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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