At Current360, we have long believed that all marketing will eventually become one-to-one. It’s not because we have a crystal ball, but rather, the dots are clearly evident and merely need to be connected.
That’s what’s happening now under the cliché known as Big Data. And its impact on the future of marketing can’t be overstated.
Computers + Connectivity + Data Sharing + Cross Indexing + Analysis = Uber-Precise Consumer Targeting & Messaging in Real Time.
Not so long ago, it was practically impossible to precisely match a buyer’s inherent wants and needs—at a specific point in the purchasing cycle—to a product, good or service. Therefore, their desire for a product had to be creatively manufactured by the advertiser. And consumers had to be convinced of their state of deficiency through constant interruption. Results could only be measured in the most general sense. And campaign course corrections had to be made with all the nimbleness of a battleship—hence the term “Mass Marketing.”
Enter the era of Big Data
The Data is Out There
Remember that loyalty card you signed up for (and how often you use it)? The websites you searched today (and how long you stayed)? The credit card you charged at your favorite liquor store (and what you bought)? Your utility usage last month (and its comparison to last year)? The last car you sold (and what you bought next)?
It’s all out there. Not all in one place and likely not with your name attached to it (that would be illegal), but it’s all out there. And therein lies the Holy Grail of Big Data.
How Big Data Works
Every day, information is scrubbed from websites and databases around the world. It’s then cross-indexed and analyzed according to pre-determined algorithms in order to build predictive models of consumer behavior. Those models can be paired with media-delivery platforms to know—with remarkable accuracy—that if you like A, B and C, then you’d also be interested in X, Y and Z. And, oh by the way, they just served you an advertisement. And you clicked on it (because you were, as it happens, very interested in that product, good or service).
How Big Data Changes Everything.
- Messages can be delivered to the right people. Not simply a target, but an actual prospect.
- Messages can be personalized and individualized. One size really never fit all and now it doesn’t have to.
- Messages can be delivered at the right time. Messages are coordinated according to behavior, purchase patterns, pay cycles and bank balance.
- Absolute Results Measurement. Either the prospect bought or they didn’t. Stay the course or make a change.
- Real Time Adjustments. If it’s not working, changes can be preprogrammed for immediate implementation.
Marketers frequently overuse trending buzzwords, and it’s no different with the moniker Big Data. However, that doesn’t make its impact on the future of marketing any less significant.
Can you afford to ignore its potential for your business? I know we can’t. And we’re not. Like our tagline says, “We Do That.”