Marketing analytics encompasses technologies as well as processes that can be used to evaluate the success and value of marketing efforts. It leverages numerous metrics to measure the performance of various marketing initiatives. Sound marketing analytics frameworks collect relevant data from various sources and channels and combine them to form a single viewpoint. Furthermore, the marketing team uses these analytics to determine the effectiveness of their marketing strategies and identify opportunities for improvement.
Importance of Marketing Analytics
Marketing analytics is the continuous process of measuring, interpreting, and managing the performance of various marketing strategies and campaigns, in order to optimize its effectiveness and return on investment (ROI). Marketing analytics enables marketers to work more efficiently by optimizing the use of resources, thereby reducing the wastage of the marketing budget.
1. Understand What Happened
Marketing analytics can offer valuable insights into what happened in the past. This helps the marketing team to avoid the same mistakes in the future. Additionally, descriptive analysis, customer relationship management, and marketing automation platforms enable marketing analytics also extend answers to various marketing associated subject matter.
2. Monitor What is Presently Happening
Marketing analytics can help marketers understand what is currently happening with respect to marketing efforts. This can help in identifying whether marketers need to make modifications to avoid running into pitfalls. Showcasing current engagement through an email track or updating status of the leads are some of the ways marketing analytics offers real-time insights into marketing efforts.
3. Forecast What Might Happen
Predictive analysis is one of the most imperative aspects of marketing analytics. Predictive analysis models like regression analysis, collaborative filtering and clustering regression analysis enable the marketers to predict customer behaviours. Furthermore, web analytics tracking can be used to foresee when a visitor may leave a site or would convert into an important lead. Such information can help in building marketing tactics to retain customers.
Marketing Analytics as a Career
With the growing importance of data-based marketing, the scope of the market research analyst is growing tremendously. Since the businesses are becoming more and more data-driven, this demand for marketing analytics professionals is only expected to increase in the near future.
Presently the demand for marketing analysts is surpassing its supply, therefore companies are hiring marketing analysts at an impressively high salary package. The higher the qualification the better is the placement. So, if you are wondering what qualifications you require or how to learn marketing analytics to make a career in this field, then a master’s degree in mathematics, statistics, marketing or management is highly preferred by the employers. Additionally, enrolling in best marketing analytic courses (like the one offered by XLRI and Talentedge) and obtaining a professional certification further boosts the possibility of landing a lucrative job.
The success of any marketing strategy is measured by understanding and constantly analysing the imperative business metrics. The primary objective of implementing marketing analytics skills is to determine the existing as well as future trends of a particular market, and further understand how the company can capitalize on the available opportunities using its resources.