Marketing Analytics gathers data from across all marketing channels and consolidates it into a common marketing view. From this common view, you can extract analytical results that can provide invaluable assistance in driving your marketing efforts forward. Marketing analytics uses important business metrics, such as ROI, marketing attribution and overall marketing effectiveness. Over the years, as businesses expanded into new marketing categories, new technologies were adopted to support them. Because each new technology was typically deployed in isolation, the result was a hodgepodge of disconnected data environments. Consequently, marketers often make decisions based on data from individual channels (website metrics, for example), not taking into account the entire marketing picture. Today, data is everywhere. Simply with a touch of a button thousands of data can be created within a very short span of time. These data are extremely useful in acquiring insights into every major field of corporate world. An effective marketing analytics can pave the path of a successful business plan like any other stream of analytics which helps various other programs.
Over the past few years, we’ve seen a steady rise in the importance of data analytics, in organizations as varied as consumer goods companies, professional sports franchises, political consultancies, medical research institutions, and financial firms. In fact, the US Bureau of Labor Statistics reports that the job market for various data disciplines is growing at 27% annually. Many factors are lining up to make 2017 the “Year of the Data Analyst”.
A proliferation data and new data services is the new standard of business. Increasingly, key decisions are being taken not just on experience, but based on hard data and analytics. Most business leaders agree that analytics is crucial to manage today’s business environment. At the same time, they contend with an environment in which analytics is still in its infancy and most users are not well versed to leverage the power of analytics. A deep analytics can help with marketing planning, product management, promotion and advertising, and market research.
An appropriate Marketing Analytics infrastructure is essential for decision-making. Without a doubt, data and analytics have become central to every organization’s business strategy. In his book Competing on Analytics: The New Science of Winning, TomDavenport claims that to be successful, a company needs to have strong analytics. He posits that, those who are competitive in their analytics approach use data and analysis capabilities to discern what customers want, how much they are willing to pay, and what keeps them loyal.No company can boil the ocean. Therefore, to be successful, it will be critical that you look at your marketing data and performance analytics through the lens of how to serve a business purpose. When you review the journey of analytics, you can see that it’s always been about making business decisions based on data. Yet, according to CMOsurvey.org, less than one-third of business initiatives use marketing analytics.
When we use the two terms, marketing and analytics together it becomes something it becomes a different thing from just marketing or only analytics. While marketing primarily concerns branding and conversions, the analytics part of it works both as a guide, and a scale to measure the marketing efforts. It is extremely important, more so for a startup, to use the funds cost effectively. While unsponsored marketing efforts can still go a long way, you have to step up the game at some point; saving time is also a very important issue. Having the right people in place to analyze the results of previous programs as well as to direct the investment, both of time and money, according to the industry trends can be of utmost importance.
- Set your goal. Select an audience
- Employ a marketing analyst or employ yourself, if you are ready for it, to understand what needs to be monitored and done.
- Select the right tool(s)
- Gather generalized or specific details about the targeted customer base.
- Design wire-frames for your probable marketing efforts.
- Compare them to select the best one.
- Go for it.
This can be the simplest outlook of a marketing analytics program. It depends on your product/service that which customer you should target and it depends on the age, habits, and personal choices of your customer that how your brand should appear before that customer. People are exposed to a lot of information every day, every minute, a lot of which does not mean anything to them. The sole purpose of a marketing analytics team is to make sure that your brand does not get lost which is hard but possible if it can appear when and where it matters.