How Analytics is transforming Marketing?
Analytics is the biggest game-changer for marketing and sales in the last 5 years. Analytics helps marketers to evaluate the success of their marketing initiatives. With the growing use of digital marketing, soon everything we use will have a digital connection. And the vast amount of data will be generated and analytics tools like, SAS, Artificial Intelligence & Machine Learning can give marketers capabilities to utilize that data to generate new opportunities, revenues for their organization.
According to Aberdeen Group, companies utilizing analytics for customer engagement have significantly better cross-sell and up-sell revenue, better return on marketing investment, and higher annual company profit than those that do not.
According to the Forbes report, benefits that transcend cross-sell, up-sell, and marketing ROI including:
- More expeditious decision making – 62 percent
- Better insight into customers with a prevalent view – 51 percent
- More confidence in decisions by managers and employees – 49 percent
- More preponderant engagement with customers – 49 percent
- More preponderant collaboration between departments – 36 percent
- Amended reaction time to market changes – 32 percent
Why Analytics is Important in Marketing?
Over the years, as businesses expanded into new marketing categories, new technologies were adopted to fortify them. Because each new technology was typically deployed in isolation, the result was a hodgepodge of disconnected data environments.
Consequently, marketers often make decisions predicated on data from individual channels (digital marketing and website metrics, for example), not considering the entire marketing picture. Social media data alone is not enough. Web analytics data alone is not enough. And implements that visually examine just a snapshot in time for a single channel are woefully inadequate. Marketing analytics, by contrast, considers all marketing efforts across all channels over a span of time – which is essential for sound decision making and efficacious, efficient program execution.
How Analytics has transformed marketing?
- Customer Experience: By utilizing analytics into your customer data, you can uncover hidden things that might take years to detect and make decisions that will improve the customer experience. Analytics allows marketers to predict what customer want before they even know.
- Lead Optimization: Leads are the lifeblood of any sales effort. But not all leads are engendered equal. Some have high value for an organization and represent an authentic opportunity to win business. Others are early-stage engagements that take months or years of development for a sales opportunity. Analytics-driven model evaluated a range of customer behavior’s – such as registrations, website page views, and email clicks – to identify the best leads. Also, analytics helps to track the overall no. of leads passed to sales and the number that convert into opportunities.
- Customer Engagement: This is an immensely colossal challenge for marketers, but with data analytics, marketers can exert tremendous influence on customer engagement. They can find out what needs to change to achieve positive customer engagements, and, better still, what customers want.
- Customer retention and loyalty: Analytics lets marketers augment subsisting customer touchpoints and anticipate incipient ones to keep valuable customers staunch in a brand-fickle world. Further, data analytics can avail marketers allocate resources to drive revenue through prosperous loyalty initiatives.
- Improve Efficiency: Operational efficiency is one of the key indicators of the prosperity of a business. The operational efficiency, in turn, relies on proper planning as well as the execution of those plans. Businesses can optimize the resources with analytics as it pinpoints where efficiency can be enhanced. Hence, the organization operates more flexible and becomes more limber.
- Marketing Optimization and Performance: As marketers shift budgets from traditional to digital marketing channels (email, social media, search engine optimization, exhibit advertising, and mobile), marketers need to ken the optimal marketing spend across multiple channels. With astronomically immense data, marketers can perpetually optimize marketing programs through testing, quantification, and analysis. With a test-and-learn approach, marketers can distribute the key determinant of longevity.
- Proper Labor Utilization: By Utilizing analytics, companies can observe staff performance and uncover inefficiencies and they can strategically arrange resources across departments.
As analytics offers predictive insights, the enterprise can execute its future strategically. The business models incorporate data to identify discernible market trends and implement business decisions accordingly. Analytics avails marketers for better and more successful marketing efforts and investment.
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