{"id":4566,"date":"2014-01-20T13:19:58","date_gmt":"2014-01-20T07:49:58","guid":{"rendered":"http:\/\/ivyproschool.com\/blog\/?p=4566"},"modified":"2024-11-15T14:06:15","modified_gmt":"2024-11-15T08:36:15","slug":"spotlight-marketing-analytics","status":"publish","type":"post","link":"https:\/\/ivyproschool.com\/blog\/spotlight-marketing-analytics\/","title":{"rendered":"Spotlight: Marketing Analytics"},"content":{"rendered":"

Where are my customers located in terms of market segments? Geography? Market size?<\/i><\/p>\n

What is the revenue loss on account of customer attrition in the last financial quarter?<\/i><\/p>\n

How to increase campaign response rates using predictive modeling?<\/i><\/p>\n

Is the proposed marketing tactics likely to convert into increased sales revenue?<\/i><\/p>\n

The ways companies interact with customers have changed over the past three decades. Today, it is solely about the customer, whether the existing consumer of the goods or service, the casual shopper or enquirer, or the potential buyer. Thus focus is on building a marketing mix model that engage the customer<\/a> at all the three levels.<\/p>\n

Recognising \u2018Customer is the king\u2019, marketing is now all about building customer relationships. With Customer Relationship Management (CRM)<\/a> becoming core to businesses, popular tools are used to build an audience and generate an interest in the product – advertising, promotional campaigns, questionnaires, social media engagement, web content, lead generation, newsletters and emails, mailers, brochures, trade fairs, and so on.<\/p>\n

The resultant data is voluminous posing the challenge of making sense of the same to drive business growth. This involves use of sophisticated techniques like customer profiling, demographic segmentation, competitor analysis, ROI analysis, building sales conversion model, customer life cycle – to make strategic decisions for the business.<\/p>\n

So how do you define Marketing Analytics?<\/b><\/p>\n

The technique of measuring and analysing sales data, marketing programmes, customer data, queries and leads together with location information, demographics, market potential and competition, for maximum effectiveness of marketing models and an optimal return on investment.<\/i><\/p>\n

Beyond the sales and lead generation, marketing analytics offers profound insights into customer preferences and trends. This is not only applied to build an effective CRM but also develop compelling business models for brand building, pricing, advertising mix, sales conversions, marketing ROI, that drive business growth and better investment returns.<\/p>\n

Marketing analytics addresses three key \u2018hard metrics\u2019<\/a> of revenue, ROI and performance. The roadmap to marketing analytics includes various strategic and tactical analytics<\/a> to improve marketing performance.\u00a0 While tactical analytics<\/em> analyse effectiveness of marketing initiatives to build models, strategic analytics<\/em> focus on prioritising sales and profits.<\/p>\n

Strategic marketing analytics (descriptive analytics)<\/b>:<\/p>\n

Customer data analysis, Marketplace analysis, Competitor analysis, Customer lifetime value, PEST \/STEEPLE Analysis, S.W.O.T. analysis<\/p>\n

Tactical marketing analytics (predictive analytics)<\/b>:<\/p>\n

Product pricing or branding, Purchasing behaviour model, Marketing mix model Predictive segmentation, Response rate prediction<\/p>\n

Recognising the need of organisations to take more control of the revenue process, vendors<\/a> are also offering complete, real-time customer insights, with in-memory analytics and predictive modeling for improved sales, service, and marketing effectiveness.<\/p>\n

Marketing Analytics has become a mainstay for businesses where \u2018customer numbers\u2019 and CRM are critical drivers of top-line growth. To fortify marketing analytics strategy, an integrated system of customer analytics, retail analytics, web analytics, social media analytics and cloud solutions are being deployed; with the 4 Ps of marketing analytics<\/a> being leveraged for an improved Return on Marketing Investment (ROMI).<\/p>\n

\u00a0Update:
\n<\/b><\/p>\n

Recently, there has been a spate of jobs in the siebel analytics<\/a> segment. To know more about this, look out for a post exclusively on siebel analytics!<\/p>\n

Suggested Reads<\/b>:<\/p>\n

How to Unlock the ROI of your Marketing with Analytics<\/a><\/p>\n

Five customer imperatives to strengthen customer relationships<\/a> \u2013 IBM Business Analytics<\/p>\n

Sales and Marketing Analytics \u2013 Navigating unchartered Waters, How to Transform while you Perform<\/a>\u00a0 – Cognizant<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The ways companies interact with customers have changed. Today, it is the age of the customer where large amounts of data are generated for securing customers and building relaltionships.. Marketing analytics offers insights into customer preferences and trends for strategic and tactical decisions based on the anaylsis.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[126,139,138,140,155,132,142,141,143],"class_list":["post-4566","post","type-post","status-publish","format-standard","hentry","category-data-analytics","tag-define","tag-descriptive-analytics","tag-marketing-analytics","tag-predictive-analytics","tag-siebel-analytics","tag-spotlight","tag-strategical-marketing","tag-tactical-marketing","tag-what-is"],"yoast_head":"\nBoost Your Marketing Strategy with Analytics.<\/title>\n<meta name=\"description\" content=\"Explore how marketing analytics can drive customer insights, enhance CRM, and improve ROI with strategic and tactical approaches.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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