From Michel Wedel PK Kannan 2016 A Critical

From: Michel Wedel & PK Kannan (2016) A Critical Examination of Marketing Analytics for Data. Rich Environments How the “big data” era started and its role in firms in the future. © M. Wedel & PK Kannan

From: Michel Wedel & PK Kannan (2016) The Era of Big Data n Data is assuming an ever more central role in organizations - n Big data may have been over hyped, but now: - n Spawns data-driven decision culture in companies Provides them with competitive advantages Significantly impacts their financial performance Has caused new forms of marketing to emerge - n Build and maintain customer relationships Personalize products, services and the marketing mix Automate marketing processes in real time Recommendations, geo-fencing, search marketing, retargeting Urgent demand for analytics capabilities - Not always clear which types of analytics work for which new problems and new data © M. Wedel & PK Kannan

From: Michel Wedel & PK Kannan (2016) Big Data Analytics: A History of Data and Models Market Share Models ANOVA, Regression Bayesian Decision Models MDS OR 1900 1950 1925 Data Conjoint MNL 1975 POS Scanning Survey Eye Tracking Diary Panels Transaction Scanner Panel Latent Class Structural HB 2000 2025 Search Click-stream Social Video Digital data Location 8 Rich Data © M. Wedel & PK Kannan

From: Michel Wedel and PK Kannan (2016) Evolution of Data-Rich Marketing Applications Unstructure d Extern al Diagnostic Breadth Attributio n Analytics Sentimen t Analytics Trend Analytics Competitiv e Intelligenc e Social Analytics Web Analytics Path to Re Purchas Targetin e g Online Review GPS & Segmen Analytic Mobile tation s Analytics Keyword Search Analytics Recommendatio ns Behavioral Profiling & Targeting Personalizatio n Marketing Mix A/B Testing Retail Analytics CRM Analytics Advertisin g Analytics Structured Internal © M. Wedel & PK Kannan

From: Michel Wedel & PK Kannan (2016) Issues Impacting Data Rich Environments in the Near Future n n n 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 data - Firms need to have a culture that recognizes the importance of data, analytics, and data-driven decision making - Have a governance structure that prevents silos and facilitates integrating data analytics into overall strategy (Big Data Co. E + multidisciplinary teams) Marketing analytics involves disparate domains - The next generation of marketing analysts need to learn how to integrate these fields in order to have sufficiently broad and deep knowledge © M. Wedel & PK Kannan