- International Conference on Marketing in the Connected Age (MICA-2018), October 6 th , 2018 Danang City, Vietnam. - Application of Clickstream Analytics for Decision Support in Marketing – A Recommendation for Vietnamese Small and Medium-Sized Enterprises. - However, despite overwhelming recognition of the need for clickstream data analytics, the application of clickstream data analytics for most Vietnamese small and medium-sized enterprises remains in its infancy as there is a lack of the proper foundation to collect and analyze clickstream data, and to integrate it into enterprise’s value chain.. - Therefore, this paper provided an in-depth and manager-friendly coverage on clickstream analytics application for decision support in marketing and at the same time, it concluded with managerial recommendations to Vietnam government and SME owners in the matter of digital innovation strategy and clickstream analytics application in small and medium-sized enterprises.. - Keywords: Clickstream analytics. - The overall goal of the paper is to make a strong and reasoned recommendation to Vietnamese small-medium sized enterprises (SMEs) on clickstream analytics. - It is a promising information technology application for decision support in Marketing in the connected age. - Specific objectives include providing an overview of the application of clickstream analytics in the context of the new wave of technology in the connected age, introducing a system approach to adopting clickstream analytics solutions in enterprise context, and making practical recommendations for Vietnam government and SME owners.. - According to Peter Sondergaard, “Information is the oil of the 21 st century, and analytics is the combustion engine” [1]. - When taking through a website, web user/customer will generate a large amount of the so called "clickstream data". - One of the main benefits of clickstream data is the derivation of customized user experience [19]. - Although insight-driven marketing is already a major area under the modern marketing communication umbrella, clickstream analytics are much lesser known to laymen outside of the marketing industry. - With the boom of start-ups and high proportion of family-run small and medium-sized enterprises (SMEs) in Vietnam, an in-depth and manager-friendly coverage on clickstream analytics could boost business performance and provide significant value to the public. - This is the key motivation behind this paper: “Application of clickstream analytics for decision support in marketing in the connected age - A recommendation for Vietnamese small and medium-sized enterprises”.. - In this research, we have applied a system approach to business problem solving with information technology to ensure that the recommendation for application of clickstream analytics is reasonable, reliable and feasible.. - Throughout the literature review process, we follow a consistent and coherent approach to application of the non-routine cognitive skills: abstract reasoning (the ability to make and manipulate models – Models in Fig. - 4), system thinking (the ability to model the components of the system, to connect the inputs and outputs among those components into a sensible whole that reflects the structure and dynamics of the phenomenon observed – The Clickstream analytics value chain in Fig. - 3), collaboration (the ability to develop ideas and plans with others, ability to give and receive critical feedback – In-depth interviews with experts from SMEs for current status of clickstream analytics appl ication), and experimentation (the ability to create and test promising new alternatives, consistent with available resources – A strong and reasoned recommendation to Vietnamese small-medium sized enterprises with Web presence for clickstream analytics application).. - The following four sections will provide an introduction to the new wave of technology in the connected age and its implications for marketing (section 2), an overview of the application of clickstream analytics for decision support in marketing, including real-world case studies and research (section 3), a system approach to the implementation of clickstream analytics in the enterprise context (section 4). - New wave of technology in the connected age and its implications for marketing 2.1. - New wave of technology in the connected age. - categorizing into four phases of industrial revolutions: the first revolution with the steam engine as the greatest invention (the original industrial revolution), the second revolution with electricity and the technique of mass production, and the third revolution with the wide use of digital computers and the appearance of the Internet connected the world. - Now, the world is experiencing a new storm of the current and latest revolution, with an intensive and extensive change in size, scope, and complexity never seen before. - It is a product-driven marketing where all activities were centered on the products, and mass production with the lowest possible cost was the thrust of the marketing strategy (product-centric). - The third phase is known as Marketing 3.0, started to begin of the connected age, and is ongoing. - The fourth phase, started to begin of the fourth industrial revolution (early 2010s), is known as Marketing 4.0. - Firstly, consumer behavior is evolving with the rise of the empowered customer. - They help businesses perform vital marketing functions in the face of the rapid changes of today’s environment. - This paper will continue to explain the process of clickstream analytics from a business manager perspective.. - We will focus on application of clickstream analytics in marketing.. - Clickstream analytics and decision support in marketing 3.1. - Why clickstream analytics for marketing decision support?. - Clickstream analytics refers to the management and analysis of pattern in clickstream and associated data collected as a result of user interaction with web resources. - Clickstream analytics is not technologically radical, but it is only in the digital transformation that the discipline has been known to a wider group of researchers and practitioners and become increasingly more popular in the online retail space. - Clickstream analytics can help to transform businesses into agile, insight-driven organizations.. - Clickstream analytics as a solution for marketing decision support.. - Source: Author In business environment, the idea to develop an IT solution/ information system is kickstarted by one or more than one of the following factors: 1) a business problem, 2) an opportunity presents itself, and 3) a change in environment, competition, or regulation that forces the company to adapt to survive. - With this approach, applying clickstream analytics into the value chain of the business is a given, and a smart choice for businesses going through digital transformation (Fig. - Secondly, many of the new disruptive technologies are bringing in a golden opportunity to businesses to compete in the global supply chain. - describes the key considerations in choosing clickstream analytics as a solution for marketing decision support.. - In the next section we explore the value-adding process of clickstream analytics.. - Clickstream analytics value chain. - depicts the value chain of the clickstream analytics from system perspective, that helps extract web usage pattern/ insights from clickstream data. - Simplified, the value chain of clickstream analytics is an operational feedback loop that sustains itself. - Clickstream analytics value chain.. - There is a need for data preparation before clickstream analytics performance.. - The outcome of the preprocessing is information.. - Application of clickstream analytics for decision support in marketing. - A disclaimer note is needed that clickstream analytics is available only if you have any form of online presence. - In association with big data analytics, clickstream analytics is a valuable tool for businesses to be used to drive sales by optimizing every aspect of the user experience on their websites from the first mouse click to the last. - As sorted accordingly by [5], several of the top direct benefits are:. - Clickstream data analysis shows which part of the site is more heavily visited and need constant renovation and maintenance.. - This is a non-exhaustive list of benefits that clickstream analytics bring to the table. - The overall data profile of the users also let us know which features are more desired by users for future product development.. - Real-world case studies and research of clickstream analytics in marketing. - examples are given for each of the 4 “Ps” of the marketing mix – product, place, price, and promotion.. - Here, the usage of clickstream analytics is immediately apparent, as nowadays, websites usually personalize what content we see based on our past clickstreams. - Beyond the 4 Ps, there are numerous other applications of clickstream data in the realm of marketing. - As many firms nowadays try to establish relationships with their customers, they have also turned to clickstream analytics to make their customer relationship management efforts more effective and efficient. - For example, data from clickstreams can be used to analyze the recency, frequency, and monetary value (RFM) of a user’s past online shop visits in order to estimate the strength of the relationship with her as well as her customer lifetime value (CLV) [9].. - In the next section, we examine the process of implementation of clickstream analytics in enterprise context.. - Implementation of clickstream analytics solutions in enterprises 4.1. - Strategies for implementation of clickstream analytics. - depicts the three options for acquisition of a clickstream analytics solution.. - The back-end team works with the existing web development team and their job is the setting up and maintenance of the software analytics tools. - The analysts of the marketing analytics team also need to have a strong understanding of how to navigate the analytics tool as users to extract relevant insights.. - The advantages of in-house option are the full control of the team and workflow and higher efficiency from internal communication versus external communication. - The three options for acquisition of a clickstream analytics solution.. - This option has most of the benefits from option 1, while the business still maintain control over the main analytics process for efficient research and can choose a reputable company to provide back-end server services guarantee reliability of the system and data. - The agency would obtain the data on behalf of the company, perform the analysis, and make routine presentations to the management for a fixed fee. - Regardless of which option a business goes with, from in-house to fully outsourcing, careful selection of the web analytics service suite can largely affect the success of a business' online presence. - So how may a manager go about deciding on a web analytics tool, whether on their own or at the consult of a marketing agency? There is a three-step process that helps a business evaluate and choose the right clickstream analytics solution.. - Step 1: Align website/ clickstream analytics application with business goal. - By first identifying the key goals the manager is looking at like customer retention, or conversion rate and making sure they fit the main goals of the business, the business can be sure that acquiring an analytics tool is the right move.. - Business-specific aspects are KPI need, demand for integration of web analytics data with other data sources, the size and total analytics budget of the business, among others. - The SMEs are essentially the main driver of the economy. - owners or leaders, but as shown above, most of them lack the strategic vision of IT application and not fully aware of the business value of new technologies, including social networks as well as internal collaboration tools. - Third, SMEs do not fully take advantage of the opportunities the Internet provides. - With the millions of connected devices, there is huge potential in the market. - Therefore, they are unable to reap the various kinds of benefits of clickstream analytics as described in the previous chapters.. - Most marketing analytics teams in SMEs are minor and small part of the traditional marketing team. - In-depth interviews with experts from SMEs from the service sector suggest that most of their companies have not looked at clickstream analytics as a data solution, nor do they have any concept of it. - In terms of the data/information/analytics/insights value chain, most companies stop after extracting the information from transactional data. - The current situation of IT and data analytics shows that Vietnamese SMEs are not ready to take advantage of the emerging opportunities of new wave of technology to improve their competitiveness and to join the global supply chain. - This is particularly applicable to Vietnam SMEs, as Vietnam is rated as one of the countries with the highest potential to build a digital knowledge-based economy with a strong start-up culture (#7 in the world) [26]. - Among them Resolution 19/NĐ-CP and 2017) on improving business environment and national competitiveness, Decision 58/2013/QĐ- TTg on establishment and operation of the credit guarantee funds for SMEs, and the Prime Minister Decision 844/QĐ-TTg dated 18 May 2016 on promulgating the scheme to support the national innovative startup ecosystem through 2025 are the typical representatives.. - This will help us get ahead of the IoT trend. - The supportive role of the government, VCCI in legal, management, capital, and IT infrastructure issues will enable SMEs to break into the global market.. - The most important product of a clickstream analytics process is business intelligence that analyzes patterns, trends, and relationships for marketing strategic decision making. - To achieve high quality business intelligence enterprises need a professionally implemented clickstream analytics system. - Solution guideline for this is managers need to understand precisely how clickstream analytics can provide value for their business, enterprises need to think carefully about whether they can create a genuinely workable clickstream analytics system and how the system relates to their overall business strategy as well as their marketing management goals;. - Solution guideline for this is for business to involve both IT team and marketing team when implementing a clickstream analytics system. - Choosing the right clickstream analytics software is of utmost important. - Furthermore, how to integrate a clickstream analytics system as a new application smoothly into business practice, and how to overcome user’s resistance are the two biggest questions. - It means that before embarking on clickstream analytics initiatives, managers will need to identify carefully the organizational changes required to make them work. - The marketing team should be proportional to the size of the company. - Establishing stable inventory, logistics, and sales teams should be the focus of the business before attempting to upscale revenue via webs analytics. - This paper aimed at providing a holistic view of clickstream analytics application for decision support in marketing in the connected age, targeting Vietnamese SMEs. - The in-depth and manager-friendly clickstream analytics is also covered to provide marketing managers and leaders crucial knowledge and better understanding about key issues of application of clickstream analytics for marketing: from theory to practice. - Most importantly, managerial recommendations to Vietnam government and SMEs based on a comprehensive examination of the current information technology status in Vietnamese SMEs have been discussed to assist Vietnamese SMEs in implementing the digital innovation strategies and clickstream analytics solutions.
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