Business Intelligence from User Generated Content: Online Opinion Formation in Purchasing Decisions in High-Tech Markets
User Generated Content (UGC) requires new business intelligence methods to understand the influence of online opinion formation on customer purchasing decisions. We developed a conceptual model for deriving business intelligence from tweets, based on the
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Deloitte Consulting, Almere, The Netherlands [email protected] 2 Faculty of Technology, Policy and Management, Delft University of Technology, Delft, The Netherlands {j.ubacht,s.cunningham}@tudelft.nl 3 Sybo Games, Copenhagen, Denmark [email protected]
Abstract. User Generated Content (UGC) requires new business intelligence methods to understand the influence of online opinion formation on customer purchasing decisions. We developed a conceptual model for deriving business intelligence from tweets, based on the Classical Model of Consensus Formation and the Theory of Planned Behaviour. We applied the model to the dynamic high-tech smartphone market by means of three case studies on the launch of new smartphones. By using Poisson regression, data- and sentiment-analysis on tweets we show how opinion leadership and real-life events effect the volume of online chatter and sentiments about the launch of new smartphones. Application of the model reveals businesses parameters that can be influenced to enhance competitiveness in dynamic high tech markets. Our conceptual model is suitable to be turned into a predictive model that takes the richness of tweets in online opinion formation into account. Keywords: Business intelligence User Generated Content Twitter Sentiment analysis Opinion formation Smartphones High-tech markets
1 Introduction Nowadays having an online presence is the norm for enterprises. At the same time, the amount of data produced on the Web is increasing rapidly. Consequently, the ability of handling this data is becoming increasingly important for enterprises in order to gain competitive advantage [6] and retain market position. In our study, we specifically focus on how this phenomenon of the increased importance of User Generated Content (UGC) fits into high-tech industries. High-tech industries are characterized by high sunk costs, high risks and being dynamic with rapidly changing customer requirements and product characteristics/features [3]. Obtaining and sustaining competitive advantage requires different methods in such fast-paced industries compared to other (low-tech) industries where the operating environment is less prone to rapid change. © IFIP International Federation for Information Processing 2016 Published by Springer International Publishing Switzerland 2016. All Rights Reserved Y.K. Dwivedi et al. (Eds.): I3E 2016, LNCS 9844, pp. 505–521, 2016. DOI: 10.1007/978-3-319-45234-0_45
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This leads us to raise the question of whether the analysis of UGC can help generate better insights into a fast moving consumer market with short production cycles. In the smartphone industry, we recognize the aforementioned trends of increased data being generated from (mobile) devices; there is an increasing amount of mobile UGC and UGC is increasingly influencing public image and sales of products [16]. The smartphone industry itself is characterized by short product life cycles, rapid product and feature imitation, aggressive pricing strategies, highly price sens
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