Abstract:
No industry is immune to digital transformation. Social media is empowering individuals everywhere and driving a democratization of personal access that is fundamentally different from the top-down communications associated with traditional mass-media at the outset of globalization. Social media, social sharing, and social business have been accelerated by COVID-19. The rise of e-commerce has materially affected not only how people buy, but also how people research their purchase decisions. Marketing has not kept up with this paradigm shift, and by simply viewing digital as another media channel misses the shift in consumer power and the imperative to engage rather than advertise. Narratives are part of our everyday, and popular stories affect individual and community behaviour. We demonstrate how big data and AI can track the narratives that are shaping our world. Engaging with these narratives can improve marketing decision-making by addressing what people feel is important and result in better outcomes to grow and sustain brand equity in our contemporary, digital world.
