Research on Enterprise Digital Marketing Strategy Based on Big Data and Business Performance: Mediating Role of Customer Relationship Management
DOI:http://doi.org/10.65281/738364 Yueqi Li1, Chen Yuan 2* 1College of Business,Quzhou University,Quzhou,Zhejiang,324000,China; 40083@qzc.edu.cn 2School of Finance,Nankai University,Tianjin,300350,China; 1120211042@mail.nankai.edu.cn Statements and Declarations Consent to participate: Informed consent to participate in the research was obtained from all participants in written form. Consent for publication: Not applicable. This study does not include any data from individual persons, such as images or videos, requiring consent for publication. Declaration of conflicting interest: The author(s) declared no potential conflicts of interest with respect to the research, authorship, and/or publication of this article. Data availability: The datasets generated and analyzed during the current study are available from the corresponding author on reasonable request. Data sharing is subject to ethical and legal restrictions to protect participant confidentiality. Author Note: Correspondence concerning this article should be addressed to Chen Yuan 2* Email: 1120211042@mail.nankai.edu.cn Abstract In the rapidly growing and competitive global market landscape, only those businesses can survive which adapt the latest technological (e.g., big data) tools. Today’s world is going through the digital marketing transformation. Enterprise digital marketing and big data work closely to reach their targeted market segments. Aligning the business strategy with big data digital marketing is the key of today’s successful enterprises in China. Keeping this view, the current study explored the importance of enterprise digital marketing strategy for business performance based on big data. The study sample was represented by 390 experts from the various Chinese enterprises. Study design was cross-sectional and the instruments were adopted from the existing research, and standardized questionnaire was formed to collect the survey data. To empirically validate the model, statistical data was analyzed by using Smart PLS and SPSS. Enterprise digital marketing strategy and big data were studied with business performance through mediation of customer relationship management (CRM). Results showed that enterprise digital marketing strategy, big data and CRM have significantly positive impact on business performance. Similarly, customer relationship management mediates the relationship between enterprise digital marketing and business performance. Contrary to this, customer relationship management has no impact between the relationship of big data analytics competency (BDAC) and business performance. The research findings proved that enterprise digital marketing based on the big data is the need of the time and essential for the survival of the enterprises in China. Furthermore, the findings are aligned with the previous researches that has revealed the fact that higher big data analytics competencies result in higher firm performance. Keywords: Enterprise Digital Marketing Strategy; Big Data; Customer Relationship Management; Business Performance. Introduction Nowadays due to rapid advances in technology and an ever-expanding range of digital applications, China has entered the big data era. In light of these recent developments, the marketing strategy employed by businesses across all sectors has experienced major changes. The enterprises are one of China’s fastest growing traditional industries (Jun, Yoo, & Choi, 2018). The impact of the digital marketing approach on the traditional enterprises has been un-precedent. Traditional marketing ideas have gradually lost their competitive advantage. If we do not modify the ideas that we use for marketing and continue to implement old marketing techniques, then the local business will not be able to maintain its competitive advantage in the market competition. Thus, in order to establish the basic capabilities necessary for core competitiveness, it is vital to examine the specific marketing of businesses (Parkin, 2016). So, the rise of digital marketing has changed the way of the world’s economy works and given consumers more power. Competition among businesses has become more competitive as a result of the expansion of digital technology (Dastane, 2020). The use of digital technologies (e.g., big data) has resulted in significant changes to the communication between corporations, audiences, and a variety of other organizations (Suleiman, Muhammad, Yahaya, Adamu, & Sabo, 2020). The term “digital technology” refers to the utilization of new technology for the purpose of achieving marketing goals (Ghobakhloo,2020). In a similar manner, the use of digital technology requires an entirely new range of knowledge and skill. When working in an atmosphere that is dominated by digital technology, it is difficult for marketers to successfully apply traditional marketing strategies (Biletska, Paladieva, Avchinnikova, & Kazak, 2021). The rapid growth of digital marketing is occurring in tandem with the general expansion of digital technology, such as smartphones, intelligent products, the internet of things, and artificial intelligence (AI) (Jianjun et al., 2021; Berg, Burg, Gombovi, & Puri, 2020). This has a significant impact on the performance of businesses, and it is also helping to reshape the future marketing strategy (Buttle & Maklan, 2019). Smartphones offer additional benefits to users in the form of instant access to services, in comparison to the traditional services offered by the organization (Algharabat, Rana, Alalwan, Baabdullah, & Gupta, 2020). The expansion of digital technology has made it easier for customers to gain access to services whenever and wherever they want by logging in to the website of the company, which features a background filled with information about the services offered and graphs (Su, Lin, & Wang, 2022). The expansion of digital technology has made it possible for businesses to cut their spending on traditional forms of marketing through the integration of social media, which presents a possibility for cost savings. However, it can be difficult for marketers to select the optimal combination of digital marketing strategies to increase brand recognition and successfully achieve the appropriate level of business performance through the collection of 296 different opinions from customers continuously (Tamrakar, Pyo, & Gruca, 2018). Furthermore, digital marketing can encourage a diverse variety of clients to establish an effective relationship with the company via digital media in order to direct them in the procurement process (Kurdi, Alshurideh, Akour,Alzoubi, Obeidat, & Alhamad,2022). Sharing ideas, perspectives, and experiences of customers through digital marketing helps to establish the value of the brand in an effective manner, which ultimately results in improved business performance and a better relationship with customer’s enterprises are becoming extremely advanced and efficient, which has led to the development of customer relationship management (CRM) (Wai, Dastane, Johari, & Ismail, 2019). CRM was