We hear more and more about data analytics. The term has been in use for quite a long time when companies realized that they produce a large amount of information that can be used beneficially. Modern tools and faster internet connections are helping analysts collect a huge amount of facts from which valuable insights can be gained. Almost every area of business gains from this data and marketing is no exception. Let us see how this analysis has helped change the way marketing is done.
What Is Data Analytics?
It is a process of analyzing available information collected from either a company’s own storage or from markets in which it is operating. This information is collected, processed, and analyzed for arriving at valuable insights. Various tools and software packages are used for this purpose. There are experts who specialize in this field. There are analytics courses that can train a person in this job. One can find more about these courses here.
These analysts study past purchase details of customers and arrive at patterns that can help in future marketing. Organizations can know which customer segment they must target for achieving specific results. Data analytics also helps in formulating marketing messages that can correctly influence consumers. There are various ways in which analytics have changed marketing processes and strategies. We will see a few of the important benefits that companies gained by adopting data analytics.
Know Customer Behavior
Websites and applications have become the connecting tools between customers and companies. This is where information is exchanged. Earlier organizations had to rely on guesswork regarding how their customers behaved on their sites and apps. With modern data analytics tools, it is possible to know every action of a customer on a company portal. A course on business analytics from IIM teaches students that it is possible to know which web page is less productive and why. Know more about this course here.
Making Conversations More Relevant
Conversations with customers are an important part of marketing. It helps to understand what they need. Companies are also able to pass more information about their products and services. Today conversations happen mostly on websites and through chatbots. These conversations happen at a time of customers’ choice and most of them expect answers immediately. If there is more information about these customers and their purchase habits, it will help to make the interaction more relevant. Analytics courses teach how it can help in this.
Helps In Predicting Customer & Market Behavior
One of the biggest gains from using data is predictive analytics. This process uses existing information to predict how a customer or market will behave. It is common knowledge that most events repeat after a period. Having past details will help companies know how markets will react in the future. This helps them prepare for fluctuations in demand for their products. Another advantage of analyzing data is to predict customer behavior. It helps to forecast seasonal customer purchase patterns.
Make Digital Marketing More Efficient
If there is one area where data analytics has proved to be most helpful, it is in making digital marketing methods more effective. Digital marketing methods like SEO, PPC, Social Media Marketing, etc. can get better results. Analyzing huge amounts of past information can help in getting more returns with internet marketing. Data-driven SEO tools can find out the most suitable keywords. The course on business analytics from IIM shows students how past data helps in improving social media marketing.
Personalizing Marketing
It is very important to give each customer a feeling that the company knows them personally. One way to do this is to suggest products they are most likely to choose. Knowing information about their earlier purchases helps in personalizing messages to customers. Making a personalized shopping experience is not easy when there are a large number of customers. Analyzing a large amount of data helps in hyper-personalizing their purchase journey. Targeted ads, customized emails, and product recommendations can be easily made.
Improving Market Research
Traditional market research was limited to collecting data about who purchased what products. This too was done after laboriously collecting information physically. Today it is possible to get this information almost on a real-time basis. Moreover, research has moved from just products to the emotions of customers. Analyzing data helps to find out customers’ lifestyle, attitude, behavior, and preferences. Open-ended feedback is crucial to market research. Analytical tools help get better insights from such information.
Understanding Competitors Better
No market strategy can be formulated without knowing what your competitors are doing. Analytics courses teach students how market information can be analyzed to know what competitive brands are doing. It allows a company to track millions of competitor web pages and get their complete digital footprint. It is possible to follow their pricing changes and marketing campaigns. Data analytics also includes analyzing competitor interaction with people on social media platforms. This is very important in modern marketing methods.
Improve Content Marketing
Ask any digital marketing professional and they will tell you how important content marketing is. It is at the core of any online marketing campaign. Data analytics helps companies to find out what content is most likely to get the maximum benefits. It is also possible to know what are the trending topics that a firm’s target customers prefer. Analytics helps in knowing when it is most beneficial to publish these topics on social media platforms.
Help In Marketing Automation
As online marketing makes companies of all sizes have an equal playing field, it is very important to resort to automation. This process not only helps a firm in doing repetitive tasks. It is possible to understand customer journeys, get valuable leads and engage customers in a more beneficial way. Data analytics helps in creating content, segment customers, and track their activities. It helps focus your efforts on the best prospects and make timely sales calls.
Wrapping Up
A course on business analytics from IIM can teach that all the above are possible only if data analytics is performed properly. Companies must analyze past facts, get current market information and predict future trends for formulating a successful marketing strategy.
More Information:
Ultimate Guide to Career in Marketing
Why pursue a career in digital marketing?
Digital Marketing Career Scope, Jobs Opportunity & Salary in India
Advanced Certificate In Managing Brands And Marketing Communication from MICA
