We are currently in the golden age of digitalisation, in which data serves as a strategic asset driving business growth and reshaping competitive corporate landscapes and customer experiences. According to a forecast by Precedence Research, by 2032 the global data analytics market is expected to surge past the US$393.35 billion mark, with an impressive compound annual growth rate of 29.4%. This highlights the rapid proliferation and transformative power of data across all sectors.
The application of data analytics is crucial in contemporary marketing strategies. Coca-Cola, for example, launched a limited-edition ‘Coca-Cola Y3000’ beverage, created using a combination of AI and data analytics technologies. The research team collected consumer taste preferences and emerging trends, as well as their expectations and imaginings of future tastes. The data was analysed and processed through their proprietary AI system to create innovative product formulae, culminating in unique flavour combinations.
Siemens commissioned Pico to develop its own proprietary ‘data mid-end’ system, which seamlessly integrated a myriad of existing platforms to enhance user experience and data marketing effectiveness. The system enables targeted and automated marketing campaigns by integrating gathered data and insights to focus on specific user groups. It also drives the front-end line of business operations while providing back-end system support.
Reckitt Benckiser Hong Kong has revolutionised its advertising strategy by moving from traditional discount promotions to a precise data-driven approach. By extending its target audience based on data analysis results, it successfully identified and filled a market gap for consumers aged 25 to 39. The strategy also involved filtering interests to attract them and avoid repetitive marketing to loyal customers. This new strategy increased the young user base by 9%, and the return on advertising spend in June 2023 rose by 533% compared to the five months before implementing the data strategy, demonstrating the enormous potential of data analytics in enhancing advertising efficacy.
As we step into this new era of data, we must utilise cutting-edge technologies such as machine learning to lead the market and maintain a competitive edge in the fierce commercial race.
