TOP DATA ANALYTICS
Applications in Marketing Sector
Data Analytics in Marketing comprises the processes and technologies that enable marketers to evaluate the success of their marketing initiatives.
“Without big data analytics, companies are blind and deaf, wandering out onto the Web like deer on a freeway.” When author Geoffrey Moore tweeted that statement back in 2012, it may have been perceived as an overstatement. Whether you are trying to improve customer loyalty and engagement, optimize your performance, or make pricing decisions, data analytics in marketing has proven to be an indispensable tool.
But how is data analytics transforming marketing and sales? Continue reading Vijay Computer Academy list of applications of data analytics in the today’s competitive marketing sector.
What can you do with data analytics in marketing?
With data analytics, you can answer questions like these:
- How are our marketing initiatives performing today? How about in the long run? What can we do to improve them?
- How do our marketing activities compare with our competitors’? Where are they spending their time and money? Are they using channels that we aren’t using?
- What should we do next? Are our marketing resources properly allocated? Are we devoting time and money to the right channels? How should we prioritize our investments for next year?
Getting a 360-degree view of their audiences
The concept of “knowing your customer” was initially conceived many years ago to prevent bank fraud. Having detailed information and insight of customer behavior was once limited to large financial institutions. Now, because of the accessibility of big data, the benefits of knowing your customers and audience are available to even small and medium businesses, thanks to cloud computing and big data.
Revolution in Digital Marketing
Today, the data analytics role in digital marketing is a top priority for many marketers as big data offers big insights. For example, a good data-driven SEO tool can not only help you find the right keywords to better rank your website in search engines. It allows you to analyze your competitor’s website, understand сompetitor ad budgets, analyze your traffic report, conduct a deep backlink audit, create SEO strategies, discover new niches, etc.
Social media marketing is also a field that gains great benefits from data analytics. From finding prospects and scheduling social media posts to managing social content, measuring results and serving customers, data technology helps you do more with your social media.
Additionally, social management tools analyze social posts at scale and understand what your audience says in them for your brand. When it comes to advertising, special data-powered tools can help you determine the best ad message and optimize your ads for more clicks and more revenue.
Calculating ROI and demonstrating how an individual advertising activity directly contributes to the bottom-line, has always been an incredible challenge marketers face. The advanced capabilities of data analytics can account for all crucial measures, such as level of investment, consumer responses and actions and channels. Providing a precise ROI and helping to inform future campaigns and make better budgeting decisions.
Personalizing the customer experience has likely been the biggest shift we have seen in the marketing industry. Current practices include personalizing the entire customer journey, but this isn’t truly possible without big data analytics that provide the user-generated data necessary to understand consumer choices and preferences.
Enhancing Product Offerings
Data can inform about product features consumers like and dislike. This can allow businesses to adjust marketing efforts in a way that allows them to focus on the most popular and positive elements of the product or service. This data can also be used for design suggestions, which ultimately improves the product in the way that customers want, making it easier to advertise and sell.
It is crucial to establish the right price point for customers. Big data analytics allows real-time monitoring and analysis of prices, product and insights on consumer interest. Allowing marketers to adjust pricing in a responsive way based on customer behavior (i.e. offering discounts to hesitant buyers).
Transform Market Research
It is not enough for marketers to simply understand customers’ experiences with brands and products. You need to understand your customers holistically—their lives, values, preferences, attitude, behavior. This is where big data analytics comes to play. It helps you listen, connect, and engage with your customers to truly understand what drives their decisions.
The modern big data analysis tools create a whole new way to derive better insights from the open-ended feedback. They can also analyze tons of secondary data (such as magazines, blogs, websites, journal articles, etc.) in seconds and show you trends and patterns in it.
The advanced market research software can also do many other things such as: delivering actionable results in real-time, selecting the right target customers, and even tracking customers’ eye movements to catch what attracts their attention. Furthermore, it removes human errors and can save you plenty of time with features such as automatic creation of research reports.
When big data analytics are analyzed in light of historical data, statistical algorithms are able to determine the chances of future results and behaviors. This leads to a much more effective ability to forecast customer behavior and adjust marketing efforts based upon these insights.
The capabilities of these applications are sure to increase over the coming years. But right now, big data is already here, and it is incredibly valuable to the entire marketing process.
Are you ready?
Taking Vijay Computer Academy DATA ANALYTICS Bootcamp can equip you with the tools to derive powerful insights, predict trends, and make data-backed decisions.
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