The Effect of Digitisation and "Big Data" on Formation Marketing Strategy: A Financial Service Study
The increased accessibility of digitally sourced data (Big Data) and advanced analytic tools drives many industries to change their practises. Since the amounts of customer data that are gathered online grows rapidly, the use of "Big Data" tools and techniques that are able to handle and analyse a huge amount of data in real time have become invaluable for marketing strategy. The need to understand how to manage and analyse large scale commercial information (Big Data) in an effective and
... effective and efficient way brings challenges for many companies. Marketers still have to put much effort into defining their digital strategy, in order to select the appropriate software tools and effectively utilise them to achieve their business goals. Much attention has been focused on the opportunities presented from the digital data, however, there is little attention on the real challenges companies are facing to implement and adopt these opportunities. The research aims to investigate how the increasing amounts of customer data (Big Data) are being used to better understand and manage customers and explore how customer targeting practices and other strategic decisions are being affected by the availability of digital data in financial services sector. In-depth interviews were undertaken with 7 independent financial advisors who were running their businesses under True Potential financial network UK. The research found that there is a lack of skills for using technology for both employees and clients. Moreover, the full potential of big data for the marketing purposes is not understood in the financial service sector. The digital marketing adoption and effects of Big Data should be subject to further research in the industry. Limitations for this research and suggestions for further research are discussed in the presented dissertation.