Singapore has the highest digital consumption rate in the world. 83% of the Singaporeans residing in the country are active social media users and this figure is expected to continue increasing as more people and business embrace the networking platforms.

Based on these statistics, it is not difficult to see why businesses and individual marketers are keen on leveraging the best digital marketing strategies to connect with potential customers. In this article, we will discuss the reasons why you should embrace one of the emerging technologies, big data analytics when doing digital marketing in Singapore.

Get Consumer Insights in Real-Time

One of the reasons why some digital marketing campaigns fail to deliver the expected results is because they are not created with consumer insights in mind. Big data analytics comes in handy by helping marketers get a clear understanding of their target audience.

Identifying and understanding the target audience helps them to get ahead of the competition as they are able to address the needs and expectations of prospects accurately and amicably. Sentiment analysis is widely used to analyze the information about how the customers feel about the brand, products, and service. This analysis is also referred to as opinion mining.

Sentiment analysis relies mainly on natural language processing and text analytics to understand the target consumers attitudes, opinions, and feelings. Here is a summary of the benefits that this form of analysis offers.

• Helps optimize marketing strategy based on the opinions of the customers
• Pin points the brand’s strengths and weaknesses
• Helps improve customer service
• Provides insights during product creation and quality assessment
• Identify new business opportunities

Personalized Targeting

The key to a successful digital marketing campaign is personalization. You need to engage the customers at the right moment and use the right message. Thanks to big data, it is now possible for you to create targeted and personalized campaigns for each segment of your target customers.

Concisely, personalized marketing is the process of creating and delivering messages to the audience based on the data analysis report. Consumer data such as browsing history, purchasing history, geolocation, and clickstream behavior determines the message and time it is delivered to the audience.

Here are a few examples of personalized marketing.

1. Product recommendation: By analyzing customers buying behavior, marketers are able to understand their intent and offer relevant product recommendations. Amazon is one of the ecommerce companies that have mastered this art. It uses previous purchases history, searches, and interest to determine which products to recommend.
2. Targeted Emails: Using big data, marketers are able to personalize email marketing campaigns. That is, they are able to send the right email to the right people at the right time. Personalized messages help to create a personal bond with customers and this, in turn, encourages prospects to click on the CTA buttons.
3. Targeted Ads: All the data collected such as browsing history can be used to create targeted ads. Such ads have a major impact on the ad campaign by ensuring that the ads are only displayed to prospects who are already in the buying cycle.

Increasing Sales

Big data analysis helps companies to gather more information about their existing and potential customers. Information such as how frequent they buy a particular product and preferred payment option makes it possible for them to present the right offer to them at the right time. Such accuracy has been proven to be very effective in increasing sales.

Product Demand Forecasting

When running a business, both offline or online, it is imperative to make sure that you have enough stock to meet market demand. Unfortunately, traditional data analysis methods are not accurate and always result in losses. Big data analysis is different as it accurately monitors the market and predicts demand by using predictive and prescriptive analytics.

With this valuable information, you can determine which product to produce, when to produce, which location to distribute them, and how much to produce.

What is Predictive analytics

Predictive analytics looks at what can happen in the market in the future.

What is Prescriptive analytics

Prescriptive analytics offers advice or recommendations based on predictions.

Both analytics works together to reduce the risk of stock running out. They also improve production efficiency and minimize loses.

Price Optimisation

Knowing how to price products is a major challenge to digital marketers. Big data analysis resolve this by helping companies to know the best price of each product based on factors such as:

• Seasonal price
• Cost of goods
• Cost of variables
• Competitor prices

Concisely, price optimization has the ability to maximize revenue and sales significantly.

Budget Optimisation

Budget optimization is one of the main challenges for digital marketers in Singapore. One of the questions that you should ask is, does the customer visit the website directly and place an order? Rarely does this happen. In the current digital age, most online customers use reviews posted on various online platforms such as social media and sites such as Yelp to determine if a particular product is worth their money and capable of meeting their needs.

By embracing big data analysis, you can be able to monitor the movement of customers before they make a purchase accurately. You will also identify touchpoints in the conversion paths and optimize them accordingly to get maximum ROI.

More importantly, you will be able to monitor the performance of each campaign continuously. As a result, you will know which channel to allocate more money to and which one to sideline or do away with completely.

Final Remarks

Any digital marketer who wants to get ahead of the competition should consider leverage big data analytics. The report will not only influence digital marketing campaigns positively but also SEO campaigns by identifying the phrases that most people use to find the products and website online.