Market Influence Analytics in a Digital Ecosystem

Market Influence Analytics in a Digital Ecosystem

Vandana Ahuja (Department of Humanities and Social Sciences, Jaypee Institute of Information Technology, Noida, India)
Copyright: © 2012 |Pages: 12
DOI: 10.4018/ijom.2012100103
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Abstract

The internet provides opportunities for marketing which extend from the micro level of electronic contacts to the macro level of new business opportunities. As the democratisation of consumer expression leads to a viral proliferation of information online, the new age communication ecosystem has prompted the need for a careful evaluation of the potential of what is being called Consumer Generated internet content, creating new challenges for Marketing Intelligence. These offerings of the Information age have garnered adequate potential to engineer business transformations. Consumer Generated Media (CGM) comprises the content generated by consumers within online venues such as Internet forums, Blogs, Wikis, discussion lists, etc. Leveraging CGM and channelizing it appropriately has become critical for organisations for understanding and managing market performance, product positioning, and driving brand reputations. The biggest challenge in front of organizations now is to harvest CGM to help marketers gain insight into the online market conversations taking place. Efforts are on by marketing in organizations to track the volume, origin, flow, and trajectory of the conversations in real time as they evolve, study the domain of Individual Internet Worth and map the scope, reach and influence of the same on topics that might have a positive or negative impact on a company’s products, promotions, and reputation.
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Knowledge As A Value Proposition

Knowledge has become the source of strategic planning for the creation of a value proposition for consumers. Market sensing (Olavarrieta & Elinger, 2007) is a core business process and organizations which are able to manage, analyze and combine knowledge faster for product innovation and improvement in line with customer expectations are succeeding in the competitive scenario. The connected millennium lays tremendous importance on shifting the concept of marketing from making and maximizing profit from individual transactions to building mutually beneficial relationships with consumers and other parties. Relationship marketing focuses on customer satisfaction and retention as organizations move from product based campaign marketing to a customer based relationship approach. Economies have become customer driven. Companies are going global, reaching out to customers located afar as e-commerce and online buying facilitate consumer purchase, thus diminishing locational restrictions. Increasing competition between organizations is leading to the implementation of relationship strategies and multi-channel relationship programs, as consumer retention becomes a vital imperative for organizational sustenance. In view of the increased need for organizations to communicate with their consumers, the internet provides an excellent low cost solution for better connectivity between the organization and its partners.

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