3 Ways Big Data Can Transform Marketing
Big data has been touted as a transformative element for many businesses, and it is clear to see why. Across industries and sectors, big data has the potential to help companies drive long-term success for businesses in a far more targeted manner than ever before.
Big data has an incredible impact on marketing efforts, especially for the pharmaceutical and life sciences industry. Here are just a few ways big data can transform marketing if deployed correctly:
1) Improved market intelligence
Currently, 67% of surveyed life science companies state that they are already using big data for marketing — and, more specifically, for gleaning focused insights within market intelligence. Surveyed professionals indicated three initiatives that they are currently using big data for:
- Assessing performance for existing products and therapies (73%)
- Characterizing disease states and patient populations (67%)
- Targeting products and services (67%)
2) Website Interaction
As websites become a primary source of information and traffic for users — both new and existing, it is important to understand how users are using the website and why. Tracking website interaction data will provide valuable insight on leads, opportunities, and what information users are looking for. As your website continually evolves, having data at the center of the strategy will allow for a more effective website.
3) Predictive analytics
The data can show you what is happening but if harnessed correctly, it can also help predict the future. As pharma becomes an increasingly competitive market, the only way to retain market share is to ensure that you have a clear direction for the future of products. Predictive analytics can help profile user behavior and provide valuable insight on what users might want to see based on their current activity.
Big data is a useful tool for long-term and short-term marketing strategy. With the right tools in place, data can easily be leveraged to provide valuable and actionable insights that can drive success for your business without sacrificing the quality of the experience.