Big Data in Marketing Strategies

Big Data Use

• Businesses can assess consumer reaction to product announcements, pricing changes, policy changes, and other moves.
• They can gauge the effect of promotions, advertising campaigns, and publicity programs.
• They can compare sentiment associated with their brands to competitors.
• Analysis of website clickstreams, product reviews, product registration information, and public reaction to products helps merchandisers and product planners understand buyer motivation.

Segment Populations

• Not all customers are the same—different interests, wants
• When marketers understand attributes of different market segments and how members react to products, advertising, and promotions, they can tailor marketing actions for optimal results.

Enable Experimentation

• When business leaders can quickly assess the effect of changes in products, marketing, and operations, they can perform experiments to assess the value of changes and determine the best course of action.

Predict Outcomes

• Insight into previous changes coupled with market reaction lets businesses predict outcomes of price increases, advertising, and promotions.

Enable New Business Models

• Information services that aggregate and analyze Big Data have grown in industries like healthcare, real estate, finance, retail, and other sectors.
• Data on economics is crucial to understand how different sectors of an economy are performing.

Loyalty Program Examples

• When customers check out using their loyalty card, they provide demographic information and shopping patterns.
• This data is used for targeted ads (e.g., supermarket offers vouchers for specific produce based on previous purchases) and personalized product recommendations.
• Credit card transactions can be tracked to further predict customer purchasing habits.
• Real-time data analytics from IoT and sensor data enables predictive algorithms for service needs, product replacements, and consumer behavior.

Bluetooth Beacons

• Small electronic devices strategically placed in stores enable precise tracking of customer movements within the store (e.g., time spent in different areas, product interest).
• This enables businesses to adjust pricing, improve service, and improve store layout efficiency.

Research Papers

E-commerce

• Online marketplaces enable online shopping, threatening traditional retail businesses.
• Online transaction depends on product (price/quality), advertising, service (shipping, return policy), buyer intentions, and sellers' qualifications.
• Online peer-to-peer marketplace characteristics are vast, with typically millions of products, sellers, buyers, and transactions.

Physical Activity Data

• Measurements of physical activity across 111 countries, using smartphones/accelerometers, show significant disparities: (i) between countries, (ii) within countries, and (iii) between genders.
• Activity in females is generally lower than for males, and countries with lower activity levels and high activity inequality exacerbate this difference.
• Walkability of cities has a large impact on physical activity levels.

Dog-Human Companionship

• Dog companionship has attitudinal, experiential, and behavioural components, and our objective is to uncover its underlying dimensions.
• Data was collected via dog-owning Internet discussion-group settings, veterinarian waiting-room settings, and mall-intercept settings.
• Seven dimensions of the symbiotic relationship between person and dog were identified to understand the relationship.

Incompetence

• People often overestimate their skills and abilities.
• Incompetent individuals' lack of metacognition (knowing when one is making an error), metamemory (self-awareness about memory abilities), metacomprehension, and self-monitoring skills prevents them from noticing their flaws, thereby making them overly optimistic.

Humour

• Competence in humour requires sophisticated knowledge about other people's tastes and reactions.
• Incompetence in humor correlates to overestimating one's ability to perceive humour in comparison with peers

Taxis

• Yellow taxis have fewer accidents than blue taxis, possibly due to visibility.
• Training of taxi drivers or characteristics of yellow taxis are investigated in order to determine if the accident rate changes with the car's or driver's characteristics.

Tree Density

• Measurement and assessment of forests is a complex, multi-factor process involving environmental, social, and economic goals.
• Various methods, including measurement of amounts, classifications into categories, and ranking, are available to understand forest metrics.

Body Temperature

• Variability in body temperature is critical for diagnosis, a fact most studies from before 1950 failed to consider.
• The method of evaluation is imprecise, using instruments of varying levels of precision and sample sizes on the smaller end when considering larger populations.
• Data analysis improves upon historic methods of temperature evaluation to obtain greater certainty of accuracy and insights into various factors influencing the recorded temperature (e.g., patient's age, time of measurement, type of illness, among others).

Choral Singing

• Measuring the impact of choral singing on quality of life, wellbeing, and physical health.
• This is a large-scale study of choral singers utilizing the WHOQOL-BREF questionnaire and a specifically designed choral song wellbeing and quality-of-life scale with 12 items.

Education

• Studying the scholarly culture in homes where books are valued, and how this is related to children's educational achievement.

Crime Rates

• Studying the nature of crime rates based on data, which could predict crime in certain neighbourhoods or in certain parts of the city (with different characteristics) given that data available are used to understand trends and characteristics of different areas within a city.

Facebook

• Facebook analysed posting patterns of couples to predict when couples fall in love.
• Changes in interaction before and after the relationship start were used as measures for understanding the dynamics of relationships.

Personality and Creativity

• Personality traits (e.g., extraversion, psychoticism) correlate with creative tasks (verbal/drawing).
• Cognitive abilities influence creativity types (verbal vs. artistic).
• Experimental conditions affected creative fluency.

Private Traits and Attributes

• Using Facebook "Likes" to predict personality attributes (93% accuracy for gender, 95% for ethnicity, 85% for political affiliation).
• Personal attributes (e.g., intelligence, life satisfaction) can be inferred from Facebook activities.

Community Gardening

• Community gardening correlates with higher subjective well-being, resilience, and optimism.
• This supports the idea that community gardens offer unique mental health and resilience benefits via social and environmental factors.

Double-Edged Stars

• Michelin-starred restaurants have a high likelihood of closing compared to non-starred restaurants.
• Factors driving the closure of starred restaurants include downstream (e.g. consumers/customers expectations), and upstream changes (e.g. suppliers, landlords).