Using Big Data as a window into consumers' psychology. (December 2017)

• Record Type: Journal Article
• Authors: Matz, Sandra C; Netzer, Oded
• Is Part Of: Current opinion in behavioral sciences. Volume 18(2017)
• Page Start: 7
• Page End: 12
• Publication Date: 2017-12
• Subjects: Psychology -- Periodicals; 150.5
• DOI: 10.1016/j.cobeha.2017.05.009
• Languages: English
• ISSNs: 2352-1546

Abstract

Highlights: Big Data offer a cheap, extensive source of consumer information for marketers. Prior research focused on predicting rather than understanding consumer behavior. Consumers' psychological traits/states are predictable from their digital records. Targeting based on psychological traits/states is an effective marketing strategy. Transparency and consumer engagement are crucial for an ethical application. Abstract : The rise of 'Big Data' had a big impact on marketing research and practice. In this article, we first highlight sources of useful consumer information that are now available at large scale and very little or no cost. We subsequently discuss how this information – with the help of new analytical techniques – can be translated into valuable insights on consumers' psychological states and traits that can, in turn, be used to inform marketing strategy. Finally, we discuss opportunities and challenges related to the use of Big Data as a window into consumers' psychology, and provide recommendations for how to implement related technologies in a way that benefits both businesses and consumers.