The big data market is projected to grow to over $100 billion in the next five years, as per Statista.
Businesses must leverage big data analytics to shape marketing campaigns around consumer data and stand out from competitors. The ecommerce growth spurred on by COVID-19 will provide marketers with several opportunities to integrate big data into the marketing mix.
Companies can use big data to assess competitors, acquire insights into consumer behaviour, predict demand trends, and preferences. In addition, using insights from big data can lower ad spends, shorten the supply chain, and help in targeted marketing campaigns.
A wider range of big data will be used from across organisations like government bodies, and more to extend big data alternatives and inform precision marketing. Moreover, as consumers consent to sharing personal information, brands must offer tailored consumer experiences across verticals.
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