7 Facts About Marketing Analytics

By Author: Prajwal Shirke
Total Articles: 12
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Marketing analytics is a way to gauge consumer insights and make decisions based on the quantitative data collected from the marketing campaigns. It is the most effective and efficient marketing tool. So, its popularity does not surprise as more and more marketing agencies heavily rely on marketing analytics. They are expected to double in the next three years.

This has also increased the demand for marketing analytics course which is now available across media schools.

Those who are unaware of the marketing analytics concept, tend to make certain errors. So, learning about analytics from a media school is imperative. However, those who are entering the analytics business for the first time, should be aware of the following:

1) Fun facts factory: The data collected from marketing analytics should offer business solutions. It is essential that marketers create a set of questions and then derive answers for them based on marketing analytics strategies. This is how the insights generated from the analytics finds its ways in marketing strategies, plans, and decisions. Remember, data collection is not ...
... for fun purpose.

2) Marketing process: Using analytics into your marketing plan is not a choice. It must be embedded in the marketing process.

3) Better analytics: Companies must build a stronger foundation to ensure better leap of faith is taken. This way analytics makes a greater impact. If need be, companies can take baby steps to build better analytics. With in-depth data, companies receive a clear view, and that lays the foundation for the future as well.

4) Marketing analytics culture: To ensure marketing analytics is an integral part of the marketing process, the organisation should carry that kind of lifestyle. For this purpose, the company requires new investments, behaviours, mindsets, capabilities, employees, and groups. Some companies have top managers in place who help to embed the culture within the organisation. These managers include part teacher, counsellors, and cheerleader.

5) Appreciate marketing analysis: Only the creative and an analytical thinker can use marketing analysis the right way. So, the company need to hire someone who understands the art and science of analytics. Such skillset is not only hard to find but is also a rare combination.

6) Organise marketing analytics: Your analytics should be a mirror image of your marketing decisions. For example, if you use marketing analytics for a brand, dedicate the analytics to each brand manager.

7) Measure and act: Analytics allow companies to measure and evaluate actions. Precision is the key here. However, you cannot time analytics frequently. Also, precision consumes time and energy. It also includes a high level of certainty. In such scenarios, managers have to make decisions based on the data available in hand.

If marketing analytics intrigues you, enrol to a nearby school of communication and obtain a degree now!