. You should not introduce new information in your conclusion.
Present your research-based position in an essay of 4-5 double-spaced pages (ca. 1,000-1,250 words using a font consistent with APA guidelines). Include at least five sources in your list of references. Cite each source you list as a reference at least once by using parenthetical citations in the body of your paper. Use APA format for the paper, including the References page.
Review the rubric (below) to understand how your work will be assessed.
Deliverables and Timeline:
- Submit your APA-formatted draft, including citations and a reference list with at least five references to the assignment folder no later than Saturday of week 3. If you would also like to submit your draft to the writing tutors for review, please do so no later than Saturday of week 3.
- Submit your revised, final position paper with a title page, 4-5 double-spaced pages (ca. 1,000-1,250 words), with citations and at least five references in APA format to the FINAL Project 3 Project Paper assignment folder by 11:59 p.m. on Saturday of week 4. This is the version that will be graded.