Using Big Data in marketing to boost customer acquisition and retention. Case study Coca-Cola
“The world’s most valuable resource is no longer oil, it’s data” – The Economist.
The evolution of data over the recent past has changed dramatically. From numbers and demographics it has now evolved to behavioral and psychographics and it permeates every aspect of our day to day living. The trends in the usage of big data compared against “an institution” like Coca-Cola presents an interesting opportunity to explore how a company that sells a relatively simple product has changed with the times.
Coca-Cola is a behemoth of brand loyalty. That, in of itself, is incredibly fascinating. How something as simple as a soft drink can be bought and sold as a signal of a person identity
Primarily composed of second-hand research. There is extensive information available on leveraging big data. As this is primarily designed as a deeper dive and learning experience in to the use of big data and analytics in modern consumer acquisition and retention strategies.
I would like to explore the use of blind taste tests in the past to see if people really can identify coke.
I would like to explore possibilities for first-hand research, however, would like some guidance on this matter.
What are the planned or desired outcomes of the research?
I would like to uncover the deeper linkages between the interconnectedness of big data, psychology, behavioural research and how that relates to the psychology of customers, what attracts them and what keeps them.
I feel customer retention is an especially pertinent issue as we are living in the era of exploding consumer choice and intense competition across markets.
Coca-cola is an especially interesting case as so many cola companies have come and gone over decades and yet it has remained not only a top choice of consumers but a cornerstone of identity in many cases.
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