Marketing Research Assignment: Impact of Data Analytics in JSW Research
Question
Task:JWS Research is an independent, privately owned Sydney-based marketing research consultancy. The company is considering new technologies in order to enhance their marketing research capability and provide a more efficient and accurate service for their clients. The client base of JWS currently includes ACT Government, Cancer Institute NSW, Government of South Australia, and Gold Coast Airport. JWS intends to join the early- adopters of data analytics technology users with the major source of data being social media.
JWS has no detailed knowledge of how this technology works and have asked you to prepare a report entitled:
- The impact of technology on marketing research in today’s business environment.
- This report should be addressed to the Executive Management Team of MRC.
- The aim is to identify what the company stands to benefit if they adopt these new technologies and try to persuade the Executive Team to make a decision to do so.
Answer
Executive Summary
This Marketing Research Assignment is aimed to evaluate the impact of data analytics on marketing research. It identified why JSW Research Consultancy firm should adopt data analytics as a tool for marketing research. In doing so, it has identified in this that data analytics can enable JSW to calculate the best time for its clients to achieve the perfect interaction with the target group by posting ads on Facebook, Twitter, and Facebook. This Marketing Research Assignment has also identified that JSW can use data analytics to conduct market analysis and use insights from that analysis to develop effective marketing strategies. It is hereby concluded in this Marketing Research Assignment that JSW should adopt data analytics as a tool for marketing research in order to enjoy these advantages.
Introduction
Years after its invention, the social media (SM) has emerged to be an important source of information for marketing research on products, customers, and competitors. Whereas corporates used the (SM) as a platform for creating brand awareness and market presence, businesses and organizations are today using SM as a source of important data for marketing research, thanks to data analytics technology. According to Globalwebindex (2017), data analytics technology is a range of computer software used to convert data into broad measures of information used for various purposes such as marketing research or strategic decision-making. This Marketing Research Assignment aims to evaluate the impact of data analytics technology on marketing research. In doing so, this Marketing Research Assignment aims to identify why JSW Research, a privately owned Sydney-based marketing research consultancy firm should adopt data analytics as a tool for marketing research. In short, the paper aims to explore how JSW Research stands to benefit from adopting data analytics technology.
Timing of Marketing Campaigns
A major impact of data analytics technology on marketing research is that it has enabled marketers to identify the correct timing for their marketing campaigns and ads on SM. Kitchens et al (2018) argue that whereas timing is an important element of a marketing campaign, it has largely been overlooked, and most marketers find it difficult to identify the most appropriate time and date to run the next SM campaign. However, with data analytics as a research tool, JSW will be able to identify the target audience timing and behaviour, and advice on the most appropriate timing for clients to post their campaigns on SM. According to Ivanov (2018), data analytic tools such as predictive metrics algorithms work on the basis that people might be on SM the whole day but depending on a company’s products, there might be a specific time when they are likely to interact with particular products. Using data analytics, JSW will be able to monitor the social media behaviour of a particular target group and take advantage of such data to create more engagement with the audience activity. For example, if a client is targeting moms who stay at home, data analytics might show that they are mostly on the SM platforms during morning hours and afternoon, thus JSW’s client can launch their SM product campaigns at that time – to be guaranteed of an effective interaction.
Whereas the abovementioned example is a speculation and cannot be generalized, it is possible to conclude that each target audience in SM platforms has a behavioural pattern characterised by increased SM presence at particular days of the week or times of the day and data analytics help marketers to identify such behavioural patterns.
Gain Competitive Advantage
Equally, data analytics also enables companies to take advantage of their competitors on SM platforms at various times of the day or days of the week. According to Ivanov (2018), data analytics enable firms to monitor particular times of the day or days of the week that competitors have a low presence in SM platforms and use that opportunity to drive campaigns and increase engagements with target groups. For example, data analytics can monitor when other brands publish their ads, enabling a brand to run its ads during ‘slow’ hours of competitor brands. This creates a low competitive environment where the brand can gain much more engagement with the target group.
Hence, social media data analytics will enable JSW Research to tell the best time of the day or day of the week for its clients to publish ads or run campaigns instead of speculating. Moreover, according to Lehrer et al (2018), data analytics, through algorithms, can enable JSW to calculate the best time for its clients to achieve the perfect interaction with target group by posting ads on Facebook, Twitter, and Facebook.
Creating Marketing Strategy
Through data analytics technology, JSW can conduct market analysis and use insights from that analysis to develop effective marketing strategies. according to Grover et al (2018), the SM does not only contain data which give insights into various strategies of improving social media campaign but also gives valuable industry data. Hence, JSW can use data analytics to generate instant marketing reports for top airline companies in Australia from their social media profiles. Upon conducting such an analysis, it is easier to have a panoramic view of the industry’s marketing performance for purposes of developing effective marketing strategies (Wedel & Kannan, 2016). In fact, according to Ducange et al (2018), data analytics can enable an evaluation of competitors marketing efforts and the feedback given by their consumers. This creates an opportunity to develop counter-strategies against the competitors.
In conclusion, this Marketing Research Assignment has established that data analytics has emerged as an important tool for marketing research due to its ability to predict consumer behaviour using data from various sources such as social media platforms. By using data to profile target groups, they can enable the prediction of the perfect time to run SM ads, engage with target groups, and develop a long-term relationship with consumers. Data analytics technology also enables the development of effective marketing strategies by monitoring the marketing activities of competitors and using their weaknesses as an advantage. Hence, to ensure satisfied clients, JSW Research should consider data analytics technology as an appropriate tool for deriving effectively use data for their clients. Adopting data analytics will enable JSW to deliver faster and more accurate marketing information – backed by modern technology.
References
Ducange, P., Pecori, R., & Mezzina, P. (2018). A glimpse on big data analytics in the framework of marketing strategies. Soft Computing - A Fusion Of Foundations, Methodologies & Applications, 22(1), 325. doi:10.1007/s00500-017-2536-4
GROVER, V., CHIANG, R. L., TING-PENG, L., & DONGSONG, Z. (2018). Creating Strategic Business Value from Big Data Analytics: A Research Framework. Journal Of Management Information Systems, 35(2), 388. doi:10.1080/07421222.2018.1451951
Globalwebindex (2017). The Importance of Data Analytics in Marketing Strategies. Retrieved from https://martechseries.com/analytics/audience-data/the-importance-of-data-analytics-in-marketing-strategies/ [Viewed on 24th 2018].
Ivanov I. (2018). How To Take Advantage Of Big Data Analytics On Social Media? Retrieved from: https://www.business2community.com/social-media/take-advantage-big-data-analytics-social-media-02021855 [Viewed on 24th 2018].
KITCHENS, B., DOBOLYI, D., JINGJING, L., & ABBASI, A. (2018). Advanced Customer Analytics: Strategic Value Through Integration of Relationship-Oriented Big Data. Journal Of Management Information Systems, 35(2), 540. doi:10.1080/07421222.2018.1451957
LEHRER, C., WIENEKE, A., VOM BROCKE, J., JUNG, R., & SEIDEL, S. (2018). How Big Data Analytics Enables Service Innovation: Materiality, Affordance, and the Individualization of Service. Journal Of Management Information Systems, 35(2), 424. doi:10.1080/07421222.2018.1451953
Wedel, M., & Kannan, P. K. (2016). Marketing Analytics for Data-Rich Environments. Journal Of Marketing, 80(6), 97. doi:10.1509/jm.15.0413
