Market research, data analytics can bring big impacts to business processes
SEPTEMBER 20, 2011 – Advertising agencies may be able to extract more value from the data they have on consumers with the help of market research and data analytics services, as evidenced by a recent webcast survey from Teradata.
The company polled quantitative analysts and experts on how they are using big data in their organizations, and found that the application most impacted by the technology and tools is digital marketing optimization, followed by data exploration and discovery, and fraud detection and prevention.
“Businesses everywhere are feeling the impact of the big data revolution and specific types of multi-structured data are driving new business opportunities,” stated Randy Lea, the vice president of Teradata’s Aster Center of Innovation.
Lea added that in order for companies to be informed by and get value from big data – the large data sets that are too big for average software to process – “‘quants’ or data scientists are becoming analytic innovators who create tremendous business value within an organization, quickly exploring and uncovering game-changing insights from vast volumes of data, as opposed to merely accessing transactional data for operational reporting.”
The study also showed that big data can be used when assessing social networks and relationships – such as influencer marketing, attrition prediction and crowd sourcing – and also for gaining insight into remote devices and locations, through machine-generated data analytics.
Even those in the banking industry can benefit from big data in their marketing efforts, according to American Banker. The source explains that all the records of card and online banking transactions can offer a wealth of knowledge on customer behavior and preferences.
“We have to leverage our transaction data, so when we mail or email, we present targeted offers based on the member profile,” Jim Craig, vice president of marketing for Yorktown, Virginia-based 1st Advantage Federal Credit Union, said in an interview with the news outlet.
Being able to make sense of big data can help companies as they work to develop targeted campaigns or drive customers to spend more by tracking their past purchases and alerting them to relevant promotions from merchants, according to American Banker. Banks can also use the data from online banking to cross-sell and present products to consumers that they may be more willing to buy.