The evolution of marketing has reached a phase where it is all about advancements in data to attract more potential buyers. Data and analytics are the two terms that are being used in marketing for quite some time. Marketers need to be trained to use these concepts to handle digital disruption through big data.
The slowly changing marketing is driven by data to connect at a personal level with the customers. It aims at providing more personalized services and offers to meet their needs. Marketing analytics enables the marketer to evaluate the success of marketing initiatives. It integrates processes and technologies to weigh tangible performance metrics like social media likes, followers, etc. ROI, marketing attribution, and overall marketing effectiveness are the most commonly used metrics in marketing analytics.
Marketing analytics helps the firm to achieve customer loyalty through the satisfaction of products and services. It is a new term to many marketers and they are still figuring out how to use data for customer segmentation, targeting, and eventual placement of the product or the services in the customer life cycle. Marketers can achieve this using data assessment, data pipelines, data modeling, and data visualization.
Data assessment is to know whether the data used by marketers are structured or unstructured or live or static. Assessment becomes more complex due to the high levels of dynamism in the USP of marketing data. It also makes it highly indispensable to steer the future course of action. Data pipelines help in creating data for analytics and even future analysis by citizen data scientists who may be the marketing analytics professionals themselves. It also makes data clean and model ready for marketing chores.
Data modeling helps in predicting customer demands and preferences for which the marketing analysts build and train models. It involves a highly critical stage while building marketing blueprints. Data visualization is all about presenting the previous steps to C-suite especially Chief Marketing Technologists who are the decision-makers of an enterprise.
Data literacy is an important part of marketing analytics because without proper data learning the entire blueprint goes meaningless. It requires time to improve data literacy and take the business to the next level. It helps enterprises to make a customer-centric approach. Marketing analytics enables the firm to deliver the right products to the targeted customers at the right time using the correct channels.
