Sunday, 20 December 2015

Don’t let Big Data bury your brand !!

WHAT IS BIG DATA ??
Big data enables brands to quickly and precisely measure an audience’s short-term response to marketing activity

DANGER ASSOCIATED WITH “BIG DATA”
Danger with basing marketing decisions on this information is: Detrimental behavior to long-term brand equity such as price promotions tends to spike such measures. Result: Gravitation toward programs that ultimately degrade the brand.

WAYS TO PROTECT YOUR BRAND FROM THE PITFALLS OF BIG DATA:
Develop and use long-term measures of brand equity instead of, or in addition to, short-term indicators. Factors such as perceptions and attitudes toward a brand, and loyalty for a brand are important indicators of brand equity.
Use the common sense test. Is this program consistent with what we want the brand to stand for? (Of course, this assessment requires that the brand first have a vision that is clear, known, and accepted.)
Compel the mar-tech and brand teams, which are usually staffed by very different types of people, to work together to create win-win programs. For marketing programs to be impactful in the near term yet still build equity over time, the perspectives and talents of each group are needed. The challenge is to create an organizational structure that allows them to collaborate successfully.

THERE ARE MANY WAYS BIG DATA CAN ENHANCE A BRAND’S MARKETING EFFORTS THAT CARRY LITTLE RISK:
Big data can be used to create strategic insights about the brand’s customer segments and behaviours. General Mills uses data to understand the sentiments of consumers who are buying for young children or those responding to cholesterol guidance from a physician.
Big data can even be used to change the consumer experience like L’Oréal did with their Make Up Genius app


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