Seeing the forest from the trees is not always easy, as I discovered when challenged to explain my 60+ publications in 5 bullet points. What can I actually tell you about marketing from my research insights? Here’s my list for social media and big data:
- Social media is overrated as a driver of sales, purchase intent and attitudes
Last year saw both a trade and an academic publication that drive this point home:
“Deriving Value from Conversations about your Brand”, MIT Sloan Management Review, with Brad Fay, Ed Keller and Rick Larkin, Winter 2019, https://sloanreview.mit.edu/article/deriving-value-from-conversations-about-your-brand
“Social media’s impact on the consumer mindset: When to use which sentiment extraction tool?” https://www.sciencedirect.com/science/article/pii/S1094996819300933
Yes, we paid to give you open access to this Journal of Interactive Marketing article!
2. Owned social media (e.g. your tweets) only increase purchase intent if you already have a great reputation:
and hurts brand attitudes of retailers dealing in hedonic and high involvement products
3. Neutral social media comments still drive consumer behavior and purchase:
4. Brand fans battling it out in a brand’s social media (Facebook account) is good for consumer engagement and likely for business:
5. Big data doesn’t ‘solve’ your human biases, unless you know how to use it:
“Combining big data and lean startup methods for business model evolution” with Steven Seggie, and Emre Soyer, AMS Review, December, 7 (3-4), 2017, 154-169 https://link.springer.com/article/10.1007/s13162-017-0104-9
“Big and Lean is Beautiful: A Conceptual Framework for Data-based Learning in Marketing Management” https://www.emerald.com/insight/content/doi/10.1108/S1548-643520190000016006/full/html
And, as always, in my book: “It’s Not the Size of the Data: It’s How You Use It: Smarter marketing with analytics and dashboards” http://notsizedata.com/information/
What are your thoughts? Is this helpful? Does it agree or disagree with your experiences?