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Contents lists available at ScienceDirect

Big Data Research

www.elsevier.com/locate/bdr

Demystifying Big Data Analytics for Business Intelligence Through the Lens of Marketing Mix ✩

Shaokun Fan a, Raymond Lau b, J. Leon Zhao b

a College of Business, West Texas A&M University, Canyon, USA b Department of Information Systems, City University of Hong Kong, Hong Kong

a r t i c l e i n f o a b s t r a c t

Article history: Received 8 November 2014 Received in revised form 12 February 2015 Accepted 12 February 2015 Available online xxxx

Keywords: Big data analytics Business intelligence Marketing intelligence Marketing mix Survey versus log data

Big data analytics have been embraced as a disruptive technology that will reshape business intelligence, which is a domain that relies on data analytics to gain business insights for better decision-making. Rooted in the recent literature, we investigate the landscape of big data analytics through the lens of a marketing mix framework in this paper. We identify the data sources, methods, and applications related to five important marketing perspectives, namely people, product, place, price, and promotion, that lay the foundation for marketing intelligence. We then discuss several challenging research issues and future directions of research in big data analytics and marketing related business intelligence in general.

© 2015 Published by Elsevier Inc.

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1. Introduction

Recent technological revolutions such as social media enable us to generate data much faster than ever before [28]. The no- tion of big data and its application in business intelligence have attracted enormous attention in recent years because of its great potential in generating business impacts [12]. “Big Data” is defined as “the amount of data just beyond technology’s capability to store, manage and process efficiently” [21]. Big data can be characterized along three important dimensions, namely volume, velocity, and variety [38].

In marketing intelligence, which emphasizes the marketing- related aspects of business intelligence, data relevant to a com- pany’s markets is collected and processed into insights that sup- port decision-making [19]. Marketing intelligence has traditionally relied on market surveys to understand consumer behavior and improve product design. For example, companies use consumer satisfaction surveys to study customer attitudes. With big data an- alytic technologies, key factors for strategic marketing decisions, such as customer opinions toward a product, service, or company, can be automatically monitored by mining social media data [35].

However, while accessibility to big data creates unprecedented opportunities for marketing intelligence, it also brings challenges

✩ This article belongs to Comp, bus & health sci. E-mail addresses: [email protected] (S. Fan), [email protected] (R. Lau),

[email protected] (J.L. Zhao).

http://dx.doi.org/10.1016/j.bdr.2015.02.006 2214-5796/© 2015 Published by Elsevier Inc.

to practitioners and researchers. Big data analytics is mainly con- cerned with three types of challenges: storage, management, and processing [21]. For typical marketing intelligence tasks such as customer opinion mining, companies nowadays have many differ- ent ways (social media data, transactional data, survey data, sensor network data, etc.) to collect data from a variety of information sources. Based on the characteristics of collected data, different methods can be applied to discover marketing intelligence. Anal- ysis models developed based on a single data source may only provide limited insights, leading to potentially biased business de- cisions. On the other hand, integrating heterogeneous information from different sources provides a holistic view of the domain and generates more accurate marketing intelligence. Unfortunately, in- tegrating big data from multiple sources to generate marketing intelligence is not a trivial task. This prompts exploration of new methods, applications, and frameworks for effective big data man- agement in the context of marketing intelligence.

We investigate different perspectives of marketing intelligence and propose a framework to manage big data in this context. We first identify popular data sources for marketing intelligence per- spectives. Then, we summarize the methods that are suitable for different data sources and marketing perspectives. Finally, we give examples of applications in different perspectives. The proposed framework provides guidelines for companies to select appropriate data sources and methods for managing vital marketing intelli- gence to meet their strategic goals.

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Fig. 1. A marketing mix framework for big data management.

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2. A big data management framework

The marketing mix framework is a well-known framework that identifies the principal components of marketing decisions, and it has dominated marketing thought, research, and practice [6]. Bor- den [5] has been recognized as the first to use the term “marketing mix” and he proposed a set of 12 elements. McCarthy [29] re- grouped Borden’s 12 elements to four elements or 4Ps, namely product, price, promotion, and place. The 4P model has been con- sidered to be most relevant for consumer marketing. However, it has been criticized as being a production-oriented definition of marketing, and researchers proposed a fifth P (people) [18]. We adopt the 5P model of the marketing mix framework in this paper because these perspectives play critical roles in developing suc- cessful marketing strategies in the information age.

In this paper, we propose a marketing mix framework to man- age big data for marketing intelligence. This model classifies the research in marketing intelligence into five perspectives accord- ing to the marketing mix framework. Further, we identify common data, methods, and applications in each perspective and high- light the dominating big data characteristic with respect to each perspective. This framework provides guidelines for marketing decision-making based on big data analytics. Fig. 1 is an overview of the proposed big data management framework for marketing intelligence. First, data from various sources are retrieved and uti- lized to generate vital marketing intelligence. Second, a variety of analytics methods are applied to convert raw big data to actionable marketing knowledge (intelligence). Finally, both data and meth- ods are combined to support marketing applications with respect to each perspective of the marketing mix model.

2.1. Data

Researchers use various methods to collect data, such as sur- veys, interviews, focus groups, observations, and archives [2]. Note that data collection methods are different from research methods. For example, experiments are a widely used research method in marketing, but researchers rely on surveys, observations, or in- terviews to collect experimental data [27]. Surveys and logs are the two most common methods to acquire data for business in- telligence [22]. A survey is defined as “collecting information in an organized and methodical manner about characteristics of in-

terest from some or all units of a population using well-defined concepts, methods and procedures, and compiles such informa- tion into a useful summary form” [10]. Firms use surveys to col- lect data for various purposes, such as understanding customers’ preferences and behaviors. For example, Apple has sent surveys to customers who recently purchased an iPhone to gain feedback about their purchase and their experience with the product [16]. Log data is generated by information systems that capture trans- actional records and user behavior [20]. For example, Walmart has started to explore analyzing social media data to gain customer opinions about the company or a particular product [7]. Log data and survey data can be different in terms of size, quality, fre- quency, objectives, contents, and processing techniques [37]. The two data collection methods complement each other in various business contexts. Surveys can be useful when we want to collect data on phenomena that cannot be directly observed. Log data are preferred when real-time conclusions about users’ actual behavior are required. The two methods can be combined when we want to study the relationship between user intention and user behav- ior. There are advantages and disadvantages to both methods, and we believe big data management should take both methods into consideration.

2.2. Methods

Marketing intelligence refers to developing insights from data for marketing decision-making. Data mining techniques can help to accomplish such a goal by extracting or detecting patterns or forecasting customer behavior from large databases. According to the data mining literature, common data mining methods include association mining, classification, clustering, and regression [31]. We need to select appropriate data mining methods based on the data characteristics and business problems [25].

2.3. Applications

2.3.1. Customer segmentation and customer profiling For effective marketing, it is essential to identify a specific

group of customers who share similar preferences and respond to a specific marketing signal. Customer segmentation applications can help identify different communities (segments) of customers who may share similar interests. Kim et al. [23] proposed cluster-

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ing customer groups with respect to lifecycle characteristics. Usu- ally, various clustering and classification techniques are applied to customer segmentation and user profiling. However, customer seg- mentation is becoming increasingly challenging under a big data environment. For instance, to differentiate among customer groups for telecommunication applications, it is necessary to analyze their call data apart from their demographics [1]. The volume of call data is huge (e.g., the communication time between each pair of customers on each day), and a variety of data should be taken into account (e.g., both qualitative demographic data and quantitative call records). In fact, for the most fine-grained targeted marketing (e.g., one-to-one marketing), we are not talking about identifying groups of similar customers, but the “profiling” of each individual customer such that the most suitable products/services are mar- keted to the most appropriate individual given a steam of customer service consumption data generated in real-time [1].

2.3.2. Product ontology and product reputation management To alleviate the shortcoming of retrieving limited product rep-

utation via survey data, Morinaga et al. [30] developed an auto- matic framework to monitor the reputation of a variety of products by mining Web contents. Clustering and association mining tech- niques are among the most common methods employed to support reputation management applications. More recently, Di et al. [14] proposed a reputation management method which not only mines text-based reputation data from the Web but also considers the graphical images of products posted to the Web. Nevertheless, by the time of this writing, twenty billion images have been uploaded to Instagram.1 Given such an extraordinary size of images archived online, it is extremely challenging to analyze the sheer volume of images for product reputation management, not to mention the variety of formats of source data (e.g., text versus images). To carry out an automatic analysis of the textual comments posted to the Web for product reputation management, it is essential to develop a rich computer-based representation of product in- formation for subsequent product reputation analysis. Recently, an automated product ontology mining method that is underpinned by latent topic modeling has been explored to build product on- tologies based on textual descriptions of products extracted from online social media [24]. The automatically constructed product ontologies can be used as the basis to support product reputation management applications and other marketing intelligence appli- cations. However, given the computational complexities involved in automated product ontology extraction from online social me- dia, new computational methods must be developed to cope with the volume, velocity, and variety issues of big social media data.

2.3.3. Promotional marketing analysis and recommender systems In the increasingly competitive business environment, billions

of dollars are spent on promotions each year [34]. Thus, promo- tional marketing analysis has attracted a lot of attention from prac- titioners and researchers. Effective promotional strategies are one of the key success factors for companies to increase their sales and revenue [4]. Promotional data usually includes information about promotion types (price cut or coupons), promotion time, and pur- chase records during the promotional period. Early work related to promotional marketing analysis mostly focused on analyzing how different types of customers respond to different promotional strategies or how different categories of products affect the effec- tiveness of promotional strategies [33]. Most existing work uses regression methods to study promotions in different contexts [4].

In the big data environment, more log data becomes/is available for promotion analysis. A recent work studied WOM derived from

1 http://instagram.com/press/#.

both customer reviews and promotions [26]. The authors found a substitute relationship between the WOM volume and coupon of- ferings, but a complementary relationship between WOM volume and keyword advertising. Promotional marketing analysis can also include factors from other perspectives, such as price and place. For example, enabled by mobile technologies and location-based services, companies can use customers’ location information to im- prove their promotion strategy and select targeted customers.

To improve product awareness and promote products to poten- tial customers, recommender systems have been widely used in the e-commerce context [15]. User rating-based collaborative fil- tering methods or content-based association mining methods are commonly applied to develop recommender systems. However, ex- isting methods may not scale up to big data. For instance, given N user ratings, the general computational complexity of a collabora- tive filtering method is N2 [9]. Therefore, it is quite challenging to scale up existing recommender systems to cope with big data (e.g., N = tens of millions) and generate appropriate recommendations to potential customers in real-time as expected in e-commerce settings. This is the reason why “velocity” is one of the most chal- lenging issues for the “promotion” perspective in the context of marketing intelligence.

2.3.4. Pricing strategy and competitor analysis There has been much research on what pricing strategies man-

agers should follow under various situations. Traditionally, empir- ical research on pricing strategies uses survey data and regression methods. For example, researchers used a national mail survey to study the determinants of pricing strategies [32]. They found dif- ferent pricing strategies are preferred under different marketing situations. The growth of e-commerce has made price informa- tion available on websites and researchers started using log data to study pricing strategy in e-commerce websites. For example, a recent study uses a method to estimate demand levels from sales rank and derive demand elasticity, variable costs, and the optimal- ity of pricing choices directly from publicly available e-commerce data [17]. Based on the data derived from various log data sources, they can study the optimality of price discrimination. While re- gression methods are widely used for price prediction applications, association mining methods are applied to competitor analysis ap- plications. An automated competitor analysis application does not simply identify the potential competitors of a company; it also effectively discovers the potentially competitive products and the product contexts [3]. This type of application has proven useful to facilitate the “price” aspect of the marketing mix model. However, the sheer volume of product pricing information on the Web has also posed new challenges to scale up existing applications with big data.

2.3.5. Location-based advertising and community dynamic analysis Place is also an important dimension in marketing analysis. Re-

search on place-based marketing focuses on the impact of places on marketing strategies. For example, researchers used a survey to collect customer data and study different levels of place-based marketing in the form of region of origin strategies used by winer- ies in their branding efforts [8].

With the widespread use of mobile technology, location-based services (LBS) can provide users personalized information in a spe- cific location at a specific time. Location-based advertising has been proposed as an efficient marketing strategy [13,27]. Location is one of the most important solutions to meet consumers’ need and it is a valuable source for personalized marketing informa- tion. In location-based advertising, customers can get timely ad- vertisements or product recommendations based on their current position or predicted future position. Location-based advertising provides a new tool for companies to attract more customers and

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enhance brand value. One challenge for location-based advertising is how to accurately predict customers’ locations. Both spatial and temporal data should be taken into consideration (temporal mov- ing pattern mining for location-based service). We need to process a large volume of spatial and temporal data within a short time period before customers move to new locations. Thus, the “veloci- ty” issue of big data is also one of the most challenging aspects for location-based advertising.

Researchers explored the log data in location-based social net- works to uncover user profiles; these automatically discovered user profiles have the potential to be subsequently applied to location- based targeted marketing [36]. Regression and classification meth- ods are often utilized for location-based marketing applications. In another study, Castro et al. [11] leverage the GPS traces of individ- uals to uncover the location-based dynamics of different commu- nities. Through analyzing the dynamics of local communities, it is possible to predict their changing product/service preferences. As a result, effective marketing strategies can be developed with re- spect to both the place and time dynamics of a group of customers. Nevertheless, this type of application needs to deal with both the “variety” and “velocity” issues of big data. For instance, both the relational data among users in location-based social networks and GPS signals need to be analyzed to uncover the location-based dy- namics of a local community. In addition, since individuals may constantly move around different places, location-based marketing applications must be able to respond quickly in order to maintain the location sensitivity with respect to the constantly moving cus- tomers.

3. Future research directions

We propose to use a marketing mix framework for guiding research in big data management for marketing intelligence. We identify the data sources, methods, and applications in different marketing perspectives. We further discuss the challenging issues related to big data management in the context of various mar- keting perspectives. Based on the framework, we highlight future research directions in big data management.

1. How to select appropriate data sources for particular goals. The amount of available data is increasing. Current techniques do not allow us to process all data available in a timely man- ner. Thus, data selection is a critical decision for managing marketing intelligence. How to select data that can provide the most value to business decision-making requires future research on the alignment between data and marketing intel- ligence goals.

2. How to select appropriate data analysis methods. There are many types of methods that can be used to process data. Given a particular data set, many methods may be applicable. Regression and classification are usually used for prediction, while clustering and association rule mining are used for de- scription. Further, big data brings issues such as imbalanced data distribution and large number of variables, which cannot be efficiently handled by existing data mining methods. We need to improve existing methods to increase the efficiency and accuracy.

3. How to integrate different data sources to study complicated marketing problems. Most existing studies use data from one single data source. However, some complicated business prob- lems require combining data from different sources. For exam- ple, in order to study the impact of social media behavior on purchase behavior, we may need to combine social media data and transaction records.

4. When using different data sources to study the same market- ing problem, how to deal with the heterogeneity among data

sources. For example, both customer reviews and social me- dia data can be used to study customer opinions toward a company or a product. However, data collection and analysis methods may be different due to different structure, quality, granularity, and objectivity. Further, survey data and log data can also be used to study the same marketing problem. How to conduct surveys in social media and confirm the survey re- sult with log data in social media will become an important topic in e-commerce research and applications.

5. How to balance investments in marketing intelligence tech- niques. Big data-enabled marketing intelligence will become a competitive source for consumer behavior and product plan- ning; therefore all companies must invest in big data infras- tructure including data scientists and big data platforms.

6. Data of a variety of formats and qualities will continue to grow and be digitized. Even though peta-scale data (e.g., petabytes of customer records) may be considered big data now, the same volume of data may not be considered big in a few years. It is important to continuously refine the framework, methods, and techniques that we discuss in this paper in order to meet the challenges for more advanced business intelligence in the next generation of big data management.

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