Marketing analytics is the empirical implication of marketing data. It is the analysis of data collected from marketing campaigns in order to identify trends/behaviors such as how a campaign led to conversions, customer behavior, geographic preferences, creative preferences, and much more. Marketing Analytics has a wide scope and is of great importance as it assists in decision making. Some advantages of marketing analytics are:
Advantages of Marketing Analytics
Marketing analytics leads towards gaining a deeper understanding of your prospects and clients. Also, how past marketing campaigns performed and are performing in real-time. It allows the company to closely measure and control each campaign and show its contribution to company objectives. Marketing analytics will help you with the following tasks:
Understand your audience
Marketing analytics assists you in better understanding your buyers and opportunities during the buyer journey. Marketing analytics will help you learn how their preferences and values influence their interaction with the brand. Analytics helps to understand about where they are entering (or exiting) the conversion funnel.
When you can recognize important trends, such as how your customers interact with your brand or how your marketing campaigns are doing, you can respond quickly to capitalize on or reverse those trends. Marketing analytics offers insight to help you forecast (and manage) potential market dynamics by allowing you to see the big picture.
Measure performance and KPIs
Marketing analytics will help you understand how well the marketing campaigns are doing in terms of meeting business objectives or key performance indicators (KPIs). By monitoring the KPIs that are most important to the company’s objectives, one will change the marketing strategies and budgets to have a greater positive effect.
Marketing analytics assists in ensuring if the marketing budget is utilized efficiently and effectively as possible. Also, it allows users to understand the effectiveness of marketing campaign which, later helps in determining which campaigns were the most successful and identify areas for improvement. S/he may also see which campaigns are underperforming and pause or terminate them.
Forecast future results
Marketing analytics enables users to predict the results of marketing campaigns and tactics by analyzing historical data regarding consumer actions. This information will help the organization’s decision-making process run more smoothly.