As a businessman, marketing analytics is a must for you to know. By doing this, you can find out information about market conditions and trends that are happening to consumers. In addition, you can also find out what strategies and processes are being carried out by your business competitors. On this occasion, we will discuss what marketing analytics is.
- What is Marketing Analytics?
- Marketing Analytics Purpose
- Benefits for Business
- The Importance of Marketing Analytics
What is Marketing Analytics?
Marketing analytics is the analysis of data through a marketing strategy campaign known as. You will be able to understand how different aspects interact when you analyze marketing data. For example, how marketing efforts affect conversions, consumer behavior, ongoing trends, and more. Due to the rapid advancement of technology and the evolution of marketing from conventional to modern approaches, marketing analysis is now often applied especially in the field of digital marketing.
Marketing analysis can manage data into information that can provide a series of positive consumer experiences in the face of more competitive market competition. Companies can collect data through various platforms, such as websites and social media, which can then be managed to obtain information and utilize it quickly to achieve greater advantages.
Marketing Analytics Purpose
The purpose of marketing analytics is to find out which products or services are most in-demand by consumers, where is the market, what is the best price that can be offered, current trends, and so on. ROI (Return on Investment), sales, and overall marketing effectiveness can be used to evaluate marketing success by implementing marketing analytics. Taking into account all the marketing activities on various platforms over a certain period of time, which is very important for the more effective execution of plans going forward for the business.
Marketing Analytics Purpose
Maybe some of you just think if marketing analytics is only useful for business, that’s a big mistake! Marketing analytics is also beneficial for consumers.
Data analysis in marketing can be defined as an analysis of consumer data for a businessman. This will help you determine which aspects are contributing to increased sales, brand awareness, and other factors. Thus, investing in good marketing efforts will result in a greater ROI for a businessman.
For consumers, the advantage they will get from marketing analytics is that they will get a marketing strategy that is customized to their specific needs and interests, rather than marketing in general which may be distracting. Depending on the KPI (Key Performance Indicators) set by the business, marketing data can be analyzed using various approaches and models.
There are 3 methods of implementing marketing analytics that are important for you to know, here are the descriptions.
- Media Mix Model (MMM): This attribution model is based on aggregated data that has been collected over time.
- Multi-Touch Attribution (MTA): This attribution model helps in providing customized data to consumers during their purchasing experience.
- Unified Marketing Measurement (UMM): A measurement that integrates different attribution models, including MMM and MTA, and turns them into a holistic engagement metric.
The Importance of Marketing Analytics
Analysis in modern marketing has to be more precise than ever. This is due to the fact that consumers are becoming more demanding when it comes to the types of media platforms they want to interact with. Therefore, if you want to attract the attention of potential customers, you must use analytics to develop more effective marketing approaches. This marketing will be precisely targeted, based on the specific interests and needs of each consumer, and executed at the right time on the appropriate platform. Personalization to consumers will be a valuable leverage to provide you with a supply of potential customers if you have enough data and capacity to process it.
By using marketing analytics, this will help your business get high conversions and a marketing strategy that is always evolving over time. If you need it, don’t hesitate to contact SATUVISION. We are wholeheartedly ready to help your marketing strategy to achieve maximum results!