Abstract
The digital world is changing at an extraordinary phase. The never-ending advances in new information and communication technologies (ICT) have more than ever changed the way in which we live, communicate, and process information. This has reshaped our habits to cope with a world constantly demanding new daily virtual experiences. People of all ages are in need to grip these experiences in one way or another. Regarding the advances in ICT, the internet alongside digital and social media have created whole new possibilities to gather real-time data and store valuable information while being virtually connected at all times. This postulates an evident challenge for companies to capitalize on the possibilities of digital marketing media and an opportunity to reach customers effectively using metadata and other resources virtually available. In this chapter, the authors used OLS regressions using Google Trends query data from 2008 to 2016 to measure the growing interest in digital marketing and other related topics and the monetization of such interest in the Spanish media sector.
TopDigital Marketing Challenges And Opportunities
The continuously growing ICT developments and innovations, including social, mobile, and the Internet of Things (IoT) provide emerging and alternative approaches to the use of new sources and forms of data, real-time metadata or big data. This availability of data provides researchers with unlimited possibilities. For example, how segmented users and consumers seek information and evaluate alternatives before purchase or investment decisions, such insights would provide valuable opportunities to predict behaviors, and more importantly to capitalize on these. Such new approaches to assess metadata information has provided innovative techniques to study different econometric variables.
IBM Marketing Cloud (2017) states that 2.5 quintillion bytes of data are created on a daily basis. In other words, 90% of the data in the world today has been created in the last two years alone, and this data growth rate is likely to keep accelerating due to continuous ICTs advancements. With such overwhelming information currently available, companies need to emphasize a clear strategy to access and interpret relevant metadata for better and faster business decision-making and useful in forecasting trends (Özköse, Arı, & Gencer, 2015; Järvinen & Karjaluoto, 2015).
Key Terms in this Chapter
Google Trends: It is a public service offered by Google Inc. that shows how often one term or tropic is entered in Google for searching information about it.
Web Analytics: It is defined as the measurement, collection, analysis, and reporting of Internet data for understanding and optimizing usage.
Metadata: A set of data that describes and gives information about other data, by helping to organize, find, and understand such data.
Landing Page: It is a single web page that appears in response to clicking on a search engine optimized search result (such as Google) or an online advertisement.
Quintillion: A cardinal number represented in the USA by one followed by 18 zeros, and in Great Britain, France and Germany by one followed by 30 zeros.
Internet of Things (IoT): Refers to the interconnection via the Internet of computing devices embedded in everyday objects, enabling them to send and receive data.
Digital Marketing: Refers to the use of digital technologies to create an integrated, directed and measurable communication to attain and secure customers while building deeper relationships.
Neuromarketing: Refers to the application of alternative medical technologies to study the brain´s responses to marketing stimuli. This practice is used in marketing research by studying consumers´ affective, cognitive, and physical response to marketing stimuli.