Integrating Big Data Analytics Into Marketing Mix Development
Keywords:
Marketing analytics, Big Data, Marketing MixAbstract
In the era of digital disruption, the world has seen a tremendous increase in the amount of data being transmitted, and at a much faster pace than before. New data is created everyday via a variety of formats and a large amount of this is not being managed and analyzed. Big data has changed the way marketers are able to access consumers’ information, they are now able to do this extremely quickly and in real time. This is because consumers use digital devices which include built-in sensors that track and collect their behavioral information. This can lead to a more in-depth understanding of consumer insights and behaviors by analyzing the produced big data, and then converting it to actionable insights. There are 4 main methods of managing big data: descriptive, diagnostic, predictive and prescriptive analysis. According to a recent survey, it was revealed by those working in top management that marketing professionals lack the competency to manage big data effectively due to being unable to integrate it using mixed marketing strategies. Therefore, this article will present a potential solution to the integration of big data analytics using mixed marketing, namely: product, price, place and promotion. In addition, firms should also play a key role in building a data-driven, decision-based culture by providing education on the benefits of data-driven decision-making and enhancing competency in big data analytics. One potential issue, however, is that this would require support from various corporate departments, such as: marketing, IT, human resources and top management.
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