Its applications can be mainly branched into two types: First, in which users are included in framework of decision support and second type is where they are not, i.e., Automated marketing analytics. The fundamental intention of using analytics in marketing is the improvement in overall process of decision making.
With the increase in technological advancements and environmental adjustments, there has been a drastic change in the way a marketing manager needs to structure, align and execute jobs. Some of the most important modifications consist of:
1. Pervasive, networked, advance information generation (IT) infrastructures
2. Enormous volumes of data
3. Increase in diverse customers
4. A manifold increase in the demands by management to make greater returns on investment
5. A global, business environment with intense competition
This is where marketing analytics comes into play, giving the industry to sustain the cut throat competition by applying the results from marketing analytics and increase profitability.
Analytics involves the following three basic stages:
1. Descriptive 2. Inferential 3. Predictive
Descriptive and Inferential are classified as basic analytics which is presently treated as business intelligence. The other stages are of greater complexities and value. Predictive analytics helps in :
- Identifying the best customer segment to target
- Forecast future performance based of previous campaigns
- Identifying the loyal customers for incentivisation
Impact of Marketing Analytics
Marketing analytics is no small subject in today's world of business. In fact, according to Transparency Market Research, the marketing analytics industry is set to grow by roughly 14% by 2022. Marketing analytics has a tremendous impact on industry as it help the companies to increase ROI,monitor trends over time, determine campaign effectiveness, forecast future results, and so on.
Advantages of using Marketing Analytics in any Industry can be as follows:
Learn what happened- This instrument enable marketers to avoid the mistakes done in the past by using descriptive analytics.
Gauge what's happening now- Using analytics one can track the current market scenario and act according to the current market trends and requirement.
You can read up to 3 premium stories before you subscribe to Magzter GOLD
Log in, if you are already a subscriber
Get unlimited access to thousands of curated premium stories, newspapers and 5,000+ magazines
READ THE ENTIRE ISSUE