Rich Environments How the big data era started and its role in firms in the future Michel Wedel amp PK Kannan 2016 The Era of Big Data Data is assuming an ever more central role in organizations ID: 782213
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Slide1
A Critical Examination of Marketing Analytics for Data-Rich Environments
How the “big data” era started and its role in firms in the future.
Michel Wedel & PK Kannan (2016)
Slide2The Era of Big Data
Data is assuming an ever more central role in organizations
Build and maintain
customer relationships
Personalize products, services and the marketing mixAutomate marketing processes in real timeBig data may have been over hyped, but now:Spawns data-driven decision culture in companiesProvides them with competitive advantagesSignificantly impacts their financial performanceHas caused new forms of marketing to emergeRecommendations, geo-fencing, search marketing, retargetingUrgent demand for analytics capabilitiesNot always clear which types of analytics work for which new problems and new data
Michel Wedel & PK Kannan (2016)
Slide31900
2025
1950
1925
2000
1975
Social
Location
Search
Video
Click-stream
POS Scanning
Scanner Panel
Transaction
Diary Panels
Eye Tracking
Survey
ANOVA, Regression
Bayesian Decision
Market Share Models
MDS
Conjoint
MNL
Latent Class
HB
Structural
OR
Models
Data
Big Data Analytics:
A History of Data and Models
8
Digital data
Rich Data
Michel Wedel & PK Kannan (2016)
Slide4Segmen
tation
Trend Analytics
Personalization
Web
Analytics
Marketing Mix
Recommendations
Keyword Search
Analytics
Re
Targeting
Social Analytics
Structured
Internal
Unstructured
External
Competitive Intelligence
Path to Purchase
Behavioral
Profiling & Targeting
Sentiment
Analytics
Attribution Analytics
GPS &
Mobile
Analytics
Online Review
Analytics
CRM Analytics
Retail
Analytics
A/B Testing
Diagnostic Breadth
Advertising
Analytics
Evolution of Data-Rich Marketing Applications
Michel Wedel and PK Kannan (2016)
Slide5Issues Impacting Data Rich Environments in the Near Future
Privacy and security concerns will limit collection/retention of data
Focus on the development of analytics for anonymized and minimized data
Proactive development of methods for protection of customer privacy
For marketing analytics to have its full impact for big dataFirms need to have a culture that recognizes the importance of data, analytics, and data-driven decision makingHave a governance structure that prevents silos and facilitates integrating data analytics into overall strategy (Big Data CoE + multidisciplinary teams)Marketing analytics involves disparate domainsThe next generation of marketing analysts need to learn how to integrate these fields in order to have sufficiently broad and deep knowledge
Michel Wedel & PK Kannan (2016)