MSI Grant Received
May 7, 2014 -- The CCB is pleased to announce that they will be jointly receiving a research grant from the Marketing Science Institute (MSI) of $14,550 to support the Center's latest research project, Brand Crisis Reverberation. This project is being developed in conjunction with the University of Tennessee and the Massey University of New Zealand.
This project will examine the reverberation that is created by a firm's own marketing output and will explore the interplay and feedback between a company's message, mass media and consumer response to capture the impact of these reverberations on the firm's corporate reputation and business performance. The CCB, as a leading research institute in understanding social media conversations through the lens of complex systems, hopes to gain a better understanding of how the social media environment has aided in the reverberation that spread brand crisis to other media channels.
The proposal was submitted by the center's Executive Director, Dr. Roland Rust, and Director, Dr. William Rand in collaboration with Kelly Hewett of the University of Tennessee and Harald van Heerde of the Massey University. The research grant will be used to purchase social media data sets to aid in their research.
Using a combination of social media analysis and machine learning, through this project, the partnering universities will seek to better understand how brand crisis is disseminated through social media. Ultimately, this project will provide a better understanding of the interplay between social media, traditional media and public relations to aid companies in their decision making process to be able to address brand crisis more effectively.
As commented by Dr. Rand, “This award will give us a unique opportunity to analyze a treasure trove of social media interactions by four major firms and their consumers to determine social media’s potential effect on corporate America and brand reputation.”
This project feeds directly into MSI’s 2014-2016 research priorities and will support their interests in developing marketing analytics for data rich environments by leveraging digital and social technology to effectively measure and communicate the value of similar marketing activities and investments.
CCB and Teradata Hosts 2nd Annual Digital Marketing Analytics Roundtable
The 2013 Digital Marketing Analytics Roundtable will examine the complexity and volume of customer interactions through digital channels and how these factors have accelerated the need for marketers to conduct digital marketing analytics on data -- such as social, geo-location and display, to better interpret key consumer behaviors. The motivation is that analytics performed on this new data, when used appropriately, have the potential to revolutionize marketing. While not simple, the good news is that computational power has become more cost effective resulting in widespread use and adoption of digital marketing analytics among data scientists and marketers. Pioneers from both industry and academia will share their knowledge, research, and insights in a roundtable format that encourages open discussion and break-through ideas.
Director Rand discusses the relationship between Social Media, Mobile Commerce, and Retail
In a recent episode of Smith Business Close-Up, Center for Complexity Director Bill Rand spoke about how e-commerce and social media have revolutionized holiday shopping and the way consumers make purchases throughout the entire year. Specifically, with the rise of mobile and tablet-based commerce, it's become easier than ever to shop from anywhere at any time while still incorporating tips and advice from friends and retailers through social media. Smith Business Close-Up is co-produced by the Robert H. Smith School of Business and Maryland Public Television focusing on the latest thinking in business management featuring in-depth interviews of key industry thought leaders.
Joint Survey Results Announced
The CCB, Teradata and Mzinga today announced the results of a recent industry survey exploring the use of social technologies and big data analytics in business. This survey of more than 500 participants reveals that though many companies are using social technologies and interested in analytic technologies, few of them are really analyzing the data produced by these technologies in a sophisticated manner. Almost half of those surveyed feel that they are not using social technologies to their full potential and only 12 percent are using them on a day-to-day basis. It seems that more education on the use of these technologies, such as that provided by the MS in marketing analytics, are needed. See survey results.
Director Bill Rand Awarded DARPA Young Faculty Award to Examine the Use of Social Media
Rand was award a DARPA Young Faculty Award for his proposal "Intelligent Interfaces for Social Media: Monitoring, Modeling and Engaging in Online Conversations." The objective of the DARPA Young Faculty Award (YFA) program is to identify and engage rising research stars in junior faculty positions at U.S. academic institutions and expose them to Department of Defense needs as well as DARPA’s program development process. This research award will cover two years of support for multiple graduate students.
CCB hosted Digital Marketing Analytics Roundtable - Sponsored by Teradata
Complexity science can shed valuable insights into digital marketing analytics, and the CCB hosted a roundtable in downtown Washington DC on June 21st, sponsored by Teradata. Connecting the dots between the CMO and the CIO, this roundtable examined the powerful new abilities of digital marketing analytics, the barriers to successful implementation and the future of marketing analytics. The roundtable featured speakers from a wide variety of industries and from different slices of the marketing analytics chain.
CCB receives funding to encourage undergraduate research
The National Science Foundation has awarded the CCB with a new round of funding to continue the Research Experience for Undergraduates component of its Diffusion and Ranking in Digital Social Media research project. Previous REU students for the CCB have published papers at conferences, conducted their own research projects on Amazon's Mechanical Turk, and developed complex databases setups with advanced web interfaces.
When it comes to use of large data sets and data analytics by companies, Smith School marketing department chair P.K. Kannan finds there is frequently a disconnect between the data collected by companies and the analytics those companies need. It requires time and expertise to reorganize data into marketing-analytic solutions; as data sets grow larger, it will take better analytical techniques and some novel, bottom-up approaches to make the best use of this information. Teradata's goal is to turn huge volumes of information into front-line actions that give companies a competitive advantage. The Smith School is partnering with Teradata to host a roundtable in June 2012. In 2013 the school launched a new MS in marketing analytics, designed to create the business-savvy analysts needed to interpret ever-larger collections of information.
Center Director Bill Rand spoke on the power of complexity methods to help understand the complex world of social networks. At Big Analytics he examined how the power of running analytics on Big Data makes this possible and at NetSci he discussed the economic implications of the new understanding made possible by social media analytics.
CCB Used Computational Model to Predict Super Tuesday Primaries
CCB Researchers, David Anderson and Anna Devlin, in collaboration with Director William Rand used an advanced computational model based on linear programming and discrete choice modeling to make predictions about the results of the 2012 GOP Super Tuesday Primaries. The model correctly picked 8 out of 10 of the states, and more closely matched the electoral results than the best polling data available.
The Center for Complexity in Business is pleased to announce a new repository of papers hosted at the
Social Science Research Network. The repository currently hosts a dozen papers covering topics including agent-based modeling, viral marketing, data simulation, and diffusion. The repository can be found at this link.
CCB's 3rd Annual Complexity Conference
On Friday, October 14 thought leaders from academics and industry gathered at the Ronald Reagan Building in Washington, DC for the 3rd Annual Complexity in Business Conference. This conference strives to be the intersection for complex systems and business.
Rand Appears on Smith Business Close-Up
On August 18, 2011 CCB Director Bill Rand appeared on Maryland Public Television on Smith Business Close-Up talking about diffusion in Social Media, which includes such popular platforms as Facebook, Twitter, Linked In and You Tube. Smith Business Close-Up is co-produced by the Robert H. Smith School of Business and Maryland Public Television. The television segment focuses on the latest thinking in business management, and features in-depth interviews with Smith School faculty and other members of the school’s community of business leaders.
Assistant Professor Bill Rand was featured twice during the summer of 2011 discussing Social Media. In the July 28, 2011 edition of Financial Times, Professor Rand appeared as the expert of the week, offering definitions on five terms heard in today's business news. His definitions were focused in the field of diffusion of information across social media platforms.
CCB Awarded Federal Highway Administration Grant
The CCB and Assistant Professor of Civil and Environmental Engineering Lei Zhang (Principal Investigator) have been awarded a grant from the FHWA, to apply agent-based modeling and simulation to analyses of driver behavior and transportation systems management, and in providing insights for FHWA capital investments.
The National Science Foundation has awarded the CCB with funding to continue the Research Experience for Undergraduates component of its Diffusion and Ranking in Digital Social Media research project. This project explores the use of social tagging on Amazon.com, Twitter, and other social media, in order to understand how preferences are shared, and influence is spread, across networks.
CCB Researchers William Rand, Louiqa Raschid, and Yogesh Joshi have been award a three-year grant from the CISE division at NSF to study the diffusion of information and ranking of authority in social media.