We all know that this is the age of data and analytics and all organizations and departments are using advanced analytics to help them improve their efficiencies and completely rework their processes and strategies backed by the wisdom coming out of the data at hand. Everyone is now aware of the power that analytics provides and Marketing Managers are not far behind. Marketing analytics is now an integral part of the domain of marketing and analytics in being utilized in numerous ways to enhance the functions of marketing. Here are a few examples of how companies use analytics in their marketing functions across all its channels of marketing initiatives:
Text Analytics and Sentiment Analytics to Analyse social media engagement
Companies are using text analytics and sentiment analysis to analyze data obtained from social media platforms to get valuable insights for building business strategies and for formulating customer relationship policies. Using Analytics tools companies do not have to go through data manually but can analyse millions of data records in a few seconds and get information about new products and features as they come on the social media and then rework their social media marketing accordingly.
Use Predictive Analytics and scoring techniques to help marketing related decision making
Predictive lead scoring models leverage marketing data from all channels, as well as internal data, to create a full picture of customer behaviour, advertising potential, and marketing opportunities. These models use machine learning algorithms to build consumer profiles, which organizations are using to predict how consumers react to different types of advertising and outreach and hence campaigns are able to target individual customers to maximize efficiency. For example, a predictive scoring system could rank individuals by likelihood of retention and risk of churning, which helps prioritize outreach to an organization’s customer base.
Optimize email marketing
Companies are using analytics to optimize and personalize email marketing efforts. Marketers analyse how customers interact with different email promotions and help businesses target their email marketing and tailor their messages to meet customer expectations and needs. Companies, for example, use marketing analytics to determine how customers respond to certain keywords, emails sent at particular times of day, or links to content on specific topics.
Search Engine marketing and optimization
Organizations now have access to huge markets through search engines like Google, where consumers often begin their purchasing journeys. Businesses can use Google Ads and Bing Ads to expand their reach. Search engine marketing (SEM) promotes businesses and raises online visibility through advertising on search engine results pages. Organizations then use marketing analytics to track and optimize the performance of their SEM efforts. Search engine optimization (SEO) is the method that companies use to adjust their web content and structure to improve organic search engine rankings. Companies use SEO to reach more consumers and enhance their brand. One of the applications of SEM analytics involves serving different versions of the same ad to a randomized set of browsers and then comparing the performance of these ads in real time.
Marketing Analytics: Data backed decision making in real time
Pic Source : https://consultyasser.com/effective-tactics-marketing-analytics-strategy/
Other Benefits of marketing analytics
Hence we see that companies are using analytics in various ways to connect, analyse and predict customer behaviours and thus base their marketing decisions on a more informed basis. Companies analyse performance indicators along with other data, such as customer profiles or demographic trends, to reveal the causal links between marketing decisions and actual sales. There are various other ways in which Marketing Analytics supports the marketing efforts in a company:
- Marketing analytics makes advertising more effective and automates many rote tasks.
- Marketing analytics helps stakeholders achieve a comprehensive view across all marketing channels, such as pay-per-click (PPC) advertising, email marketing, and social media.
- Marketing analytics helps to clarify the big picture, as well as dig down into more granular marketing trends.
- Marketing analytics tools improve lead generation by providing the insights needed to optimize advertising efforts and target the most profitable consumers. Better leads generate more sales and improved ROI.
- Marketing analytics provides insights into customer behaviour and preference that helps businesses to improve their marketing initiative and customise to the needs of individual consumers.
- Marketing analytics enables real-time decision support and proactive management.
- Modern analytics tools make it easy for stakeholders to analyse data as it comes in, leading to adjustments in marketing schedules and policies as required by changing trends.
- Modern analytics uses predictive analytics to anticipate, prepare and proactively prepare for future trends that can impact businesses rather than react to them.
Dr Jyoti Ahluwalia