Facilitating New Generation of Marketing through Analytic Technology
The fourth industrial revolution has brought a change in our psychological perception and behavior. New digital age technologies have reduced our cultural and physical distance to a finite dimension and have made us cosmopolitans, as both western and eastern philosophies are being intermingled to create new genres of substances. This global citizenship has driven consumerism to a new edge. People all over the world are made aware of new innovations, ideas, designs and technologies that are created in a concentrated area within a matter of minutes and a greater amount of demand is created for it. Consequently, the market can no longer concentrate on a small community of people or geo-socio location. It has to entail a broadened sense of appeal to the whole world and analytic technologies are the novel caterer to this new marketing generation.
The current marketing scenario is data driven rather than just creativity. The campaigning modules are formulated on the basis of information generated by various analytic technologies. Marketing teams are able to create better return on investment plans by analyzing big data gathered from various sources along with demographic surveys. They leverage this information to create a list of promotional designs to uplift the status of their representing brands. Campaigns are ultimately being created with a particular audience in perspective; the targeted consumers are analyzed on the basis of segmentation survey of the customer base. A recent trend with the customers that have emerged over just a decade ago and has now become a part of our daily routine is gathering most of our information by spending a majority of our waking hours on social media and Smartphone. We share a vast amount of our personal information online and that becomes a gold mine for marketing executives to base their market research on.
Our society has a strong work ethics and delayed gratification response, this idea is being extensively mined by marketing teams by analyzing the trending and most shared social media topics with the help of web crawlers and web indexing. After thorough customer behavior analysis in a given environment, marketing executives are representing our greatest problems and representing our inner desires in their marketing schemes to promote a brand as ‘what the customers need’. Scenario analysis has become one of the major tools to determine the future of the market and on the basis of that long term marketing schemes are established. Analytical tools such as content scoring tools and social media presence tracking tool have made the work of the marketers easier as they are now able to trace the original impact of their promotional measurements in a real-time environment. Products like—Google Analytics (register online traffic on a particular website or webpage), Mentions (monitors the number of mentions a particular brand or name gets over the web), Cyfe (customers can customize their dashboard to track various aspects), and Sprout Social (surveys demographic presence on social media platforms and what the users like) monitors the digital market. These types of analytic products have reduced the time-consuming door to door surveys to a minimum as executives are able to gather the majority of the information from the user’s online footprints.
Qualitative and quantitative research technology are emerging as another vital aspect in analyzing customer preferences, competitor’s strategies, credit research, performance analysis and index modeling for buying and selling side of the market. Various industries are providing Delta models that have a customer based approach, which helps in determining the strategies that would cater to the preference of potential customers. Predictive modeling is a powerful analytical tool used to find the patterns among the unstructured data collected by various marketing executives and their team to formulize plans for future clients of a brand.
The analytical technologies have helped marketing departments and companies to facilitate the promotion of their brand. But it goes without saying that our fast paced life has increased our want and decreased our attention span. So for a brand to survive, the initial content and quality of the product have to cater to the needs of their potential customers to the optimum to keep the consumers engaged in the long term.