Interaction of the social media and big data in reaching marketing success in the era of the fourth industrial revolution

Abstract

The contemporary economic environment is characterised by the economic megatrends that are (re)shaping economic practice in the 21st century. The most important megatrend is the digitalisation, which triggers a whole new economic revolution, so called 'fourth industrial revolution'. In the situation with the new data source, new technological means for harvesting and processing of data, digitalisation and fourth economic revolution is very relevant not only for the operation but the marketing function as well. Social media represent an excellent source of data and channel of communication with the customer. Marketing spending on digital media platform soon will be no. 1, and it will overtake TV as the dominant marketing channel. Introducing the big data analytical capabilities, adjustment of overall organisation scheme and hiring competent personnel, the company will be in a position to save money for marketing spending, but in same time overall marketing performances will increase. Introducing big data analytical capabilities and efficient use of available social media platform is a challenging task that lay ahead of senior executives. Support from the highest management instances is the critical preconditions in reaching desired outcomes in the possible synergy between big data (BD) and social media marketing (SMM).