Top-notch Marketing Analytics Solutions

The different types of analytics applicable to marketing are:

Descriptive Analytics – What happened?

Descriptive analytics enables us to analyze real-time and historical data for actionable, intelligent insights explaining how to approach the future. Descriptive analytics helps us find out the reasons behind past successes and failures.

Diagnostic Analytics – Why it happened?

Diagnostic analytics gives us in-depth insights into the reason a particular problem took place – it finds out the why behind it.

Predictive Analytics – What is likely to happen?

Predictive analytics tells us what is likely to happen. It makes use of the findings of diagnostic and descriptive analytics to detect clusters and exceptions and to predict future trends. It is a valuable method of forecasting.

Prescriptive Analytics – What should be done?

Prescriptive Analytics analyzes data to answer the question – what should be done? This type of analytics is characterized by techniques such as graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning.

Marketing analytics in digital marketing enables organizations to understand customer behavior and sentiments, track competition, strengthen content offerings, improve customer experience, engage new audiences, increase marketing ROI, and drive business revenue and growth. This enables organizations to develop unparalleled products and services; it also allows for a unique brand identity and improved brand loyalty.

1. Determine the objective of marketing analytics – Understand the end goal of marketing analytics
2. Determine a data model and connect data across departments – Connect marketing data with other data sources within the organization, such as sales, finance, digital insights, customer service insights.
3. Set up the rules and analytics techniques – Choose the models, algorithms, and analytical tools to be used for optimal data analysis
4. Conduct data analysis and report outcomes via data visualization dashboards – Once the data is collected and clean, and analytical models and techniques are in place, a thorough analysis of data must be done; the insights should be represented via visualization dahsboards which are easy to comprehend
5. Operationalize the insights and optimize business processes – Implement the insights across all necessary processes and functions and gauge results

Marketing analysis enables organizations to understand customer behavior, analyze competitors, optimize marketing campaigns, increase conversions from marketing activities, and drive MROI and sales.

With changing customer expectations, marketing becoming more omni-channel and integrated than ever before, and traditional attribution models becoming obsolete, organizations need to establish unified marketing analytics strategies driven by artificial intelligence, automation, and cognitive analytics. These new technologies will enable organizations to optimally engage with their customers across the marketing mix.

Benefits of marketing analytics:

1. Cross-channel integration
2. CLV optimization
3. Unified view of marketing data from all activities
4. Campaign optimization in real time with simulated AB testing
5. Better customer segmentation
6. Better awareness of customer journey with customer journey analysis
7. Attribution modeling to optimize conversions
8. Closed loop data showing exact impact of each marketing activity
9. Creation of better omni-channel marketing strategies

Data analytics deals with the extraction and analysis of raw data to obtain intelligent, actionable insights. Marketing analytics is a type of data analytics in which the analysis happens on marketing data, such as customer information, marketing campaign outputs, competitor and market information. Marketing analytics is used by organizations to optimize their marketing strategies and increase MROI, conversions, and profitability while reducing marketing spending.

All industries, both B2B and B2C, can make efficient use of marketing analytics to optimally utilize their marketing spending and increase conversions. The principal industries making use of marketing analytics today are retail and CPG, food and beverage, BFSI, communication and media, automotive, transportation and logistics, healthcare and pharmaceutical, manufacturing.

Customer Analytics is a set of processes and technologies that provide organizations with customer insights necessary to contact the right customers, at the right time, with the right messaging. Customer analytics enables organizations to analyze customer data such as customer sentiments, history and identity, web presence, buying patterns, online and offline touchpoints, to understand customers.

Marketing analytics is a set of processes and technologies that enable organizations to assess the success of their marketing activities. Marketing analytics evaluates the performance of a marketing organization using metrics such as MROI, channel attribution, marketing effectiveness, CLV, cost of customer acquisition, conversion rate, social media impact, and more.

Marketing analytics is all about making use of vast amounts of structured and unstructured data to derive actionable insights that enable organizations to improve returns from marketing activities. As the ultimate goal of any marketing activity is conversions, marketing analytics leads to increased conversions, higher sales, and more MROI.

Implement Quantzig’s advanced marketing analytics solutions to solve your complex business challenges at no cost with our 4-week complimentary pilot. This offer bears no hidden clauses and serves as a perfect opportunity to explore our value proposition and gauge organizational synergies.

During the 4-week pilot, you will be working with our advanced analytics experts who leverage the latest advanced analytics and visualization tools and techniques, statistical approaches, and platforms—designed and custom-built to suit your needs to deliver solutions with the power to transform your business.