Marketing: Applications of Big Data

Martech Outlook | Friday, December 03, 2021

Big data makes it easier to position a brand or product by providing a variety of categorizations and groupings.

FREMONT, CA: It is a well-known reality of marketing and profit-making that the better businesses know their consumers, the better they will anticipate their preferences and adjust price, content, and user interface accordingly. Any data professional can understand big data and draw astute conclusions from it, which can then be used in marketing plans and processes to get the most out of them. Outlined below are two uses of big data in marketing.

Price Optimization

Big data can provide firms with information about their competitors' prices and inflation rates over time and help them understand the purchasing power of their brand's users so that they can stick to it without incurring any losses. Although the marketing team does not have direct power over price regulation, they can suggest ways to explain its product prices. Furthermore, the data on altered prices can assist the company in developing future strategies to clear old product stocks during sales or make appropriate price decisions for new products that are expected to be released in the market.

Suitable Brand Positioning

Big data makes it easier to position a brand or product by providing a variety of categorizations and groupings. Having information about a brand's growth and customer base can aid firms in establishing their brand in the market among the proper customers. This is the most well-known marketing technique, and it is similar to distinction. Knowing why the business is popular with which customer base can assist in establishing the niche as well as developing a plan that represents the brand while also attracting the attention of other customers. Brand positioning can be done based on a variety of factors such as price, quality, target demographic, and so on, to gain traction among a specific group. This type of marketing technique not only increases sales but also fosters market competitiveness.

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