Marketing analytics is the process of managing and analyzing patterns in your marketing data to determine the Return On Investment of marketing efforts like channel, blog, posts performance, calls-to-action and identify the scope for improvement.
Time of uncertainty that affected markets adversely, marketing analytics promise to deliver a more beneficial impact by assessing and evaluating the condition of markets to pave the way for better planning and loss compensation.
Thus, the new trends in marketing analytics in 2021 should be, watched that can provide considerable opportunity for improvement.
- Real-Time Marketing Analytics:
Organizations that run low-latency queries customer data platforms allow marketers to know about the current position of your business and the performance of their marketing campaigns and strategies.
Real-time marketing analytics also helps marketers in knowing threats and problems that may or have arisen.
- Data Security and Regulatory Compliance:
2021 has seen an increase in data violation cases that have affected the business infrastructures. Hence marketers begin to invest in technologies that facilitate network monitoring, access control, encryption and physical security measures. Also, they seek a partner with providers who provides monitoring, alerts and cybersecurity practices.
- Customer Privacy and Data Handling:
Protecting customer and consumer privacy is vital for marketers. To provide customer privacy, use new controls which users can opt-out, purging data once the user left a platform and eliminate unnecessary data.
Based on the historical data analysis of an organization, predictive analytics predict future outcomes using software powered by machine learning. It comprises look-alike modelling, which identifies prospects that can become high-value customers and affinity scoring modelling, which guess people interest based on their browsing history.
- Enhanced Investment in Third-party Sources:
In 2020 Google announced the extinction of third-party cookies from Chrome. However, the rise of first-party data marketers continues to rely on a third-party source that provides a view of the customer along with an increase of the first-party data they collected.
- Adoption of Artificial Intelligence And Machine Learning:
With the development of advanced technology and the rise in AI and ML worldwide, marketers are also adopting artificial intelligence and machine learning tools for their business development and evolution to make their business suitable for the virtual world.
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