What Is Big Data Marketing

We have already talked about Big Data and its applications in our blog, but what is Big Data Marketing? It is a new tool that combines, on the one hand, the management of information flows and, on the other hand, traditional marketing resources. However, in this case, these resources are adapted to the digital environment and new technologies.

Big Data Marketing refers to the set of information processing processes, techniques, tools, and technologies in large volumes of data carried out in a company to analyze user behavior and customize actions based on the needs detected.

The term does not refer only to the data itself but also to the challenges, capacities, and competencies associated with storing and analyzing data sets. This analysis, if done correctly, will help organizations develop personalized Marketing strategies that impact a greater number of users and enable sales growth.

What Is Big Data Marketing For

Users generate new data at every step they take on the network. Such data can be structured (obtained by clicking on a website, for example) or unstructured (such as which is generated by posting on Facebook). The use of Big Data technologies and analytical methods allows Marketing professionals to extract, combine and analyze the two types of data in real-time.

In this way, they can discover patterns and understand how the target audience interacts and triggers a purchase decision. This information is used to develop personalized marketing campaigns aimed at the individual preferences of each user. Therefore, with Big Data, we precisely approach the public, which goes from being a mass to a group of people with their own needs.

Advantages Of Big Data Marketing

The term “Big Data” describes the large volume of data that companies collect, data that comes from their business efforts or their interaction with customers. That information is the foundation of a successful marketing campaign. Hence the success of combining Big Data and Marketing, whose union brings advantages such as the following:

Good Planning

Planning is essential to combat market volatility. It also helps predict trends and changes in consumer behavior well in advance to develop a more efficient plan. The use of Big Data as the starting point of the marketing strategy also allows having a better vision of all the existing options. In this way, it will be possible to determine what works and what does not, so the probability of error will decrease.

Increased Customization

For a Marketing campaign to be effective, it has to be versatile. In other words, it must allow a product or service to be delivered at each step that adapts to the needs, tastes, and expectations of a specific customer.

Flexible Pricing

The adaptability of Big Data guarantees a broader scope since, although many people consider that higher-quality requires a higher price, the price is perceived as a great disadvantage on many occasions. In this sense, Big Data helps overcome this problem by providing useful data to understand the customer and get the price calibration right.

SEO Optimization

Combining Artificial Intelligence, Machine Learning, and Marketing automation ensures better results in user retention. Big Data Marketing is used to evaluate the habits of loyal customers and discover what the company did to attract them. Repeating the same process will achieve the expected balance between customer retention and attracting new users.

Tight Budgets

One of the problems when developing Marketing campaigns is related to budget allocation. However, by using big data in the business plan correctly, we will be able to calculate the ROI of a user with precision. In this way, who will reduce irrelevant and excessive expenses to allocate more resources to the important aspects of marketing campaigns.

In conclusion, the main utility of Big Data Marketing is to use the information to create marketing messages that connect with the target audience. When this happens, the campaigns are successful.

Also Read: Opportunity And Risks With Big Data In Companies

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What Is The Technological Risk

To understand precisely what your company is facing, you should know that technological risk consists of the possibility that any failure in its information technology systems disrupts the organization’s operation. In many cases, these failures lead to financial losses, interruption of processes, or damage to the company’s reputation.

What Technological Risks Does A Company Face

Perhaps the most significant threat companies see today when managing risk is a data breach. However, other technological risks must be considered to avoid them and drive them appropriately: 

• The Obsolescence Of Software: Information systems become obsolete and vulnerable. That is why companies must make version changes that can ensure the operation of these systems, thus minimizing technological risk. In this sense, working with cloud systems is the best solution to guarantee up-to-date and secure systems operation since their providers are responsible for maintaining the software.
• Hardware Obsolescence. In the same way that systems change very quickly, it is also inevitable that physical resources will soon become obsolete, not because the device becomes obsolete or is no longer manufactured, but because technological innovation forces it to adapt to the technical requirements of the devices. Systems for their efficient operation. 
• Backups: When companies work with local systems, unfortunately, not all are aware of the importance of performing backups frequently and regularly. However, a task that can be avoided when working with cloud storage systems, since in these cases, the backups are carried out automatically and on a scheduled basis.
• Infrastructure: If the company decides to have its own IT infrastructure, that is, to manage all the software and hardware where the information is collected, stored and contained, it must consider that it has to have the physical space and technical human resources for its proper operation.
• Cybersecurity: The risk of data and privacy breaches is one of the most worrying companies today. Cyberattacks increase each year considerably, resulting in millions of dollars in losses for organizations.
• Technological Resilience: Technology is changing by leaps and bounds, and companies are constantly challenged to adapt to change, remain competitive, and balance technology and sustainability. Companies that are unwilling to transform will undoubtedly cease to be competitive in the medium or long term.

How To Minimize Technological Risks

The best way to protect yourself against technology risk is to develop a comprehensive risk management plan. It is a set of policies and practices applied at a structural level, both on the data and an organization’s devices.

It is the responsibility of the risk management teams to define the technological risk plan, identify and analyze the challenges and threats the company faces, proactively manage these risks through implementing strategies, and create contingency actions.

The following must be taken into account:

• The Vital Technological Risks And Their Possible Impact: Your company must identify the critical areas of concern and measure the probability of a failure and the effect it would have on its activities. To assist in this process, many organizations hire IT specialists. 
• Security Threats: This can include external threats (such as cybercrime or terrorism) and internal threats (for example, distributing restricted information or attacks on systems and information access controls).
• The Technological Risk Of Hardware And Software Failures: The organization must consider the risk of hardware and software failure for itself and operations in general. 
• Technology Outsourcing: It is widespread for companies to hire an external company to take care of systems development and maintenance, network administration, disaster recovery services, application hosting, and cloud computing. In this sense, it is essential to choose suppliers carefully, studying their viability, capacity, reliability, track record and financial position. 

How To Conduct A Technology Risk Assessment

Before starting the implementation of different systems that help mitigate technological risks in your company, we recommend that you carry out an analysis of the current situation based on the following:

• Make a complete list of the applications and systems you use.
• Evaluates the software versions that are in use and identifies the date of their last update.
• Determine the servers and data centres in use.
• Analyze the link between the software and the servers.
• Identify what security systems are in place.

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