The Imapct of Big Data on Modern Marketing Practices

Author Bio: Vasudha is a blogger at DrumUp, a content curation and social media management tool, where she writes extensively about content marketing and social media marketing.

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"It is no longer enough to satisfy your customers. You must delight them."

- Philip Kotler

Understanding customers' needs and fulfilling those needs in a way that builds trust has always been the key focus of marketing. In traditional marketing, one of the challenges businesses faced was being able to keep up with the changing tastes and prefernces of customers. With Big Data, modern marketers can not only keep up with change, but can also predict ones that are going to come.

Big Data lets you quantify nearly every human action, and gather customer insights with a degree of precision that has never been possible before. Big Data enables better decision-making, provided you're able to systematically seive through all the information at your disposal to acquire new customers, earn the loyalty of existing ones and improve profitability.

Say Big Data, Think Netflix

A classic example of a business that has leveraged Big Data and analytics to strategically grow its profits is Netflix. The popular movie streaming service, was originally established as a mail-order DVD service in 1997. Being an internet based business it uses multiple algorithms on its website to track user activity, identify similar usage behavior patterns and recommend relevant content based on the results of its analytics. The business' approach to delivering videos has thereby grown from offering a convenience to creating an experience, all thanks to its effective use of Big Data.

Once Netflix began streaming videos in 2007 it got access to much more data about its users allowing it to learn so much more about their preferences. In fact, it created nearly 77,000 new microgenres to understand how its users searched for movies. Its evolutionary use of Big Data has set Netflix apart, as one of the best content streaming services so far.

Big Data is getting Bigger

Although Big Data has perhaps been the biggest digital revolution since the Internet, how it is approached and used by businesses today is still just the beginning to a whole new world of possibilities. With so much information out there, marketers will have an upperhand in predicting and aligning their strategies with emerging trends. But the risks such as the breach of user privacy will make the use of Big Data a tight rope walk between incorporating ethical business practices and competitive business tactics.

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