Big Data: How Analytical Insights Can Improve Marketing

The use of big data insights to shape and target a marketing campaign can bolster efficiency and personalize the marketing approach—no matter the target audience or business model.

Analysts are vital to the effectiveness of such an approach. By harnessing the raw power of data, communicating information effectively, and then disseminating it through successful collaboration, analysts can help marketers make the most of their campaigns.

Facilitating this success takes honing your skills and utilizing your resources, however. In this article, we analyze the details of effectively managing your analytics and marketing collaboration ventures.

The Power of Data in Marketing

To effectively collaborate with marketers, you must first understand the value of data as it pertains to marketing. Data analytics in business has grown to over $34 billion in industry size. Without the application of data in marketing, growth to that level could never have occurred.

Now, businesses are using data to power their marketing strategies to great effect. This is evident when companies like Target use customer data to send informed, targeted flyers for events like pregnancy to generate increased sales revenues. In fact, all personalized content and recommendations you see on sites like Amazon and Netflix are results of analytical marketing approaches.

Like any other business practice, marketing can be informed through the use of accumulated data. With customer information in hand, an analyst can begin to assemble customer profiles based on connective data points and demographics. This information can then be used to improve business decisions regarding marketing strategies, informing who and where to target advertising efforts. Since enhancing decision-making and problem-solving processes is one of the central responsibilities of business analysts, improvements fall squarely in their purview.

With big data, analysts can add exponential power and value to marketing strategies. Analytical insights are, however, only as useful as their ability to be communicated to a marketing team.

Success Through Communication

Every analyst requires high-level communication and presentation skills. These are especially important in working with marketing because if the meaning and message of the data are not communicated clearly, then the marketing strategy risks being off. This can cost businesses millions of dollars for a wasted campaign that fails to increase value through sales revenue. It’s also important to consider working with a digital agency when it comes to achieving success here, especially if you do not have the skills in-house. It’s important for all relevant parties to join forces with the team members from the agency, and communicating effectively with each other to provide the best results possible to a business. 

Building understanding is vital to any successful business intelligence strategy, and analysts play a major role in creating that understanding. That is why communication must be fostered through the use of tools that relay data points in a comprehensible and empathetic fashion.

 These tools can include:

●      Charts

●      Graphs

●      Stories

●      Anecdotes

●      Analogies

●      Narratives

Tables and graphs are often useful, but to most effectively communicate their insights from a data set, an analyst must assume the part of a storyteller. A narrative can help illustrate audiences and needs across an organization. In turn, marketers can put themselves in the role of the consumer to better understand how to target campaigns to suit the consumers’ needs and challenges.

Clear communication and data-focused narratives can serve as paths to success, but they require a combination of all the illustrative tools in an analyst's toolkit. Even then, problems with team cohesion can be a barrier to real understanding.

Facilitating Productive Collaboration

The success of any project depends on team cohesion. With many obstacles to team building, even the most effective communication strategy could be in vain. Analysts must ensure that as few obstacles as possible are in the path of the marketing team and the data they need to do their jobs well. 

This requires setting clear and consistent strategies for team communication and workflow. Ensure everyone is using the same software, adhering to the same task guidelines, and sharing the same central narrative around a data set or specific strategy. Other ingredients of effective collaboration include:

●      Clear goals and key performance indicators

●      Effective information visualization

●      Adoption of tools that meet key project and communication needs

In the pandemic work environment, managing effective collaboration can be difficult. Many tools exist to enable clear communication, however, even while social distancing. Set up virtual meetings and use instant messaging software to ensure the team is on the same page.

Bottom Line

Analysts can and should play a key role in any marketing strategy. With the insights generated from big data, analysts can better target advertising to reach audiences and generate sales revenue. Making this possible requires a comprehensive approach to communication and team collaboration, but with proper focus, analysts can help marketers achieve peak success.