https://www.datatobiz.com/blog/marketing-analytics-for-business-success/ Monitoring websites to track the success of a business is a culture and has since become a practice. It is usually interpreted that if the graph is good, the business is on the road to success and this somehow leads to significant aspects being neglected. Now, you must be wondering why so? This is a fact though, that simply by analyzing your website, you might just never be able to reach potential leads or evaluate the conversion rate of your potential customers or maybe even understand what is actually desired of your product to fulfill the demands of the market. Marketing analytics fills in the blank here and is the answer to all the forecasting you have been doing to date based on the evidence only. Implementing marketing analytics is what is to be learned now. When it comes to analytics there are people who will behave as if it doesn’t matter. But it sure does. Smart people across the globe are investing in this science so as to improve campaigns and gain insights. Data from HBR (2015) shows various ways in which marketing analytics is being used by different companies.

1. Marketing Analytics
THE SECRET TO YOUR BUSINESS SUCCESS

2. For a human face, the program distinguishes 80 nodal positions. In this case, nodal
points are endpoints that are used to calculate a person’s face variables, such as nose
length or width, eye socket size, and cheekbone form. The method operates by
collecting data on a composite picture of an individual’s face for nodal positions and
preserving the resultant data as a faceprint. The faceprint is then used as a reference
for contrast with data from faces recorded in a picture or photo.
Since the facial recognition technology requires just 80 nodal points, when the
circumstances are optimal, it can quickly and reliably recognize target individuals.
Nonetheless, this form of algorithm is less effective if the subject’s face is partly
blurred or in shadow rather than looking forward. The frequency of false positives in
facial recognition systems has been halved every two years since 1993, according to
the National Institute of Standards and Technology (NIST).
Introduction

3. To launch a product that will suit the present demands and patterns of the market, a
deep and well-predicted insight is a must. Again, marketing analytics is the answer
here, the predictive algorithms allow the companies to improve the new product
based on customer data piled up while taking sales and feedbacks into consideration.
All these factors integrate to form a part of the bigger marketing strategy and allow
the business to enhance its earnings.
Driving Better Products in Market

4. We all are proof that marketing campaigns via emails or social media allow the firms
to improve their customer base. Marketing analytics gives companies the power to
monitor and optimize these campaigns so that sales and ROI can see growth. The
integrated tools and techniques help rule out the lacuna that might hamper the
campaigns and their implementation as decided. Also, it becomes possible to monitor
the current outcome of any campaign, whether it works properly or needs to be
altered for the future.
Creating Better Marketing Campaigns

5. A company may find out that digital, print, TV and radio marketing takes up around
85% of its market spending. Now amongst these many of the activities can be directly
measured but spending on digital marketing can be refined using marketing analytics
tools. The company can then use the results to optimize its strategy. Using these
types of approaches allows the marketers to track marketing performance on real-
time marketing analytics metrics and make wiser decisions for its better
implementation.
Taking Wiser Decisions

6. How Is Data Analytics Used in
Marketing?

7. A study said that 42% of marketers use data analytics to make decisions about
customer acquisition.
Customer acquisition is a technique of winning new customers and convincing them
to buy the products by the brand. The process includes several stages and is
represented in a funnel-shaped design. It consists of targeted promotions to reach
prospective customers and then provide them with relevant information to spark
interest.
Attracting the audience, engaging them through promotional material, convincing
them to buy, and keeping them happy with customer service can be called the
customer acquisition flywheel. Data analytics helps marketers by providing
actionable insights to attract customers.
Customer Acquisition

8. Customer insight is the process of understanding and interpreting the purchase
behavior of customers. This helps in knowing which products are more popular and
why. Businesses can suggest products to customers based on customer insight and
increase sales.
Data analytics processes the unstructured data from the World Wide Web to share
reports and data visuals about customers’ preferences. You can also conduct surveys
and ask for feedback from followers to gather this information.
Customer Insight

9. The same campaign will not impress all kinds of customers, isn’t it? Be it the
promotional channels, the method of approach, or the product itself- you need to
align everything to suit the customers’ taste.
For example, you promote baking products to attract professional, home, and hobby
bakers. You promote dollhouses to attract kids and thereby influence the parents’
purchase decisions. Depending on your target market, you share posts on social
media, air ads on the TV, and send emails to customers. Data analytics will help you
decide the how, what, and when in marketing strategies.
Marketing Strategies

10. Branding is the process of giving a specific meaning to your business and the
products/ services you sell. It refers to who you are and what your ideals are. It’s a
way to tell customers that this is what the business stands for. It is a combination of
products/ services, business mission & vision, and social responsibility stand.
Data analytics will assist you in determining the right method to take the message to
customers and inspire brand loyalty in them. Customers will stay with your business
not only because of the products but also because of the brand image and all that
your business represents.
Branding

11. Retaining customers is considered more important by businesses, and why not? More
than 80% of the profits come from 20% of the retained customers. It also takes less
investment to retain customers than attract new ones.
Data analytics in marketing help businesses formulate strategies to retain existing
customers and ensure that they are loyal to the business. This is done by enhancing
customer experience and providing them with quality products and customer service.
Customer Retention

12. Components of Market
Analysis

13. You would have heard of SWOT analysis, right? You must analyze the strengths,
weaknesses, opportunities, and threats for your brand before making any major
decisions. The market opportunities and threats include your competitors, who can
push your business into oblivion if you don’t pay enough attention.
Analyzing Competitors
Understanding Customer Perception
How does the target audience view your brand? What do they think of your business,
and how does this affect their purchase decision? If they don’t think your brand is
worthy, it’ll impact the sales, isn’t it? It is important for you to know how customers
perceive your business.

14. Knowing customers is not helpful if you don’t have a firm understanding of your
products. Which product feature is a favorite of the customers? Which feature do they
complain about often? How can you improve the product and re-launch in the
market?
Evaluating Products
Describing the Target Audience
How will you describe your target audience? What are their tastes, likes, and dislikes?
Does your target audience belong to gen X? Are they from gen Y or gen Z? Do they
belong to one region, community, or culture? The more you know about the target
audience, the easier it’ll be to plan the marketing strategy.

15. Market trends are usually analyzed through PEST (Political, Economic, Social, and
Technological) analysis. These factors help evaluate the market conditions and
determine the demand and supply ratio for the products in the near future.
Identifying Market Trends
Analyzing and Projecting Market
Market projections are a combination of market trends, customer perception, and
description. These help frame comprehensive strategies to identify the crucial focus
areas to increase sales and grow the business.

16. Read the full article
https://www.datatobiz.com/blog/marketing-analytics-for-business-
success/