Big Data-Driven Marketing enabled Business Performance : A Conceptual Framework of Information, Strategy and Customer Lifetime Value

Abstract

The competitiveness of the business ecosystem is exponentially increasing nowadays. Cutthroat competition is being observed by the business leaders to retain the customers and to optimize the customer lifetime value (CLV). The marketers used to target and engage their customers based on the "gut-feeling" and "assumptions" of what is the in-sync audience for their offerings. However, data-driven marketing has heightened the campaign's efficiency and pull the business, voluminous rungs closer to the audience's behavior & expectations. Improving the information attribute is another crucial emphasis of the business leader to derive multi-dimensional success metrics and determine' long-term success.' The omnichannel experience (e.g., walk-in customers, social media, mobile app users, point of sale data, etc.) and cross channel customer experience is vital in elevating the customer lifetime value. The marketing strategies are crafted based on the different inputs of the big data-driven solution's information and its recommendation. This research model institutes an integrated relationship between big data-driven solutions, information quality, customer lifetime value, strategic decision, and business performance. The assertive usage of information with media and creatives is also discussed in the research. The moderating relationship of user behavior-based recommendations to marketing leaders is also established in the proposed model. The conceptual framework contributes to the business performance model through strategic marketing decisions.

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