Is Big Data Driving Your Brand?
It seems that you can’t open up an article about Big Data these days without it being hailed as some sort magic bullet that will cure what ails your business (if you pardon the mixed metaphor!). But when you actually get past the hype, it becomes apparent that Big Data really does have a lot to offer to your brand and consequently, your business’ overall well-being.
If Big Data isn’t driving your brand, then you need to remedy that. Here are some thoughts on the matter that should clear things up and help you to take advantage of this powerful tool from which so many other businesses are already benefiting.
The Role Of Big Data In Branding
Big Data is defined as information characterized by “the four V’s”: Volume, Velocity, Variety, and Veracity. In other words, a lot of information, delivered quickly, from many sources, and of very high reliability and accuracy.
Alright, fine. So what does all that have to do with branding? Only everything! By using information culled from Big Data, a business can see what works and what doesn’t, and focus their branding efforts on the greener pastures. After all, the best branding campaign in the world is of no use to you if it isn’t being seen by the right people.
Today’s technology, particularly innovations like the cloud and strong analytics platforms makes using Big Data all the easier, a true way of having a level playing field for businesses of all sizes.
So why isn’t using Big Data for branding more common?
The Challenges Of A Data-Driven Strategy
According to the article “Expert Interview Series: Kally Pan On Data Driven Marketing“, there are two main challenges that brands are facing when trying to implement a more data-driven strategy.
First, many businesses are hobbled by the unfortunate reality that all of that excellent Big Data information isn’t making it to the right people in the company who are responsible for branding. The appropriate information needs to find its way into the right hands in order for there to be a viable, data-driven marketing strategy. Companies need to learn to give the information to the people responsible for branding. The second point explains why this is even an issue.
That point being, according to the above-mentioned article, many businesses are still being brought up to speed on the whole idea of Big Data. Companies must be made to understand that metrics need to be employed in order to create the right strategies that ultimately lead to better branding. Businesses need to get more accustomed to looking at this data and making decisions based on that, rather than on outdated processes that are still being done because “that’s the way we’ve always done it.”
This isn’t even thinking outside the box. It’s thinking enhanced by established facts, arrived at using reliable information from Big Data sources.
How Do You Use Big Data For Better Branding?
This is the real nuts and bolts of the process. Big Data can give you information on your audience, their likes, dislikes, spending habits, and demographics. The information helps you discern patterns of behavior that can be used as guidelines for establishing new branding strategies and marketing campaigns.
Big Data can be used to spot trends, which in turn can help you decide how to build your brand. Is there some major Internet craze going on right now? Perhaps a new celebrity cat is trending (any Internet veteran knows that example is NOT far-fetched!). If your brand has anything even remotely associated with the hot new trend, there’s your new angle for the short term!
You can build a brand by creating original content that’s entertaining and helps create a single, consistent image of your business and its products. Again, by using information from Big Data, you can see what subjects are on everyone’s minds these days, which in turns helps you decide how to frame that content.
Big Data can even be used to ascertain customers’ spending habits and behavior patterns in order to foster brand loyalty. By analyzing these patterns, a business can discover what motivates consumers to buy certain products or engage particular services. If your company offers a number of different goods and services, you can see which ones people are buying the most, and when they’re doing it. Does demand for an individual product increase around particular holidays? These are the things that Big Data will tell you.
Even something like pricing models can benefit from Big Data. A business can get a good idea how to price an item based on demographics, competitors’ pricing and established historical demand information.
So, To Sum It Up …
Your brand is the image of your business and products that you want to put forth to consumers, whether it’s being sent out to the world at large, or narrowly aimed at a particular group. That image must be appealing, relevant, and consistent. By using the information that Big Data provides, you can come up with a more informed branding strategy with a greater chance of success.
About Author: John Terra has been a freelance writer since 1985. He’s been working in the world of Internet marketing for at least 20 years and is a big fan of Big Data.