In the age of analytics, how would advertisers take full advantage of the growing potential of big data? In this article, the author elaborates on various applications of data science in advertising which can help advertisers strategically position themselves in today’s highly competitive business environment.
The digital world of today infiltrates people’s lives more pervasively than ever before and this has made online marketing a major business concern for some while it opened a plethora of opportunities for others. The objective of businesses around the world today is to create a product or service of value to the consumer, whether these consumers are individual users, business houses, government agencies or societies. To accomplish this, business houses have tasked marketers and advertisers with the job of finding potential customers, attracting their attention to the product or services offered, translating this attention into purchases and extending their interest towards other similar offerings. However, while doing so, the fundamental challenge marketers and advertisers face today is that they must compete in a market space which is complicated by the emergence of new technological platforms, both online and offline.
Advertising offers a climatic role in the way it provides revenue to the internet economy which is built on the principle of providing content and value to the end users, free while meeting the most basic objective of marketing, which is Sales. In the current era of Internet Economy – with digital diversity and digital literacy – greater internet traffic is attributed to mobile devices compared to desktops or other devices (Adobe Digital Insights, 2017; CISCO Mobile VNI report, 2015; Deloitte, 2015). In India, for instance, internet traffic from mobile devices is already far ahead of traffic from desktop.
About the Author
Dr. Nidhi Prakash is an organisational psychologist and a faculty member at the Department of Psychology, University of Delhi, Delhi, India. Her studies and research work focus on organisational development and change, knowledge creation and management, psychological contracts at work, work motivation, consumer behaviour and advertising.
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