Big data and analytics is currently the next big thing or in some ways even the next big what in the business of marketing. Currently, companies spend 7% of their budgets on analytics, with an estimated increase of about 73% in the next three years. These seemingly little percentage accounts for billions of dollars in investment.
To have an idea of the paradigm shift, in 2017 alone, the amount of tech companies concerned with marketing and analytics has doubled to about 2000, giving credence to the phrase; “information is power”. This article will go into details of how marketers today are exploiting the concept of intelligent analytics.
Technological advancement has provided us with in-depth knowledge of certain business techniques, especially in the field of marketing. With a plethora of advertising platforms online, the challenge isn’t to put out ads, rather, to effectively advertise.
Marketing analytics is the way in which certain marketing initiatives are measured, processed, and analyzed, in order to know the effectiveness of the strategies being employed. The advent of big data has immensely helped in recording success with this technology. Intelligent analytics has been of immense benefit and some of the advantages are highlighted below.
When a large stream of data is processed, companies can study and understand a trend in product consumption. Intelligent analytics will help marketers identify otherwise unnoticed patterns of purchase, the effective and less effective ads. Successfully exploiting this information is crucial to success as a marketer. By relying on big data, products which are short-term fads are identified and this discovery helps marketers know which products to focus on and most importantly; when to give them attention.
Several years ago, advertising involved gigantic billboards, flyers, and house-to-house visits. The paradigm has shifted and now, the advertisements are everywhere you go; your email, social media feeds, even while shopping. Unfortunately, this came at a price; the advertising business is now a billion-dollar industry, and it is projected to increase in the nearest future.
With this in mind, companies cannot afford to be wasteful with resources. Intelligent analytics will give marketers an idea of the effective ads and those that are mostly ignored. In summary, streamlined analytics will help your company do away with inefficiency and lack of productivity.
A campaign is never rolled off the blocks till an effective segmentation mechanism is put in place. Cluster is one of the key techniques that creates segmented blocks which can form the basis for targeting the message. A key part of the campaign process is the optimization of the message through effective A/B testing that decides the copy that gets floated to the right target group.
Ideally, marketers employ the response rate to a specific campaign as the ultimate standard of measurement. This was enough in time past, however, the story has changed. Customers now expect marketers to interact with them on several levels. If a lead comes on after an online event, it is important to know the open rate, click-through rate, opt-out rate, conversions, ad conversion rate, completed leads, etc. If, for instance, the lead fails to achieve the expected response, these metrics, rather than one single measure, will help to turn the campaign around.
The Marketing team is no longer a monolith that’s straitjacketed into strategic and creative silos. It’s really the ability to predict and analyze that can really separate marketers of today and the CMO’s of tomorrow. At Biztruss, we advocate that marketing be treated a full cycle from Thought to Finish. Intelligent Marketing is on a permanent beta model, as Intelligent Analytics dictates iterative approaches that would form the basis for future campaign strategies.
To sum it up, intelligent analytics saves time, effort, and money. Giant strides have been achieved with this branch of big data and the industry continues to burgeon. As a marketer, taking advantage of this technology will be a step in the right direction.
Till we roll out another article from our hot press, remember to add an analytics tag to your marketing campaign!
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