Top Trends in Marketing Analytics
Analytics has touched upon and influenced all possible industries and business functions. Great importance has been placed on marketing analytics in the recent times as it allows marketers to optimize all aspects of their marketing strategy. Today, digital marketing generates a lot of data unlike traditional marketing, including transaction data, online data, social media data, […]READ MORE >>
Analytics has touched upon and influenced all possible industries and business functions. Great importance has been placed on marketing analytics in the recent times as it allows marketers to optimize all aspects of their marketing strategy. Today, digital marketing generates a lot of data unlike traditional marketing, including transaction data, online data, social media data, customer feedback, and customer data. The data collected can be used for further analysis to understand the customers and deliver favorable customer experiences. Marketing analytics can help decision makers, right from the start by assisting in market segmentation, target marketing, and product positioning. So where is marketing analytics heading along with the coming digital revolution?
IoT and customer data analytics
A few years ago, it would have been impossible to imagine a life where each and every device and appliance would be connected. Today, it’s a reality, and tomorrow it will be part and parcel of life. With such a connection across all devices and household appliances, it becomes easier to know the customer. Marketers can easily identify what the customer wants, how often they purchase, how they dispose products, and such intelligence. As a result, marketing analytics can be used to understand the customer as growing number of information channels will continue to be the trend. Such new data sources will make the forecasts much more accurate and reduce wastages of marketing resources.
Social media analytics and social marketplace
Today, social media is more of a branding tool, where brands engage with customers and create a positive experience. However, looking at the current technological progress, it might not be so far that someday, people can place an order and pay via social media channels. Today, the affiliates will direct you to a different link to make a purchase. But in the future, customers may be able to buy it directly from the Facebook app itself. Facebook has enabled payment methods and launched marketplace in a bid to compete with e-commerce platforms. One advantage social media players will have over their e-commerce counterparts is that they can leverage social media analytics to understand the customers and push relevant products towards them. Selling takes place not only via marketplace and groups but also through Facebook stories and Facebook stores. For instance, brands like Starbucks and Urban Outfitters have Facebook stories which redirect audiences towards their site.
AI in marketing analytics
AI has been revolutionizing every business unit from finance and operations to marketing. The application area of AI is just limitless. By analyzing sample data from customer preferences, it can suggest what food they like and what product feature customers like or dislike. AI techniques can help businesses find patterns in customer data and elicit recommendations for optimizing performance. For instance, Datorama offers ‘AI-powered marketing intelligence’ which helps marketers to unify data across systems and access powerful analytics using natural language processing. The technology is also integrated with Amazon Alexa.
Focus on real-time analytics
The market is getting fast-paced and dynamic. Customer queries and wants should be addressed quickly. As a result, companies can’t wait for analytics reports to be completed before taking a decision. Real-time analytics can allow for an instant product recommendation, geo-targeted promotions, and dynamic pricing. It ensures the survival of the company even in the time of cut-throat competition.
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