User:LGreg/sandbox/approches to knowledge (LG seminar 2020/21)/Seminar 18/Evidence/Evidence in Economy
What is evidence-based marketing ? edit
Evidence can be defined as pieces of information or facts that can indicate if a belief or an argument is valid or true.[1] The main ideas behind evidence-based marketing are to streamline the promotion process and improve return on investment. Because the world is evolving, marketing had to adapt to consumers' new needs and choices while maintaining the same progress rate with contemporary technology. Evidence-based marketing is a marketing technique grounded on facts; it combines sociological and psychological theory with data analysis and business strategy. It relies on trends, industry practice, statistics, and consumer interviews to expand businesses' marketing plans for businesses. This marketing type is set up on a scientific-based procedure from the brainstorming stage to the execution, to estimating the successful functioning outcome. It is needed to use business objectives designed, determined, and developed to precisely measure campaigns' triumph. Evidence-based marketing can be a useful strategy to keep your business modern and competitive.[2] As a real-life example of evidence-based marketing we can cite Netflix that use Big data for targeted adverts. It's quite simple, to see how it works here. When you're thinking about how Netflix is making suggestions to you on which movie to watch next. They are using your previous data (which movie you watched, which movie you searched) to make relevant suggestions.[3]
Limits about evidence-based marketing edit
Often, we present proofs and facts and look forward to a rational person to make an intelligent decision on what strategy to choose. But people can have such a strong personal belief in a particular topic that nothing can make them change their minds. Even with strong quantitative evidence like statistics or qualitative evidence like consumer reviews, trends, they will not change their minds.
It's also possible to see a limit of evidence-based marketing on the reliability of the data. The accuracy of the data collected is so crucial for the worth of any research findings project. Data standard may be jeopardized by biased testimony or unrepresentative samples. If the data aren't precise, the evidence loses meaning, leading to a less reliable result.[4]
We can also think about a budget constraint; some firms may not have enough expertise to conduct extensive surveys and not have enough funds to organize them. In such case, they may rely on less perfect data but cheaper data.
The time constraint can also be one of the limits for evidence-based marketing. Firms usually have not much time to meet consumer's needs. Indeed, they need to make decisions as quickly as possible to keep or get a strong market position.[5]
References edit
- ↑ Definition of evidence | Dictionary.com [Internet]. www.dictionary.com. 2020 [cited 9 November 2020]. Available from: https://www.dictionary.com/browse/evidence?s=t.
- ↑ The Future of Marketing: What is Evidence-Based Marketing? [Internet]. Digital Cloud. 2020 [cited 9 November 2020]. Available from: https://digitalcloud.co.za/the-future-of-marketing-what-is-evidence-based-marketing/
- ↑ Analytics, 5., 2020. 5 Real-World Examples Of How Brands Are Using Big Data Analytics | Mentionlytics Blog. [online] Mentionlytics. Available at: <https://www.mentionlytics.com/blog/5-real-world-examples-of-how-brands-are-using-big-data-analytics/> [Accessed 10 November 2020].
- ↑ 3. The limits of evidence-based marketing [Internet]. Seth's Blog. 2020 [cited 9 November 2020]. Available from: https://seths.blog/2011/03/the-limits-of-evidence-based-marketing.
- ↑ [https://www.tutor2u.net/business/reference/marketing-research-limitations-and-constraints, https://www.tutor2u.net/business/reference/marketing-research-limitations-and-constraints.