POTENTIAL OF BIG DATA FOR MARKETING: A LITERATURE REVIEW

Today, data generation is exploding, and the function of marketing is becoming more sophisticated and personalized. Companies seek to gain a deeper understanding of their internal corporate environment, externalities and enhance their marketing power exponentially. Customer service is at the heart of a business's concern and has been a critical driver to leverage big data in marketing. The increasing pace of data generation has made it challenging to capture data from various sources and extract valuable business insights. Companies have taken advantage of the capabilities of big data to develop an in-depth knowledge base of their customers and increase the effectiveness of their decision-making processes. Moreover, they seek to achieve a distinct competitive advantage, deliver highly customized products or services, and stimulate innovation. Despite the increasing importance of big data in business, research investigating the potential of technology for marketing is scarce, and little attention has been paid to the role of big data in marketing activities. Therefore, the primary goal of this paper is to fill this knowledge gap and to provide a timely review that captures the dynamic nature of this field. Selected papers (n=40) were thoroughly analysed, and the potential of big data was classified in four main research themes; comprehension, competitiveness, customization, and creativity. The aim of the review is to answer the following research question: "What are the perceived benefits of big data adoption in business marketing activities?"