Big data is no longer a marketing buzzword; it’s an industry mainstay. In today’s digital age, businesses are trying to leverage mass quantities of collected information to their advantage by identifying their customers’ behavioral and buying trends.
Big data most likely to impact customer relationships
In fact, creating stronger consumer partnerships is the area where big data could have the biggest impact this year! According to a recent Accenture study, “Big Success with Big Data“, 37 percent of executive respondents said big data would have the largest effect on positively driving customer relationships this year. Sixty-three percent reported believing big data impacting customer relationships was in the top three effects.
Another 26 percent of respondents said redefining product development will be the most impacted aspect by big data this year, while 15 percent of executives said big data will affect the way their organizations move forward most. Conversely, just 5 percent of executives said big data will fundamentally change the way they do business, while 8 percent said big data will make the business more data-focused.
Ironically enough, 89 percent of respondents reported saying big data will revolutionize the way they do business to a degree, similarly to the advent of the Internet in the 1990s. In fact, 51 percent of respondents strongly agreed with that sentiment, eMarketer reported, citing the Accenture study. What’s more, 85 percent of respondents said they either strongly agree or agree that big data will dramatically change the way they do business in the future.
Clearly, business executives aren’t entirely sold on the impact that big data will have on everyday operations thus far, or at least for the remainder of 2014. Yet, as big data technology continues to mature and decision-makers find ways to better leverage the mass collection of information for their business, big data will likely have some type of lasting impact on the future marketing landscape.