MKTG 324 - Managing Marketing Information

Customer insights

Fresh and deep insights into customer needs and wants

Companies use customer insights to develop a competitive advantage

Insights can be difficult to obtain; marketers must manage marketing information from a wide range of sources

Big data

huge and complex datasets (large in volume, variety, and velocity)

sources from transactions, social media, devices, and web behavior

challenge of big data: overload —> missing what really matters (too much data out there)

Marketing Information Ecosystem (MIE)

made up of people + processes + assets that…

• assess info needs

• develop needed info

• help decision-makers use it

Steps for using MIE

assess the needs for certain information —> develop needed information (from internal databases, environmental scanning, primary/secondary market research) —> analyze and use information

Using MIE Step 1.) assessing info needs

find out a fair balance of user wants, needs, and feasibility

(too much info can be harmful due to privacy and big data challenge)

Using MIE Step 2.) Developing Marketing Information

gathers info from Internal data, Competitive marketing intelligence, Marketing research

internal databases

collections of consumer and market information obtained from data sources within the company network

strengths: fast/cheap

weaknesses: messy, ages quickly

Competitive marketing intelligence

the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

goal: early insight into competitor moves + environment

marketing research

the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Steps of marketing research

1. define problem + objectives

2. develop a plan

3. implement plan (collect/analyze data)

4. interpret data and report

step FOLLOWING after market research

Written proposal: covers problem, objective, information needed, impact, budget

Exploratory research

clarify problem (talk, observe), generate hypothesis

Descriptive research

describes market, attitude, and behaviors

Causal research

test cause and effect relationships (through experiments)

Secondary data

already exists (fast/cheap). when using secondary data, check for relevancy, accuracy, date, impartiality

primary data

collected FOR this decision (tailored)

i.e. survey, experiment

Behavioral targeting

(presents a modern issue) using tracking data to target offers and adds

benefit: relevance and personalization

risk: privacy concerns, “creepy” factor

Content based filtering

uses tags from previous actions

collaborative filtering

uses activity from similar users

Data insights that drive action

CRM: centered around customers

Analytics: finds patterns and measures performances

Artificial Intelligence: scales patterns + personalizes

Ethics and public policy around marketing data

Privacy: ask only what you need; use responsibly

Misuses include cherry-picking results, ‘research’ as a sales pitch

*Having trust of your customers is a competitive advantage