The New 4Ps of Marketing With Big Data
Today you need to see through all the hype of Big Data and know truly what is important and what is marketing mimics. To help solve this issue I want to put a creative twist on the traditional 4-Ps of Marketing with some context around Big Data. Specifically, I have coined the following concepts as the NEW 4P’s in Marketing to help folks clearly understand why they care about Big Data in their marketing programs.
The 4P’s in Digital Marketing and Big Data
The 4P’s in digital marketing was conceptualized by Digital-Warriors in order to help growing businesses to learn how to manage the big data influence in their decision making process involving the digital market. With the analytics and big data combined, digital marketers have the powerful tools to build an empire out of their business. By starting off as a small business, data analytics can help companies grow their database that can help them establish more predictive behaviors in the industry that can help them become more competent in building their business as one of the key players in the competitive world of the digital marketplace. The 4P’s in the digital marketing and big data era are the following:
Gone are the days that entrepreneurs have to endure the constraints of time in understanding how to capture more predictive behaviors of their customers to influence their decision making process. The emergence of big data and analytics help marketers capture vital, relevant, and useful data that can help them make real time decisions without doing the guessworks. With the big data explosion, digital marketers are dealing with numbers and accurate measurements and statistics to help them revolutionize the performance of their business.
Big data provides a real time information to entrepreneurs in helping them use as real time treatment engine that can drive their business to better productivity. This boost business intelligence in terms of digging important attributes of customers that they can use in order to build better up-sell and conversions for business. With the use of big data analytics, it is easier to acquire valuable information that can influence an internet marketer’s ability to make more accurate and precise decisions in terms of making their business performance responsive to the needs and desires of their customers.
2. Personalization and Preference
This aspect of the 4P’s in digital marketing constitutes the technique of focusing the growth of your business by building a more personalized relationship with your customers. A more personalized-driven marketing approach is the trend these days owing to the emergence of mobile applications and modern devices that make business and shopping more convenient on the cloud. Big data is a valuable resource to draw out the more intelligent approach in connecting personal relationship with your customers through technology and mobile marketing. What makes big data valuable in optimizing the personalization of your business services is that it creates a more intimate relationship between your customer and your business which is tied down through personalized offerings tailored to your customers’ preferences.
There is a growing emergence of online businesses, fostering a digital marketplace for the consumers where product recommendations make shopping easier and highly convenient. It is amazing for online stores to be able to predict the preferences of their customers with product selections. The predictive behavior of the customers’ preferences is forecasted using big data solutions for digital marketing.
The prediction aspect of digital marketing and data concept revolves around expediting the process of acquiring, processing and analyzing data for better business service enhancements. Gone are the days of meticulous and painstaking process, not to mention a more costly approach of gathering massive volume of data for business analytics. The emergence of big data analytics in digital marketing has replaced the traditional means of data collection that left many loopholes in the data gathering process. With big data analytic tools, it is easy to automate the process of data gathering and correlating data in order to create a more structured data management process to see the bigger picture in internet marketing, that is the acquisition of intelligent data structure that will help businesses predict the needs of their customers and making their services highly responsive on what they actually want. The predictive behavior is the measure of data analytic tools that can correlate data and information that used to be unimaginable in the world of marketing.
The idea that businesses now has the capability of acquiring data and information about their customers can make the consumers uneasy about the idea. This concept area of the 4P’s is designed to help prevent the chilling effect of raising the privacy issues regarding the integration of big data analytics to digital marketing techniques. The consumers keep an open mind about the innovative means of businesses in improving their services and performance in the competitive world of the digital market but they also value their privacy. The inability of businesses to protect the privacy of their customers can have a negative effect on the trust level given by the consumers to their business.
Among the major concerns of the consumers about their privacy is that some digital marketers are requesting for private information that are more than necessary to disclose for the purpose of asking them. This can induce a two-tier areas of concern involving both business companies and the consumers. With the growing privacy concerns of the consumers, a business trust is likely to decline which is not good for businesses. On the other hand, the reluctance of the consumers to share their personal information to business marketers can also cause a fluctuating availability for big data analysis that can be used for optimizing business performance.
In order to resolve the privacy issue using big data analytics in digital marketing, it is best for digital marketers to frame the terms and conditions that will disclose to the consumer information on how their private information are used, the tools that are used for gathering them, and how the process is undertaken with great care in protecting privacy along the process. Lastly, give the consumers better control on how they can share their private data for your business.
Image credit: www.ericsson.com
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