Marketing Agency Predictions for 2013: Big Data
Our final installment of marketing agency predictions for 2013: Think big!
If you've been reading our blog this week, you'll have noticed that we've been covering marketing agency predictions for 2013. In our fifth and final installment, we share with you a trend that could really help your business grow this year - big data. So what is big data? Big data, as the name might suggest is BIG data. It compiles information from large and often complex sets of data including social media, smartphone analytics - even medical records! There is often sooooo much data that brands cannot effectively capture, manage or process it with traditional database systems. For those that can master it however, it is a source of innovation, productivity and of course gives your brand the competitive edge. Retail is one industry that can greatly benefit from big data. Customer transactions, conversations and indeed their intentions can be compiled so brands understand how to reach shoppers in a more productive way. Take Amazon for example. Their site uses collaborative filtering technology, allowing them to develop automatic recommendations based on past purchases. How many times have you bought something they've recommended for you? If not immediately, the chances are you will recall the title when you go back to make a purchase. All this is done via big data. There have been several companies that have launched over the past few years with tools to help analyse such information, including BloomReach which provides brands with big data designed to help with their SEO. The data helps retailers to understand their sales and social presence, recognising trends within their business and allowing brands to think about the way they market and indeed run their business effectively. The message? Although complex, big data can provide informative insights in the behaviour of consumers. If given the time and attention it deserves, it can be a marketing tool to reckon with! To find out more about working with clever online marketing agency, MonkeyFish Marketing, use the buttons below to contact you and we'll be in touch as soon as we can!