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Marketing analytics and why it matters to your business

by IBNS 03 Jan 2018, 02:10 pm

We are living in an era of big data.If you are doubtful, go through this data we have copied from SmartInsights.com:

In a flash of sixty seconds,

Ø  We made 3.3 million of FB posts in 2016 compared to 2.46 million in 2014

Ø  We made 1440 posts in Wordpress in 2014 compared to 972 in 2014

Ø  All of our tweets were equal to 448,000 in 2016 while it was 347,222 in 2014

Ø  Google searches went from 2.4 million in 2014 to 3.8 million in 2016

We’re thriving in the age of big data! As marketers, let’s thank the advanced data mining techniques and analytics that will help us take smarter decisions in our marketing efforts.

The world’s successful brands have been reaping benefits out of marketing analytics for quite a few years. Why are we lagging behind then? If it is of unawareness, here is a clued-up read about its benefits.

What the heck is‘marketing analytics’?

Marketing analytics enable you to understand how your marketing strategies are performing. For a textbook-ish definition, marketing analytics is the process of measuring, managing and analysing marketing performance in order to maximise the effectiveness and optimize ROI.

In the layman’s language, it helps you derive deep insights about what your customer expects from your product/service. It gives relevant information for you to come up with acustomer-focused business strategy. Also, it helps your brand stand out in the crowded market.

Here are the benefits:

Ø  Data-driven business decisions:The market continues to be more competitive. Hence, making decisions based on your gut might fail. Marketing analytics let you streamline your marketing investments to derive the maximum value.The major advantage of using marketing analytics is that they ensure that your investments and efforts are on the right track.

Ø  Cost-effectiveness: When you know what works, you can omit the rest. Once you know the marketing channels that gives yourbrand the best reach, you can ignore the rest. Apparently, it leads to cost-effectiveness. Hence, your resources and budget are not getting wasted while you depend on marketing analytics.

Ø  Identify the mistakes: Errors happen everywhere, but the difference lies in correcting it as early as possible. Analytics can be effectively used to recognize the flaws in your marketing strategy.It enables you to learn from your successes and failures and have a data-driven strategy for the future.

Well, there is enormous quantity of data being accumulated daily. And your success lies in identifying the right metrics and using analytics to gain the required insights.

Analytics continues to witness explosive growth and greater adoption by companies. It is also being seen as a key strategic tool to gain a competitive edge, especially in a data-driven function like Marketing.Participate in this digital revolution and upgrade your analytical skills. Check out IIM Kashipur’s Certificate program in Marketing Analytics and Customer Valuation in association with Talentedge and accelerate your career.