Empowering Marketing Intelligence via Text Analytics

Introduction

Despite the fierce competition in the global business environment, organizations must steadily find accurate information to make proper decisions and thus maintain their competitive advantage over competitors (Huang et al., 2022). To achieve a competitive advantage, any business firm must analyze and predict market dynamics to be consistent in market changes and to manage appropriately (Nithya & Kiruthika, 2021). Conclusive business intelligence data may serve as the foundation for significant adjustments and the adoption of critical choices, such as creating new areas for collaboration, attracting new clients, finding new markets, and introducing new goods to existing clients inside a company (Huang et al., 2022). The concept of marketing intelligence, a sub-dimension of business intelligence, was introduced by applying a human-specific concept to the marketing departments of businesses. Marketing intelligence is a structure that feeds the digital transformation of companies with information obtained through intelligent systems and big data (Lau et al., 2016). In addition, the success of digital, physical, and phygital marketing operations depends mainly on the performance of this structure in today's competitive environment.

As a result of globalization, today's businesses are expanding their market boundaries and, thus, their competitive scales. In this complex, environmental uncertainty increases, and economic borders disappear. Indeed, there is a need for information-supported insights so businesses can improve their vision. At this point, marketing intelligence is the only mechanism that can benefit all companies, especially SMEs, in reducing the uncertainty brought by internationalizing markets and in the effective management of marketing strategies to be created in this environment (Navarro-García et al., 2016). This intelligence is created by combining current marketing solutions and historical process knowledge. The effective reuse of historical process knowledge has been one of the most critical technical roadmaps leading from traditional process planning based on human experience to intelligent process planning in the context of Industry 4.0 (Zhang et al., 2022).

What a consumer knows about a product or service is crucial to how that product is marketed, especially for information-intensive products (Vigar-Ellis et al., 2015). The fact that even straightforward products now require a certain degree of information use increases the need for information to be obtained from data. This is the reason why big data is crucial for companies’ survival. To explore the different possible forms that big data takes and its relative use in different contexts, every company that wants to survive in today's competitive conditions tends to strengthen its marketing intelligence with the inferences obtained from big data, and there are several studies in the literature on this trend (Paul & Rakshit, 2021; Vannucci & Pantano, 2023). Text data, one of the data types in big data, has an impact on both consumers' purchasing decisions and the development of marketing intelligence of businesses (Mostafa & Alanadoly, 2023).