Model development of customized marketing strategy based on credit card data and social big data

Abstract

In the Big Data era where data analysis generates new value, there is an increasing demand from Credit Card companies to utilize both external social data as well as internal data to develop their marketing strategies. This new research has triggered new marketing model called SOMO(Social Trend Oriented Marketing Offer). SOMO combines internal data, which includes customer profile and transaction data, with external social data, which includes customer spending preferences and desire. Credit Card companies are able to offer a new customized marketing strategy based on specific consumer groups, each group having been analyzed through this model according to different consumption trends. Moreover, this research is currently testing this model’s influence by providing actual card company customers with customized marketing offers. Card companies can analyze both card data and social data in tandem, with “the type of business” entered as a key factor. Then, the company initiates two rounds of marketing to BC Card holders to verify the effect of SOMO model. Based on the results of marketing, the company then further builds a more effective marketing strategy.