DIFFERENCE BETWEEN MARKETING AND ADVERTISING
Before mentioning how Big Data can overlap with Marketing, we will explain the difference between Marketing and Advertising .
In a graphic way it would be like a runner’s shoe , indeed an important part of Marketing, but in turn it depends on the muscles, bones, joints to have a good race… Where do we want to go? Advertising is a part of that corridor (Marketing), but there are many more, your company will not work, if you have a brilliant publicity and the other points fail.
FUNDAMENTAL ASPECTS OF MARKETING AND WHAT ROLE DOES ADVERTISING PLAY
Previously with the example of the corridor we wanted you to visualize the difference. Now let’s move on to theory.
In Marketing there are 4 “P” although lately several have been added due to the impact of the media, the Internet etc … we will stay with 4 fundamental “P”: Product, Placement, Price and Promotion (Product, Distribution, Price and Promotion) .
Well, advertising would be a great section within Promotion, which is a concept, within the concept of Marketing.
In that sense, big data would be a strategy to implement in Advertising , which in turn is a concept within the Marketing concept. Although it sounds like a tongue twister, it is quite easy to understand.
MARKETING OF THE XXI CENTURY
In 2013, American author Lisa Arthur coined the term ” 21st Century Marketing ” to comment on how the advertising industry had been transformed with the new and very useful data analysis tools .
HOW DOES OUR EXPERIENCE ON THE INTERNET CHANGE WITH BIG DATA?
Now every time we surf or, as they say in the UK, “surf” the Internet, we as a consumer role leave traces of data about who we are, what we like, what are our habits, preferences, etc.
In fact, Big Data specialists extract and manage all these volumes of data to know the behavior of their customers or users. This data collection then goes through a data scientist who is responsible for getting the most out of it , analyzing these . In short, it is the largest and most effective tool for advertising campaigns and complete marketing strategies.
Meditating a little on the subject, the truth is that it is incredible how we can be “studied” to a certain extent, that they know our habits even better than we do. But … What if these data were used in an inappropriate way, without scruples and passing the fine line of morals ?. We think that it is a great advance that facilitates many aspects of advertising, but it is fundamental, and I repeat this “ fundamental ” that it is used in a correct way .
BIG DATA AND ITS APPLICATIONS IN MARKETING
While it seems more a complex issue, Big Data is one of the tool more effective work , if not the most effective for experts in marketing and advertising , since it helps us widely known to our consumers, their trends in consumption and behavior, their interests, their tastes and their habits. Although … How useful is this data once we have it?
SEGMENTATION OF OUR AUDIENCE / CONSUMERS.
Not many years ago we had to monitor each of the marketing and advertising campaigns that we carried out from start to finish. Currently we have much more flexibility when it comes to checking the results and especially adjusting the campaign on the fly, adapting to the evolution of our products to the interest of our customers.
TAKE ADVANTAGE OF SALES OPPORTUNITIES.
Collecting and compiling the information through the different big data techniques, we can analyze in detail what our clients choose , what they decide to try, what they stop using, and an infinity of other activities, thus taking advantage of to offer them similar or complementary products
STAY UP TO DATE WITH MARKET TRENDS.
Due to the provision of consumption data we have available, it is entirely possible to know at any time what they think the customers about our products, whether both negative and positive reactions.
This allows us to promote the launch of products , thus enjoying popularity among the public, or to reinforce the campaigns of those that are not too popular or to withdraw from the market those that report very low sales.
Each business is a world and depending on being unique it has its own characteristics and needs, and on the other hand the uses of big data are spreading every day depending on the field, product, service and the reactions of the audience.
What is vital to be very clear is the type of data that we are interested in obtaining in order to achieve totally effective strategies, translating into profits for our business. Because if we don’t know the data we want to get, we can rarely establish a good strategy.