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Data Mining in Marketing

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Nicole Holm

on 1 May 2014

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Transcript of Data Mining in Marketing

DATA MINING IN MARKETING
How Far is "Too Far"?
What is Data Mining?

Everyday examples

Solutions & Recommendations
What is Data Mining?
Everyday Examples
Benefits: Businesses
lack of control and privacy
Consumer profiles: past purchases, education, age, ethnicity, income information
stereotyping-> limited socioeconomic "switching" and mobility?
selling/sharing of information
Nicole Holm & Carly Morrison
AGENDA
(for Businesses & Consumers)
Benefits: Consumers
RISKS:
Businesses
RISKS:
Consumers
Sources
Data and the 4th Amendment
Data Mining: A Constitutional Violation?
Solutions & Recommendations
(for Businesses & Consumers)
Benefits
THANK YOU!
questions?
data mining (n):-
The process of analyzing data from different perspectives and summarizing it into useful information - information that can be used to increase revenue, cut costs, or both.

When is this Happening?:
All of the time, when we browse the internet, swipe a credit card, etc.

Where is this Happening?:
Stores
Internet browsing
over WiFi
Mobile
Mail
Email

"The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized."

Intellectual property?
The need for regulation will continue; guidelines need to be set
“Modern Day 4th Amendment”
New Technology requires new privacy laws.
Look to European Laws protecting consumers
Make consumers aware of what is being monitored with clarity and simplicity
Open communication and transparency
Clear, concise "Terms of Service" online
PERMISSION -> control
Allouche, Gil. “How Big Data can Help Marketers Cater to an International Audience.” Smart Data Collective. 13 November 2013. Web.
Anderson, Tim and Bradbury, Danny. “Big Data and Marketing: An Inevitable Partnership.” The Guardian. 16 October 2013. Web.
Arthur, Lisa. "What Is Big Data?" Forbes. Forbes Magazine, 15 Aug. 2013. Web. 15 Apr. 2014.
Bachman, Katy. "Study: Consumers Wary of Marketers Using Big Data." AdWeek. N.p., 26 Feb. 2014. Web. 15 Apr. 2014.
Bell, Brooks. “How Soon Will Big Data Yield Big Profits?” Forbes online. 12 November 2013. Web.
Boorman, Chris. "Why Data Mining Is the Next Frontier for Social Media Marketing." Mashable. N.p., n.d. Web. 30 Apr. 2014.

AMENDMENT IV
Risks
relevant, targeted ads
makes buying easier and more convenient
extends knowledge on similar products
occasional monetary incentive

Legal implications
Consumer profiling
Loss of consumers' trust
Potential profit loss as a result
Reputational damage
Full transcript