Marketing analytics is a marketing discipline that works with data collection and analysis to understand patterns, evaluate strategies, and make better decisions.
It delves into data to understand what results have been achieved, whether the company is on the right track, and what trends are on the horizon. It provides an objective lens through which you can view your marketing efforts and make better use of your marketing budget. With data behind you, any decision you make has a much higher chance of success than one made with your gut.
- Understand your target audience in greater detail
- Identify where your competitors are investing their efforts
- Measure how well your marketing campaigns are performing
- Monitor current trends and predict future trends
This helps companies create more conversion-oriented strategies, as well as more accurately predict changing trends in consumer preferences. Wealth of information does not always translate into better decisions. Knowing how to interpret data is the challenge and marketers in particular are increasingly expected to use analytics to inform and justify their decisions.
Mine your data to look for relationships and assess the influence of key variables. How effectively are you using your marketing analytics?