Marketing, big data and analytics are inter-related which helps in site the acquisition and retaining customer’s in this competitive world. The best description of Marketing Analytics is in terms of six key components which are as follows:-
Data sets the base for marketing analytics. Data can be big, small, complex, simple, structured or unstructured. Data related to customer are most important and valuable for the marketer and also for the organization. In most organizations, marketing is where the customer data resides.
The technology needed to handle the data that presents a challenge for marketing because it depends on 24/7/365 supports from IT to maintain access. For marketers, technology means empowering them to respond quickly, test constantly and deliver measurable value desired results and also ability to be agile.
Advanced analytics enables marketers to make fact-based decisions about designs, segmentation, channel optimization, inbound marketing and nurturing efforts. Through analytics, marketers can gain valuable information about trends, consumer preference and the digital dialogue of customers and prospects.
Methodology includes a set of process that encourages consistent interpretation of results, as well as a consistent execution of campaigns and deliverables. In an environment of constant change, the methodology helps in aligning the independencies of various functions.
Building an analytical culture requires leadership that asks the right questions, encourages evidence-based risk taking and makes a commitment to educate, inform and collaborate within and across organizational lines.
Data, technology, analytics, methodology and a strong analytical culture will drive innovation. As a marketing organization, you can innovate more effectively if you:-
- Protect and care for your data
- Leverage the diversity of advanced analytics
- Hire and/or train marketers to be analytical
- Establish a disciplined approach
- Embrace a constant change
- Sustain credibility with your constituents
This blog is inspired by article of Adele Sweetwood, VP of SAS Americas Marketing published in ANA magazine.
The blog is written by Utkarsh Garg, Student, FIIB. See his Linkedin Profile here