One of the most important areas of change in marketing practice in recent years has been the growth of data analytics to guide and measure the performance of marketing strategies and tactics. One business professional who has a unique perspective on how analytics is evolving and affecting marketing practices is Mr. Kevin Bishop, Vice President & General Manager of IBM's Experience One group (see http://www-01.ibm.com/software/marketing-solutions/experienceone/). IBM software is currently being used in the marketing practices associated with over 8,000 active brands today (see the video below).
In this course we will introduce you to IBM's Digital analytics software, formerly known as Coremetrics. The IBM Coremetrics Digital Marketing Optimization Suite seamlessly integrates the data and insights garnered from customer profiles and web analytics into applications designed to easily execute display advertising, search campaigns, email, and personalized recommendations through online, social and mobile channels. Please find below a very brief introduction to the Coremetrics software underlying concept.
Best Buy extensively uses data analytics to guide marketing decision making. We asked Matt Smith, (former) Vice President of CRM at Best Buy to discuss how Best Buy is using data analytics to support its marketing practices.
It is also worth noting that Mr. Smith also advocates analytics as a particularly viable career opportunity for college students considering marketing as a career.
Please evaluate how Best Buy is using analytics compared to Mr. Bishop's identified best practices.
Please evaluate Best Buy's view of marketing analytics from a strategic marketing perspective based on the weight of the evidence in the literature. We have previously discussed how the SDL perspective of marketing moves away from the traditional perspective of marketing as the management of exchange value toward value propositions based upon value-in-use to achieve long-term value co-creation. Please consider the SDL perspective in developing your argument in evaluating Best Buy's analytics strategy.
Please develop and justify a set of marketing research recommendations to present to Best Buy to improve their use of analytics as tools to guide strategic marketing decision making. Specifically, please build a marketing research framework to guide the use of marketing analytics at Best Buy vis-à-vis the Millennial marketing segment (e.g., necessary marketing research, measures of success, and various tactics to achieve the stated measures of success). For example, please consider outcome measures such as brand (e.g., brand equity) and relationship (engagement, satisfaction) and other CRM considerations (e.g., loyalty, customer lifetime value) as measures of marketing "success" in co-creating value. Please note that this is an argument from a critical thinking perspective (i.e., these ideas are "better" than the current marketing research-related practices).
One of the challenges associated with digital analytics involves strategies for analyses of this type of behavioral data. We are very fortunate in that Mr. Paul Nangle, an IBM Senior Consulting Solutions Professional for Digital Analytics and Interactive Marketing, and a researcher with extensive analyses experience, has offered to share his approach to the analysis of big data. He identifies not only a geat strategy to approach the data, but also identifies some of the traps attenuating the efforts of that novice analysts. The next video describes his approach.
In this case, we will introduce students to the IBM Digital Analytics software package (formally known as Coremetrics). The following video is a very basic introduction to the software as it applies to this course.
Please first review the two videos above about IBM Digital Analytics.
Please note that this data is independent (i.e., not associated with) the Websphere software or the VT living website at this time.
Your task will be to identify from the available dashboard views in the IBM Digital Analytics software a set of (no more than) 5-6 indices that you would recommend the Best Buy focus on in monitoring and adjusting their web communication strategies with Millennials. Please develop and justify your recommended set of indices to present to Best Buy to improve their use of analytics as tools to guide strategic marketing decision making.
Please note that this calls for a formal argument wherein the conclusion is, "These are the 5-6 most important indices for Best Buy to Monitor." Please build your argument based on all of the marketing theory we have previously presented in this case (e.g., Service Dominant Logic, customer participation, personalization, and CRM). Please also discuss how these measures relate to typically important marketing measures of success such as as brand (e.g., brand equity) and relationship (engagement, satisfaction) and other CRM considerations (e.g., loyalty, customer lifetime value) as measures of marketing "success" in co-creating value.