How digital analytics in marketing helps refine strategies
Digital analytics is the biggest game-changing opportunity for marketing since the internet went mainstream almost 25 years ago. The data big bang has unleashed terabytes of information about everything from customer behaviour to weather patterns to demographic shifts in emerging markets. This goldmine of data represents a pivot-point moment for marketing leaders when analysing the customers’ journey and strategies to efficiently penetrate the market.
At the beginning of your digital marketing journey, your main focus lies in the creation of content, pitching well-crafted articles to other blogs or trying out new methods on different social media networks.
But what happens after you have published and distributed your content? This is the part where digital analytics in marketing becomes important because simply writing a blog article or social media post is not enough. Your organisation now requires information about the returns or the reason behind your digital marketing efforts.
These questions are sometimes really hard to answer without having the right tools in hand. For this reason, more and more digital marketers are taking an analytical approach to their marketing efforts. I would even go so far as to say that every digital marketer is, to a certain extent, a digital analyst.
With the evolution of cloud technology and near-infinite computing power connected through real-time networks, data collection has become more attainable for marketers and businesses. The amount of data available now is unprecedented, but what is it for? How is it useful?
Read on to see how digital analytics in marketing is changing the approaches adopted in our increasingly data-driven world!
Predictive digital analytics in marketing helps with retention
With predictive analytics, it is possible to map past data and predict future shopping trends. Whether you are in B2B or B2C marketing, you can anticipate what customers will buy before a purchase is made. In other words, you can easily identify high-value customers before they have even purchased from you. How can predictive analytics perform so many functions? By using a combination of response modelling, affinity analytics, churn analysis and historical data.
You can then develop more precise marketing campaigns that connect more closely with customers. It is also possible to eliminate inefficient processes and reduce churn. Reducing churn ensures that customers don’t drift away. You can gain better understanding of which customers are in danger of leaving and develop marketing campaigns that prevent them from doing so. It also becomes possible to automate market processes to find shortcuts, cut costs and save time.
Targeted advertising fortified by analytics
Marketers are collecting the data produced from a variety of live customer touch-points to paint a complete picture of each customer’s behaviour. Analysing this large amount of data in motion enables marketers to fine-tune customer segmentation models and apply the insights to refine customer engagement strategies that improve the value of customer interactions.
As the number of customer channels increase, marketers need to ensure that they are delivering a tailored experience across all channels. All of these efforts help provide a highly personalised experience while maximising the return on marketing investment. In the long-run, marketers can feed these new, real-time insights back into the organisation to influence product development and product pricing as well.
Digital analytics in marketing is key
More than 63% of marketers reported an increase in spending on data-driven marketing, and around 20% of all marketing spend goes on digital analytics-driven marketing campaigns. Moreover, companies who adopt analytics in their marketing are more likely to have an advantage over the competition and increase profitability. In fact, they are six times more likely to be profitable year-over-year.
Data-driven marketing not only benefits clients, but your company as well. One of the reasons for this is that a data-driven marketing strategy has a positive effect on your overall business efforts. Quantitative results are essential for every business because they help you learn more about the current status of your efforts and strategies in place, which, of course, helps you to decide the best road you should take.
The insights gleaned from analytics is golden nectar for effective global marketing strategies, giving businesses a much needed competitive edge in our current climate.
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