The use of digital analytics for measuring and optimizing digital marketing performance PDF
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JYVÄSKYLÄ STUDIES IN BUSINESS AND ECONOMICS 170 KJaoreel N Jäorrvvianpeanlo The Use of Digital Analytics for Measuring and Optimizing Digital Marketing Performance JYVÄSKYLÄ STUDIES IN BUSINESS AND ECONOMICS 170 Joel Järvinen The Use of Digital Analytics for Measuring and Optimizing Digital Marketing Performance Esitetään Jyväskylän yliopiston kauppakorkeakoulun suostumuksella julkisesti tarkastettavaksi yliopiston Agora-rakennuksen Lea Pulkkisen salissa lokakuun 21. päivänä 2016 kello 12. Academic dissertation to be publicly discussed, by permission of the Jyväskylä University School of Business and Economics, in building Agora, Lea Pulkkinen hall on October 21, 2016 at 12 o’clock noon. UNIVERSITY OF JYVÄSKYLÄ JYVÄSKYLÄ 2016 The Use of Digital Analytics for Measuring and Optimizing Digital Marketing Performance JYVÄSKYLÄ STUDIES IN BUSINESS AND ECONOMICS 170 Joel Järvinen The Use of Digital Analytics for Measuring and Optimizing Digital Marketing Performance UNIVERSITY OF JYVÄSKYLÄ JYVÄSKYLÄ 2016 Editors Tuomo Takala Jyväskylä University School of Business and Economics Pekka Olsbo, Ville Korkiakangas Publishing Unit, University Library of Jyväskylä URN:ISBN:978-951-39-6777-2 ISBN 978-951-39-6777-2 (PDF) ISBN 978-951-39-6776-5 (nid.) ISSN 1457-1986 Copyright © 2016, by University of Jyväskylä Jyväskylä University Printing House, Jyväskylä 2016 ABSTRACT Järvinen, Joel The use of digital analytics for measuring and optimizing digital marketing performance Jyväskylä: University of Jyväskylä, 2016, 130 p. (+ articles) (Jyväskylä Studies in Business and Economics ISSN 1457-1986; 170) ISBN 978-951-39-6776-5 (nid.) ISBN 978-951-39-6777-2 (PDF) Demonstrating the monetary outcomes of marketing is no longer considered a virtue but a necessity by the top management. Marketers are increasingly held accountable for their actions, yet most marketers struggle in their attempts to measure marketing performance. The emergence of digital analytics tools (e.g., Web analytics) has raised optimism of improved measurability due to its ability to track customer behavior in the digital environment. However, research lacks a clear understanding of the opportunities and limitations of digital analytics, and what it takes from an organization to make the most of its usage. The dissertation advances the knowledge in this area by investigating how industrial companies can use digital analytics for measuring and optimizing digital marketing performance. The primary data of this dissertation come from three case studies that ex- amine the use of digital analytics from different angles. The first case study ex- plores the use of digital analytics for overcoming universal marketing perfor- mance measurement challenges; the second case study investigates the organi- zational processes for measuring digital marketing performance through the use of digital analytics; the third case study takes a step further and studies how digital analytics data can be harnessed for optimizing digital marketing per- formance. The findings confirm that digital analytics produces data that can be used for measuring and optimizing digital marketing performance but its real value is determined by an organization’s ability to process the data into meaningful insights and act upon those insights to continuously improve results. Overall, the findings suggest that the greater use of digital analytics can be seen as a movement toward data-driven marketing where marketing decisions are based on information rather than experience and intuition. While demonstrating the benefits that companies may gain from the use of digital analytics, the disserta- tion also discusses the dangers of relying on digital analytics data that may lead organizations to maximize short-term revenue generation at the expense of long-term marketing performance. Keywords: analytics, business-to-business marketing, case study, data-driven marketing, digitalization, marketing performance measurement, organizational perspective Author’s address Joel Järvinen University of Jyväskylä School of Business and Economics P.O. Box 35 FI-40014 University of Jyväskylä, Finland email: [email protected] Supervisors Professor Heikki Karjaluoto University of Jyväskylä School of Business and Economics Reviewers Professor Jari Salo University of Helsinki Faculty of Agriculture and Forestry Department of Economics and Management Professor Ashish Kumar Aalto University School of Business Department of Marketing Opponent Professor Jari Salo University of Helsinki Faculty of Agriculture and Forestry Department of Economics and Management FOREWORD AND ACKNOWLEDGEMENTS “Now this is not the end. It is not even the beginning of the end. But it is, perhaps, the end of the beginning.” (Winston Churchill, 1942) It was somewhere in the southern part of Africa in 2010 when I took the first steps that eventually led to my dissertation journey. I sent an email to Professor Heikki Karjaluoto and expressed my interest in a salaried Master’s thesis as- signment that he was offering to marketing students. In reality, I had no interest in such an assignment. I was only interested in travelling and adventuring around the world. However, I was running out of money and thus forced to return home soon. I thought that the assignment would be a great opportunity to simultaneously get some money for new adventures and finalize my Mas- ter’s degree, just in case I would need one sometime in the future. To my sur- prise, Professor Karjaluoto responded that he knows even a better assignment for me, starting from early 2011. The response caused a complex and lengthy chain of events that ended up being probably the greatest adventure of my life and resulted in publishing this doctoral dissertation six years later. The dissertation journey has included all the sentiments of a great adven- ture (cid:239) from excitement to frustration and from despair to delight. There have been countless setbacks, and more than once I have been ready to give in, quit and get a new life. Yet, there is nothing more rewarding than to snatch victory from the jaws of defeat. The way I see it, however, this dissertation thesis is not a victory as such but a reflection of the hard work and knowledge accumulated over the last few years. The real victory resides in the passion for learning that I have found during this journey because that is what fosters the attainment of future victories. In line with this thought, I find that the Finnish word for grad- uation, valmistuminen, is probably the most misleading and dangerous word of the dictionary because it implies that someone is ready. Despite my forthcoming graduation, I want to highlight that I am not ready and I do not want to be ready. Graduation is only the end of the beginning and I believe that the key to success in academia (and in life) is to keep on learning and continuously devel- op oneself. When you hear me saying “I am ready”, it means that I am ready to retire. There are many individuals to whom I owe my deepest gratitude for their contribution to this dissertation project. First and foremost, I would like to thank my supervisor, Professor Heikki Karjaluoto, who has been the master- mind, backbone and cornerstone of this dissertation. You are the one who per- suaded me to start the doctoral studies in the first place; you are the one who acquired the funding for my dissertation project; you are the one who taught me the rules and hidden rules of academia; you are the one who pushed me for- ward in moments when I was ready to give up; you are also the one who has figured out a solution whenever there has been a work-related issue that is bothering me. In short, there would be no dissertation story to share with any- one without you, and there are no words to describe my gratitude for all the support, encouragement and friendship that you have shown me. I would like to thank all the co-authors of mine, Professor Heikki Karjaluo- to, Professor Chanaka Jayawardhena, Aarne Töllinen, Heini Taiminen, and Elisabeth Pergler, for their significant contribution to my dissertation articles. Special thanks to Aarne from whom I learned what it means to be genuinely curious, and who managed to transmit his passion for digital marketing to me. I also want to thank you for guiding me through the early phases of my disserta- tion project (cid:239) thanks to you, I feel I got a head start to this journey. Special thanks also to Professor Chanaka Jayawardhena who hosted me at the Univer- sity of Hull (UK) and to Professor Craig Standing who hosted me at the Edith Cowan University (Australia); I had the privilege of spending three months as a visiting scholar at each university, and I am indebted to both of you for your hospitality and scholarly advice. I was honored to get feedback on my dissertation manuscript from distin- guished scholars in the field of digital marketing, Professor Jari Salo and Profes- sor Ashish Kumar, who served as the reviewers of this dissertation. Your com- ments and suggestions helped me greatly to improve the final manuscript. I would also like to thank all the anonymous reviewers for their valuable com- ments on my dissertation articles and all the scholars who I have met in various conferences (AMA, AMS, ANZMAC, Bled eConference, DMA, EMAC and HICSS) for their feedback on my work. I am grateful for JSBE for providing me the funding and environment that has made this dissertation project possible. In particular, I appreciate the friend- ly working atmosphere at JSBE, not to mention all the leisure and sports activi- ties organized by the staff. Hence, I want to thank all of my colleagues at JSBE who make it easy for me to wake up every morning and go to work with a smile on my face. I owe my thanks to the financial supporters of this dissertation. Besides JSBE, I am beholden to the Jenny and Antti Wihuri Foundation as well as the Foundation for Economic Education (LSR) for generously supporting my dis- sertation project. I am also thankful for the Finnish Funding Agency for Innova- tion (TEKES) and all the corporate partners involved in the DIMAR and DIGA research projects for both funding my dissertation and providing practical in- sights. Special thanks to all those companies and interviewees who have partic- ipated in my dissertation research. Without you there would be no data, and without data there would be no dissertation. I owe my deepest gratitude to my family and friends. I want to thank my parents for always allowing me to make my own choices in life and supporting me with any decision that I have made. I want to thank my elder brother for serving as a perfect role model for me and my younger sister for the positive attitude and energy that you bring to our family. I am grateful for all my friends for taking my thoughts away from work. In particular, I want to thank Markus Vehniäinen, the Manager of Fyysinen Preesens (FP), as well as all the members of FP for significantly improving the quality of my social life and making my leisure time worth remembering. Last but definitely not least, my greatest thanks belong to my dear Anne who has kept me together through all this and with whom I have been able share all the disappointments and successes along the journey. I am truly grate- ful to have you in my life. Jyväskylä, September 2016, Joel Järvinen
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