Marketing Analytics combines processes and technologies that enable marketers to evaluate the success of their marketing initiatives. Marketing Analytics gathers data from across all marketing channels and helps measure the ROI.
Marketing Analytics boosts the return for marketing and sales effort. You can attract more new customers and retain existing customers by following Analytics. Big data about the existing and potential customers helps to study the pattern of Consumer Behaviour and helps to improve the CRM. You can also customize CRM by analyzing big data. You can track every activity of your existing or potential customer. Big data helps to plan future actions and rectify past mistakes by analyzing past data. Whenever you launch any marketing campaigns like direct mail, telephone or via email, tracking the conversion or response rate becomes easier.
Marketing Analytics involves continuously testing, measuring and developing marketing ideas that should be new and different from competitors to amaze customers. Spending on analytics could be huge which involves tracking the effectiveness of marketing efforts across various customer segments in all channels. You have to use analytics to gain a deep understanding of the business. You have to understand why a product or campaign is performing in a particular way and then use the forecasting technique to analyze future performance. Forecasting tools based on certain algorithms which try to link certain factors like maintaining inventory, demand and supply of required products. Analyzing data differs from person to person which can produce very different results in the long run that means it can be a major success or a major failure.
Marketing Analytics is an effective way to track the consequences of marketing actions. Each firm has their own core competencies and they differ from their competitors. So, analyzing data depends on the firm and their core competencies.
Few links to visit :- http://www.hubspot.com/products/analytics
The author is Libin Joseph, Student, FIIB
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