IDEAS home Printed from https://ideas.repec.org/a/gam/jeners/v15y2022i21p8179-d961092.html
   My bibliography  Save this article

Re-Engineering of Marketing for SMEs in Energy Market through Modeling Customers’ Strategic Behavior

Author

Listed:
  • Despina S. Giakomidou

    (Department of Management Science and Technology, University of Peloponnese, Karaiskaki 70, 221 00 Tripoli, Greece)

  • Athanasios Kriemadis

    (Department of Management Science and Technology, University of Peloponnese, Karaiskaki 70, 221 00 Tripoli, Greece)

  • Dimitrios K. Nasiopoulos

    (Bictevac Laboratory—Business Information and Communication Technologies in Value Chains Laboratory, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

  • Dimitrios Mastrakoulis

    (Bictevac Laboratory—Business Information and Communication Technologies in Value Chains Laboratory, Department of Agribusiness and Supply Chain Management, School of Applied Economics and Social Sciences, Agricultural University of Athens, 118 55 Athens, Greece)

Abstract

In recent years, the energy market has seen an increase in small and medium enterprises (SMEs) participating in the sector and providing relevant services to customers. The energy sector SMEs need to acknowledge whether reengineering their marketing strategy by modeling customers’ website behavior could enhance their digital marketing efficiency. Web Analytics refers to the extracted data of customers’ behavior from firms’ websites, a subclass of big data (big masses of uncategorized data information). This study aims to provide insights regarding the impact that energy SMEs’ web analytics has on their digital marketing efficiency as a marketing reengineering process. The paper’s methodology begins with the retrieval of behavioral website data from SMEs in the energy sector, followed by regression and correlation analyses and the development of simulation models with Fuzzy Cognitive Mapping (FCM). Research results showed that customer behavioral data originating from SMEs’ websites can effectively impact key digital marketing performance indicators, such as increasing new visits and reducing organic costs and bounce rate (digital marketing analytics). SMEs in the energy sector can potentially increase their website visibility and customer base by re-engineering their marketing strategy and utilizing customers’ behavioral analytic data.

Suggested Citation

  • Despina S. Giakomidou & Athanasios Kriemadis & Dimitrios K. Nasiopoulos & Dimitrios Mastrakoulis, 2022. "Re-Engineering of Marketing for SMEs in Energy Market through Modeling Customers’ Strategic Behavior," Energies, MDPI, vol. 15(21), pages 1-20, November.
    • Handle: RePEc:gam:jeners:v:15:y:2022:i:21:p:8179-:d:961092
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1996-1073/15/21/8179/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1996-1073/15/21/8179/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Meijer, L.L.J. & Huijben, J.C.C.M. & van Boxstael, A. & Romme, A.G.L., 2019. "Barriers and drivers for technology commercialization by SMEs in the Dutch sustainable energy sector," Renewable and Sustainable Energy Reviews, Elsevier, vol. 112(C), pages 114-126.
    2. Zarrin Fatima & Virpi Oksman & Risto Lahdelma, 2021. "Enabling Small Medium Enterprises (SMEs) to Become Leaders in Energy Efficiency Using a Continuous Maturity Matrix," Sustainability, MDPI, vol. 13(18), pages 1-22, September.
    3. Moro, Sérgio & Pires, Guilherme & Rita, Paulo & Cortez, Paulo, 2019. "A text mining and topic modelling perspective of ethnic marketing research," Journal of Business Research, Elsevier, vol. 103(C), pages 275-285.
    4. Damianos P. Sakas & Ioannis Dimitrios G. Kamperos & Dimitrios P. Reklitis & Nikolaos T. Giannakopoulos & Dimitrios K. Nasiopoulos & Marina C. Terzi & Nikos Kanellos, 2022. "The Effectiveness of Centralized Payment Network Advertisements on Digital Branding during the COVID-19 Crisis," Sustainability, MDPI, vol. 14(6), pages 1-23, March.
    5. Kan Xie & Weifeng Zhong & Weijun Li & Yinhao Zhu, 2019. "Distributed Capacity Allocation of Shared Energy Storage Using Online Convex Optimization," Energies, MDPI, vol. 12(9), pages 1-15, April.
    6. José Ramón Saura & Pedro Palos-Sánchez & Luis Manuel Cerdá Suárez, 2017. "Understanding the Digital Marketing Environment with KPIs and Web Analytics," Future Internet, MDPI, vol. 9(4), pages 1-13, November.
    7. Damianos P. Sakas & Nikolaos Th. Giannakopoulos, 2021. "Harvesting Crowdsourcing Platforms’ Traffic in Favour of Air Forwarders’ Brand Name and Sustainability," Sustainability, MDPI, vol. 13(15), pages 1-25, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Damianos P. Sakas & Ioannis Dimitrios G. Kamperos & Dimitrios P. Reklitis & Nikolaos T. Giannakopoulos & Dimitrios K. Nasiopoulos & Marina C. Terzi & Nikos Kanellos, 2022. "The Effectiveness of Centralized Payment Network Advertisements on Digital Branding during the COVID-19 Crisis," Sustainability, MDPI, vol. 14(6), pages 1-23, March.
    2. Konstantinos I. Roumeliotis & Nikolaos D. Tselikas & Dimitrios K. Nasiopoulos, 2022. "Airlines’ Sustainability Study Based on Search Engine Optimization Techniques and Technologies," Sustainability, MDPI, vol. 14(18), pages 1-23, September.
    3. Damianos P. Sakas & Nikolaos T. Giannakopoulos & Dimitrios K. Nasiopoulos & Nikos Kanellos & Giannis T. Tsoulfas, 2023. "Assessing the Efficacy of Cryptocurrency Applications’ Affiliate Marketing Process on Supply Chain Firms’ Website Visibility," Sustainability, MDPI, vol. 15(9), pages 1-21, April.
    4. Hugo S. Gonçalves & Sérgio Moro, 2023. "On the economic impacts of COVID‐19: A text mining literature analysis," Review of Development Economics, Wiley Blackwell, vol. 27(1), pages 375-394, February.
    5. Krzysztof BORODAKO & Jadwiga BERBEKA & Michał RUDNICKI & Mariusz ŠAPCZYŃSKI, 2021. "Online Visibility and Knowledge-Intensive Business Services Performance: The Scope of Interrelatedness," Journal of Emerging Trends in Marketing and Management, The Bucharest University of Economic Studies, vol. 1(1), pages 157-173, August.
    6. Julio Cesar Alonso Cifuentes, 2020. "Una introducción a la construcción de Word Clouds (para economistas) en R," Icesi Economics Lecture Notes 18187, Universidad Icesi.
    7. Ponzoa, José M. & Gómez, Andrés & Mas, José M., 2023. "EU27 and USA institutions in the digital ecosystem: Proposal for a digital presence measurement index," Journal of Business Research, Elsevier, vol. 154(C).
    8. Mohamed M. Mostafa, 2023. "A one-hundred-year structural topic modeling analysis of the knowledge structure of international management research," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(4), pages 3905-3935, August.
    9. Grzegorz Zimon, 2020. "Financial Liquidity Management Strategies in Polish Energy Companies," International Journal of Energy Economics and Policy, Econjournals, vol. 10(3), pages 365-368.
    10. Burström, Thommie & Parida, Vinit & Lahti, Tom & Wincent, Joakim, 2021. "AI-enabled business-model innovation and transformation in industrial ecosystems: A framework, model and outline for further research," Journal of Business Research, Elsevier, vol. 127(C), pages 85-95.
    11. Mara Cerquetti & Domenico Sardanelli & Concetta Ferrara, 2024. "Measuring museum sustainability within the framework of institutional theory: A dictionary‐based content analysis of French and British National Museums' annual reports," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(3), pages 2260-2276, May.
    12. Zahra Ghorbani & Sanaz Kargaran & Ali Saberi & Manijeh Haghighinasab & Seyedh Mahboobeh Jamali & Nader Ale Ebrahim, 2022. "Trends and patterns in digital marketing research: bibliometric analysis," Journal of Marketing Analytics, Palgrave Macmillan, vol. 10(2), pages 158-172, June.
    13. Olawale Fatoki, 2022. "Determinants of Employee Electricity Saving Behavior in Small Firms: The Role of Benefits and Leadership," Energies, MDPI, vol. 15(9), pages 1-20, April.
    14. Zhang, Wenyi & Wei, Wei & Chen, Laijun & Zheng, Boshen & Mei, Shengwei, 2020. "Service pricing and load dispatch of residential shared energy storage unit," Energy, Elsevier, vol. 202(C).
    15. Damianos P. Sakas & Nikolaos Th. Giannakopoulos, 2021. "Harvesting Crowdsourcing Platforms’ Traffic in Favour of Air Forwarders’ Brand Name and Sustainability," Sustainability, MDPI, vol. 13(15), pages 1-25, July.
    16. Grzegorz Lew & Beata Sadowska & Katarzyna Chudy-Laskowska & Grzegorz Zimon & Magdalena Wójcik-Jurkiewicz, 2021. "Influence of Photovoltaic Development on Decarbonization of Power Generation—Example of Poland," Energies, MDPI, vol. 14(22), pages 1-20, November.
    17. Ozcan Saritas & Pavel Bakhtin & Ilya Kuzminov & Elena Khabirova, 2021. "Big data augmentated business trend identification: the case of mobile commerce," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(2), pages 1553-1579, February.
    18. Moon, Sangkil & Kim, Moon-Yong & Bergey, Paul K., 2019. "Estimating deception in consumer reviews based on extreme terms: Comparison analysis of open vs. closed hotel reservation platforms," Journal of Business Research, Elsevier, vol. 102(C), pages 83-96.
    19. Chatzopoulou, Elena & Navazhylava, Kseniya, 2022. "Ethnic brand identity work: Responding to authenticity tensions through celebrity endorsement in brand digital self-presentation," Journal of Business Research, Elsevier, vol. 142(C), pages 974-987.
    20. Venkatesh Shankar & Sohil Parsana, 2022. "An overview and empirical comparison of natural language processing (NLP) models and an introduction to and empirical application of autoencoder models in marketing," Journal of the Academy of Marketing Science, Springer, vol. 50(6), pages 1324-1350, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jeners:v:15:y:2022:i:21:p:8179-:d:961092. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.