How Data Analytics Ensures Better Marketing
“The formulation of a problem is often more essential than its solution, which may be merely a matter of mathematical or experimental skill. To raise new questions and to regard old problems from a new angle, requires creative imagination and marks real advances.”—Albert Einstein
Enterprises are finding it difficult to deal with the voluminous data and are trying hard to make sense of itfor business gains. Interestingly,marketing industry also is witnessing change and is becoming more and more dependent on big data. The opportunity big data provides to field of marketing is immense as it allows marketers to forge their creativity with valuable insights helping them to focus their efforts in the right direction. It is imperative for marketing agencies are aligned to their clients and customers, and use analytics to cater to their demands in a more effective way. What was once considered a creative field has now evolved into a more data-driven world, where facts are driving the change and the heads of businesses are now taking decisions based on cold hard facts. As this approach is becoming more mainstream, organizations need to change their approach and delve deep into this world of data and use analytics to reap benefits.
Analytics is now being seen as a boon and is helping companies make the right choices based on customers’ preferences. Online advertising plays a huge role in increasing sales figures of the companies and this involves tracking customer clickstream data. This means analyzing the data to figure out which advertisements did the customer see before making the purchase or what role did the advertisement play in luring the customer to buy the product. This helps the companies to make decisions faster and decide on the types of advertisements to create future opportunities.
But there’s also another aspect to this—making sense of this large volume of data is in itself a long drawn out process and takes great effort to come to any conclusion using the data generated by customer’s behavior and preferences over a period of time.
Companies that want to reach out to customers through digital advertising will have to do a thorough analysis of the information about what those customers previously searched for or clicked on while surfing the Web.
Role of Analytics
There are many aspects to analytics that a company should be aware of and take a look at before coming to any conclusion. These are:
• How the customers interact with the information orother such critical data to understand how the site can be optimized for increased and meaningful interactionwith the customers.
• Business Intelligence (BI) analytics provides a centralized view of all the aspects of theorganization’s performance across the business processes encompassing sales, manufacturing, marketing, and accounting. It provides the vital data tothe leadership to monitor the company’s performance trajectoryand decide on the future course.
• Companies should take extra care to monitor a customer’s behavior through surveys and other such programs to gain an insight into their preferences and choices. This would help them a great deal in deciding future policies and improving their customer base.
• A ‘Conversion’ on a site is a veryimportant activity. It might be defined as a process in which the customer browsing the company’s website becomes a customer and continues to be so in the long run, thus boosting brand loyalty. The most obvious case is a purchase on an e-commerce site. However, if the site is promoting a service, a conversion can be termed as the number of visitors who sign up for a free trial, a download, a webinar or any other such activity that gives the company an insight into the customer’s psyche.
• Predictive analytics is a great tool to have for any organization. It’s not about looking back now, it’s all about looking into the future and predictive analytics plays its part well in helping companies decide the future path. There are many predictive platforms that can be of help to organizations in their endeavor to reach out to more customers. Predictive analytics is used to analyze large amount of customer data. This may include customer behavior, transaction history, personal likes and preferences and web history data and this can go a long way in predicting the future course of action.
The time is fast approaching when the marketers would want every minute detail about their customers, including their day-to-day activities, like which products did they buy last week or which movies did they watch on Netflix to decide on the future course of action in a bid to satiate the thirst of their clients and customers. This might seem a bit far-fetched, but in reality, it’s not that far away.