Big data challenges and its impact on retail
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Big data analytics can help small and medium retailers provide better customer experiences and satisfaction despite limited budgets. By analyzing customer data, retailers can identify their most profitable customers and target them with personalized marketing and services. Large companies already use big data to offer individual product recommendations and personalization, which enhances conversions.
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Chapter 4 -Managing Marketing Information to Gain Customer Ins
Chapter 4 -Managing Marketing Information to Gain Customer Insights
Strategic Marketing, MASY1-GC 1230
Marketing Research at P&G: Creating Innovative Brands that provide “Irresistibly Superior Experiences”
To gain deep consumer insights, P&G employs a wide range of marketing research.
Art and science of consumer immersion research—“Living It”—in which small teams of P&G staffers live, work, and shop with consumers to gain deep insights into what they think, feel, need, and do
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P&G uses innovative marketing research—lots and lots of it—to dig out deep and fresh consumer insights and then uses the insights to create transformational brands and marketing that deliver irresistibly superior experiences for consumers.
To gain deep consumer insights, P&G employs a wide range of marketing research approaches—from traditional large-scale surveys and small-scale focus groups to real-time social media listening, mobile surveys, and big data analytics.
3
Marketing Information
Customer needs and motives for buying are difficult to determine.
Required by companies to obtain customer and market insights
Provides competitive advantage
Generated in great quantities with the help of information technology and online sources
Most marketing managers are overloaded with data and often overwhelmed by it. Marketers don’t need more information; they need better information. And they need to make better use of the information they already have.
The real value of marketing research and marketing information lies in how it is used—in the customer insights that it provides.
4
Today’s “Big Data”
Big data refers to the huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies.
Big data presents marketers with both big opportunities and big challenges. Companies that effectively tap this glut of big data can gain rich, timely customer insights.
Far from lacking information, most marketing managers are overloaded with data. Accessing and sifting through so much data is a daunting task. For example, when a large consumer brand such as Coca-Cola or Apple monitors online discussions about its brand in Tweets, blogs, social media posts, and other sources, it might take in a stunning 6 million public conversations a day, more than 2 billion a year.
5
Customer Insights
Fresh marketing information-based understandings of customers and the marketplace
Become the basis for creating customer value, engagement, and relationships
Customer insights teams collect customer and market information from a wide variety of sources.
Many companies are now restructuring their marketing research and information functions. They are creating customer insights teams which collect customer and market information from a wide variety of sources, ranging from traditio ...
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Big data challenges and its impact on retail
- 1. Big data challenges and its impact on the retail industry.
- 2. Small or medium-sized sellers/retailers have been struggling to provide an enhanced shopping experience along with higher customer satisfaction with inadequate budgets.
- 3. Many retailers are unable to identify profitable customers and provide them the right marketing and service solutions with a high potential.
- 4. Many large companies offer personalization and product recommendations at an individual level to enhance customer conversions.
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