A report by McKinsey on more than 250 engagements over five years shows that companies that put data at the centre of their marketing and sales decisions improve their marketing return on investment (MROI) by 15 – 20 percent. If this is applied to the estimated $1 trillion in global annual marketing spending, that adds up to $150 – $200 billion of additional value.
This is the primary reason why big data analytics has revolutionized marketing and sales. Analysis of big data can reveal new opportunities for a company. And the companies can tailor their product to customer wishes and beliefs, thus influencing their decision behaviour. In order to make analytics work, it is essential that a company invest on the latest techniques to enable fast analysis on the rapidly expanding pool of big data available to them., such as automated “algorithmic marketing,” an which provides for the processing of vast amounts of data through a “self-learning” process to create better and more relevant interactions with consumers - a kind of combination of data analytics and artificial intelligence. For an interesting take on this point of view, check this link.
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