Big Data resources in marketing activities
The world's most valuable resource is no longer oil, but a digital repository that is growing exponentially every day ...
Big Data is a huge opportunity for businesses to do business, but they need to pay more attention to their views on Big Data and its uses, especially the marketing department.
The understanding and application of Big Data resources (big data) of many Vietnamese enterprises is still in a toddler stage, even vague and do not know where to start.
The delegates at the seminar "Applying Big Data in business marketing activities" held by Pace Entrepreneur School in Hanoi on May 14 said that businesses in Vietnam need to seize opportunities to enjoy. The benefits of Big Data resources, by planning marketing strategies and improving operational efficiency through in-depth analysis of customer storage data.
Do not know how to take advantage of Big Data resources
According to Mr. Truong Thanh Cuong, a member of Pace's Specialization Department, through data collection, an enterprise has more information to upgrade its products, attract more users, thereby acquiring more data and the process is repeated, incremented.
"Access to big data also helps corporations" defend "better against competitors in a particular way," Mr. Cuong emphasized. The real problem is not that businesses collect data but what businesses use Big Data for.
According to Mr. Cuong, there are four benefits that Big Data can bring, that is to cut costs; reduced time; increase development time; and product optimization, and at the same time helping people make better and more reasonable decisions.
From the huge amount of data that businesses collect while customers visit and interact with their websites, through which, businesses can research customers' preferences and habits, also indirectly help them. Businesses sell more goods.
“If businesses know how to effectively exploit Big Data, it will not only increase profits for themselves but also increase the shopping experience of users. Users can save more time thanks to suggestions compared to having to search for themselves, ”said Mr. Cuong.
Big Data is a huge opportunity for businesses to do business, but they need to pay more attention to their views on Big Data and its uses, especially the marketing department. However, the flip side of Big Data is the monopoly of some big corporations like Google, Facebook, Amazon ..
Benefits of corporations and individuals
“The data on user behavior is being thoroughly exploited to optimize benefits for corporations. But whether personal privacy is guaranteed or the purpose of data collection is only for business, ”Mr. Cuong stated. According to Mr. Tran Tri Dung, Director of WMS Joint Stock Company, with the advantage of a young population. , with over 90 million people, high internet users, Vietnam is considered the leading potential Big Data market in Asia and is the target of many Big Data solution providers such as Microsoft, IBM, Oracle ... A new business model based on Big Data is being formed to help businesses leverage data.
While Google, Facebook or Amazon are getting rich thanks to a huge data warehouse that has been collecting hard work and still trying to get more information from users, the ability to exploit Big Data of Vietnamese businesses is poor compared to. too much water.
"Most of the enterprises that own the largest volume of Big Data in Vietnam do not think about data yet" - Mr. Dung emphasized "Vietnamese enterprises do not know how to take advantage of Big Data because they have not fully realized. benefits that it brings ”.
In addition, the processing of Big Data of many businesses is confused due to the lack of specialized human resources in this field.
Set clear goals
To help the marketing campaign effectively exploit the power of Big Data, Mr. Truong Thanh Cuong said that it is necessary to encourage technology companies to make appropriate investments so that technology innovation enterprises can develop. , actively participating in Big Data field.
At the same time, it is necessary to have a strategy to train high quality personnel for this field so that Vietnam can become a country that owns Big Data technology and enjoy the benefits that it brings.
To make good use of Big Data, "marketing campaigns must focus on their intentions and goals as much as possible, that is, to select information that deserves attention and to accept ignoring other information". said.
Discipline is key to harnessing the power of Big Data. If not, the business will be overwhelmed by data that can be generated from gathering unnecessary information. Enterprises must set clear goals and timelines for the exploitation of Big Data.
Big data benefits for businesses
By clearly defining the target as well as the execution time, the new business can focus its resources to complete the first goal, then implement it individually or in parallel with the second goal of customer growth.
Agreeing with the above point of view, Ms. Nguyen Thanh Binh, an expert of OCD Management Consulting Company on marketing and strategic management, said, “Setting goals helps businesses easily achieve marketing effectiveness in each stage. as expected and ensure that the measurement results are truly timely and valuable ”.
These goals also help businesses determine the exact data needed. Businesses must be confident when using data to make strategic marketing decisions.
And to evaluate data quality, businesses must rely on the source of the data, when it was collected as well as their accuracy.
If "junk data" is used or data has not been fully analyzed and aggregated, the results or forecasts made based on these data will not be reliable.
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