A Few of the Surging Marketing Analytics Trends

What is Marketing Analytics?

Marketing analytics is the process of tracking and analyzing data from marketing efforts, often to reach a quantitative goal. The insights drawn from marketing analytics enable organizations to improve their customer experiences, increase the return on investment (ROI) of marketing efforts, and craft future marketing strategies.

Prior to the rise of digital technology, marketing efforts were limited to a relatively small mix of print and broadcast channels. The strategy consisted of basic marketing mix elements namely; product, price, place, and promotion strategies, and these were thought sufficient to persuade consumers to buy products.

However, as buying power increased over the years, web technologies improved communication, businesses then had to change their marketing strategies. Consequently, this increased the use of internet for communication and business promotion activities.

Along the line, the emergence of Social media altered customer behavior radically. Thereby making businesses dive into the soul of the consumer, in order to, get to know their needs and buying behavior.

With this is mind, businesses started making use of social media for different marketing purposes such as; gathering consumer data, establishing marketing communication with consumers, and operating promotion activities.

Evidently, the advent of the internet sped up the evolution of marketing analytics, which resulted in marketers making use of digital attribution models to examine consumer behavior on a more granular level. These models measure the value of each consumer touch point to determine where and when a person engaged most meaningfully with a brand.

Here are some of the key marketing analytics trends to look out for. If your business isn’t following these marketing analytics trends yet, then it’s probably a good idea to start now.

1. Upsurge of Real-Time Data Analytics

Real time analytics refers to the process of preparing and measuring data as soon as it enters the database. This means new data is processed and queried immediately its created to inform decisions in the moment and guide business decision making.

Real-time analytics enables the use of both individualized and industry-wide customer data to have better interactions with customers. Staying up to date with real-time data, and watching data unfold in small steps will be a key analytics trend in the future

2. Content Creation Empowered by Artificial Intelligence (AI)

Content marketing is the process of creating and distributing digital assets, such as blog posts, videos, e-books, technical and solution briefs, and a variety of other digital content to provide information to your audience.

Advancement in AI is a boon to content creators, as it helps content creators with 30% of the digital content creation, thereby increasing productivity and giving more space to the creative process.

One of the key areas that applies AI is to offer clear and precise advice on how a company can execute the most optimal marketing strategies. Instead of just using marketing analytics to discover predictions, AI analytics tools can be used to provide clear prescriptive examples of how to execute the best way forward.

3. Embrace of Automation & Advanced Analytics

The rise in automation has led to an increase in multichannel marketing. Because of the increase in multichannel marketing and automated marketing, greater focus has been placed on advanced analytics.

Advanced analytics are necessary for running effective multichannel and omnichannel marketing campaigns that achieve the best possible ROI. In recent times, algorithms stress more on an individual’s proneness to respond, thereby replacing the rule-based channel selection.

When consumers do not take the necessary action or don’t give a proper response, algorithms re-engage the audience with either additional messages or through complementary channels like SMS or display advertising.

4. Improved Customer Experience and Customer Relationship Management

Customer experience is one of the most critical factors in customers’ purchasing decisions. Customers expect personalization and experiences that are optimized for them.

Having all the customer information at one place is one of the major keys towards creating more personalized experiences. CRM’s helps in collecting data from multiple offline and online interactions and connect them to a single customer profile.

This enables customer service support staff to instantly pull up the customer’s details while they are interacting with them.

CRMs enables automated emails to be sent to customers after a predetermined number of days past the customer’s last purchase. This enables a brand to remain in touch with a customer through personalized emails that deliver relevant content, offers, coupons, seasonal promotions, and incentives.

5. More Emphasis on Data Security & Privacy

Analysts spend a fair amount of their time finding innovative methods to get privacy right, as firms reconcile their digital presence against their global presence for compliance.

Data security is important for any company, and it’s only becoming more relevant as companies put more focus on gathering and using data. This applies to the company data, but it also applies to customer data.

Conclusion

Finally, to remain relevant in the marketing analytics sphere, it is important to keep up and remain updated with constantly changing and evolving Trends.

References

• https://www.cmswire.com/digital-marketing/what-analytics-trends-should-marketers-expect-in-2022/
• https://www.proofanalytics.ai/blog/9-marketing-analytics-trends-to-expect-in-2022
• https://www.markivis.com/insights/marketing-analytics/marketing-analytics-five-trends-to-watch-out-for/
• https://blog.abacusdigital.org/what-is-content-marketing/

What is Marketing Analytics? Marketing analytics is the process of tracking and analyzing data from marketing efforts, often to reach a quantitative goal. The insights drawn from marketing analytics enable organizations to improve their customer experiences, increase the return on investment (ROI) of marketing efforts, and craft future marketing strategies. Prior to the rise of digital technology, marketing…

What is Marketing Analytics? Marketing analytics is the process of tracking and analyzing data from marketing efforts, often to reach a quantitative goal. The insights drawn from marketing analytics enable organizations to improve their customer experiences, increase the return on investment (ROI) of marketing efforts, and craft future marketing strategies. Prior to the rise of digital technology, marketing…