The Biggest Deal Ever
It seems clear that Big Data is the foremost technological revolution of our day and age. But how will it impact remarketing strategies in the years to come?
By reading this expanded Big Data and remarketing article you will get a sense of what Big Data is, what remarketing is used for, and what are some of the ways in which the data revolution will influence marketing decisions in the future.
What is Big Data?
Big Data is basically a field which focuses on methods to analyze and extract pieces of information from huge data sets that are actually too big and too complex to be treated by run-of-the-mill data-processing software. This popular term actually describes a large volume of incredibly complex data that can be both unstructured and structured.
But is it the amount of data that matters? Not really.
What is important in Big Data business is for companies to be able to come up with precise conclusions and ignite specific business decisions taking these large data sets into account.
This tech brings about a plethora of different benefits and applications.
One of the most important advantages of Big Data has to do with the fact that this technology actually allows companies to have access to more information than ever before. That info, if well-treated and well-used, can ensure companies gain a certain competitive edge, come up with new solutions, and inspire change taking real data into consideration in their decision-making process.
Another remarkably useful advantage of Big Data? The fact that it allows businesses to cut costs. In fact, this impressive tech can bring about some major cost reductions across the board, allowing leaders to understand what are the most data-driven and efficient ways to do business.
Here are some other benefits of Big Data:
- These tools can actually process sentiment analysis. This means companies can get precise feedback about opinions, inputs, and any type of criticism of their products and services. This lets Big Data become a tool that allows for massive service improvement
- This tech is vital to go for new product development, since it allows business leaders to become acquainted with product design trends and customer trends through detailed data analysis
- This revolution allows businesses to perceive the market more completely than ever before, taking advantage of current market conditions, purchasing behaviors, and other aspects which allow corporations to get the upper hand
Big Data Stats
Wondering whether or not there are Big Data statistics which allow readers to understand how impactful this technology already is?
Here are some Big Data stats:
- In the next 5 years, the number of smart connected devices on planet Earth will reach a whopping 50 billion
- Data sets get bigger and bigger every second, with Google registering 40,000 new queries per second every single day
- By the year 2020, the aggregate volume of data will increase from 4.4 zettabytes to a staggering 44 trillion GB
- By 2020, a third of all existing data will be both stored and analyzed using the boon of cloud computing
What is Remarketing?
Remarketing - also known as behavioral retargeting - is a type of online targeted advertising that allows businesses to target specific customers based on their previous online endeavors. This method can target online users by including a handy pixel on the targeted email or web page, setting a helpful cookie in the customer’s browser.
It can actually be quite an effective way to increase both the sense of personalization and the relevance of the ads displayed by a business. Knowing the ins and outs of this strategy has allowed different corporations to better engage with their customers online.
A well-crafted remarketing program lets business leaders track specific website pages. This means they get to actually identify the clients who have spent time on those pages without effectively converting.
In fact, you can now track shopping cart pages, getting to retarget those customers who filled a shopping cart but decided to abandon it at the very last moment.
Here are some of the advantages of retargeting ads:
- They supercharge the conversion rate since they increase the probability to reach users who are interested in buying. Prospects who click retargeted ads are more likely to purchase a specific product
- They’re cost-effective since they allow companies to get more money from their PPC campaigns. By narrowing the audience to those super interested buyers, retargeting gets to be a cost-effective marketing strategy
- They boost customer lifetime value since these retargeted online ads help customers see products more often. This strategy allows companies to stay top of mind, making sure customers will remember businesses and get back to buying sooner
Those who want to consider this as a possible strategy should pay attention to the following remarketing stats:
- Website users who are targeted with ads are more likely to be converted (70% more)
- The Click-Through Rate of a targeted advertisement is actually 10 times higher than the CTR of a normal ad
- 91% of marketing experts who have used retargeting strategies have stated that they perform better than display, email, and search
- 68% of agencies now have a specific budget that’s devoted to this marketing method
- 3 out of 4 customers notice retargeted ads
- 46% of search engine marketing pros think retargeting is the most underutilized online marketing technique
5 Ways to Use Big Data to Energize Remarketing Campaigns
1. Real-Time Bidding
Real-Time Bidding is a method through which ad inventory can be bought and sold on a per-impression basis using an immediate programmatic auction, quite similar to the ones used in financial transactions.
How will Big Data and remarketing use Real-Time Bidding in the years to come? By taking advantage of the power of this incredible tech, marketing pros can ensure that the bidding is going to be based on a wealth of super-complex rules (unlike what happens now.)
Bidding taking Big Data into account will allow brands to find the clients who are most valuable and who deserve to win the possibility to get the impression.
2. The Power of Segmentation
Segmentation allows you to reach users who are more likely to buy, targeting those specific “winners” to get more bang for your advertising buck.
With Big Data, you will get to create retargeting campaigns that will reach those users through micro-segments, effectively letting companies boost their ROI. On the other hand, the users who clicked an ad once but weren’t that interested will cease to be bothered by a torrent of cumbersome ads.
The data boom will allow targeting to get refined, ensuring remarketing campaigns get to reach the very best prospective customers in no time.
3. The Boon of Recommendations
Recommendations are still a staple of marketing perfection. They are proven to be quite effective since everyone trusts a recommendation more than a simple - yet enticing - banner ad. Using Big Data technology, remarketing campaigns will get to know more about the purchasing chain and the buying process.
This means that there will be certain logical groupings that brands will get to create on the basis of purchase data analysis and Click-Through Rates. By getting this incredible technology to effectively offer a wealth of different facts, you can expect to own product recommendations, analyze the customer’s purchasing process, and come up with new retention strategies that are not only data-driven but also revenue-boosting.
4. CRM Remarketing
Everyone knows that CRM systems are impeccable tools that allow businesses to keep tabs on their customers, improve their support, and create a mighty positive customer experience throughout the funnel. With Big Data, CRM is going to join forces with retargeting, helping companies craft more penetrative advertising campaigns.
CRM retargeting may be a new marketing technique but it already allows companies to send specifically targeted messages to users online using a customer database.
Why does it differ from regular retargeting? Because this method uses customer info that’s actually been collected offline, such as the data from CRM.
The perfect union between offline and online marketing for companies to communicate with their target customers, CRM remarketing is going to help businesses stay relevant in the coming years.
5. Deep Learning
Retargeting may be a remarkable blessing but the fact is that a lot of customers will still navigate, look at an ad, and run away. This means the actual value lies in understanding who are the people that are more likely to carry out a specific transaction, thus using a retargeting budget on those customers.
How will deep learning help data and remarketing get to a whole new level? With this knowledge, you will now have the ability to parse the browsing and purchasing patterns of buyers, as well as those who decided not to buy upon browsing. This means you will get to know what are the most likely and common purchase paths.
Moreover, this info will also be relevant when you need to determine the behavioral triggers and dominant traits of the most-likely converting clients, allowing you to take lead nurturing to a whole new level.
Using deep learning and huge data sets will actually allow you to get an in-depth understanding of what effectively makes your customer base want to purchase, which will be mighty important upon creating a marketing strategy for those specific customers who have already been exposed to a brand.
The Big Data & Remarketing World
Retargeting has become a staple of marketing strategies because it allows for a great deal of segmentation and reaches out to a specific number of interested users, effectively improving customer loyalty and conversion rates.
By using the power of Big Data analytics, you will be able to use effective data pools to come up with remarkably accurate conclusions, produce highly-targeted advertising campaigns, and grow businesses with intelligent analysis, precise targeting, and chess-like strategic prowess.