Marketing Information and Customer Insights & Assessing Information Needs and Developing Data
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Marketing Information and Customer Insights
Assessing Information Needs and Developing Data
Thank You!
Marketing Information and Customer Insights
4.1
To create value for costumers and build a good relation with them,
Marketers must gain insights into what costumer need and want
Wants and needs of costumers
Many people want more than Twitter- or Facebook-like places to share messages and pictures.
They want a way to collect, organize, and share things on the internet related to their interests and passions.
So Pinterest created a social scrapbooking site where people can create and share digital pinboards
Theme based image collections of things that inspire them.
“Pinterest is your own little internet of only the things you love,” says the company.
Implementation
Marketing and Today’s “Big Data”
Subtopics
Consumers generates tons of marketing information.
Through their smartphones, PCs, tablets, online browsing and blogging, apps and social media interactions, texting and video, and geolo cation data.
It is the information goes to companies.
Marketing managers are overloaded with data which is also useful.
The term big data refers to the huge and complex data sets generated by sources.
They act on the data they have, already!
Big data presents marketers with both big opportunities and big challenges.
Companies that effectively act upon data can gain rich, timely customer insights.
However, accessing and sifting through so much data is a daunting task.
when a large consumer brand such as Coca-Cola or Apple monitors online discussions about its brand.
That’s far more information than any manager can digest.
Thus, marketers don’t need more information; they need better information. And they need to make better use of the information they already have
Example
Managing Marketing
Information
Subtopics
The real value of marketing information lies in how it is used in the customer insights.
Based on such thinking, companies have restructured their marketing information and research functions.
They have created customer insights teams, whose job it is to find important insights from marketing information and work strategically with marketing
decision makers to apply those insights.
Example
The teams gather insights from a rich and
constantly evolving variety of sources.
That help them make better decisions.
Thus, companies must design effective marketing information systems that give the right information, in the right form, at the right time and help them to use this information to create customer value, engagement, and stronger customer relationships.
A marketing information system (MIS) consists of people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights.
M I S
Assessing Information Needs and Developing Data
4.2
The marketing information system primarily serves the company’s marketing and other managers.
However, it may also provide information to external partners, such as suppliers, resellers, or marketing services agencies.
The MIS must monitor the marketing environment to provide decision makers with information and in sights they should have to make key marketing decisions.
The company must decide whether the value of insights gained from ad ditional information is worth the costs of providing it, and both value and cost are often
hard to assess.
Developing Marketing Information
Subtopic
Marketers can obtain the needed information from internal data, marketing intelligence, and marketing research.
Internal Data
Many companies build extensive internal databases, collections of consumer and market information obtained from data sources.
The marketing department furnishes information on customer characteristics, in-store and online sales transactions, and web and social media site visits.
And different departments within a company focuses on their tasks to achieve the company's goals.
Subtopics
Competitive Marketing Intelligence
Subtopics
Competitive marketing intelligence is the systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and develop changes in the marketplace.
The goal of competitive marketing intelligence is to improve strategic decision making by understanding the consumer environment, assessing and tracking competitors’ actions, and providing early warnings of opportunities and threats.