SALIENT FEATURES OF MARKETING ANALYTICS | Top mba colleges in bangalore

Posted by Prof. Dr.Anilkumar R On 31/12/2022 16:00:23

Marketing analytics benefits both marketers and consumers. This analysis allows marketers to achieve a higher ROI on marketing investments by understanding what is successful in driving either conversions, brand awareness, or both. Analytics also ensures that consumers see more targeted, personalised ads that speak to their specific needs and interests, rather than mass communications that tend to annoy. Top MBA colleges in Bangalore

Marketing data can be analysed using a variety of methods and models depending on the KPIs being measured. For example, the analysis of brand awareness relies upon different data and models than the analysis of conversions. mba colleges in bangalore

In the modern marketing landscape, accurate data is more important than ever. Consumers have become highly selective in choosing the branded media they engage with and the media they ignore. mba in entrepreneurship in bangalore

If brands want to attract the ideal buyer’s attention, they must rely on accurate data to create targeted personal ads based on individual interests rather than broader demographic associations. This will allow marketing teams to serve the right ad at the right time on the right channel to move consumers down the sales funnel. mba colleges in bangalore

The following are some of the salient features of Marketing Analytics: mba admission in bangalore 2023

To understand what happened, businesses can use marketing analytics to gain insights into the performance of previous strategies and study them to understand why results were shaped in a certain way. By analyzing previous performances, marketing teams can avoid making similar mistakes in the future. MBA College in bangalore with Business Analytics

To understand what is happening: Besides offering insights into past activities, marketing analytics can also provide information on the performance of current marketing efforts. Real-time status on marketing efforts can help marketers improve and optimise current campaigns in real-time. mba in operations management in bangalore

To know what might happen: Leveraging marketing analytics’ predictive models such as clustering, regression analysis, and collaborative filtering, businesses can forecast changes in consumer behavior. For example, they can predict when a viewer is likely to leave their website, or which lead might convert into a client. The advent of machine learning and other sophisticated statistical algorithms will help in expediting the process and predict the likelihood of future outcomes.

Maximize efforts and streamline budgets: Coupling marketing analytics with market research could be instrumental in optimising efforts and streamlining budgets. Translating marketing analytics insights into market research objectives will enable businesses to harness big data, channelize efforts and streamline budgets in the right direction and at the right time.

Nearly 84 percent of marketers state they cannot measure and report their program’s contribution to business (ITMSA). This underscores the need for marketing analytics for marketers. Also, it is very important to track and measure the performance of marketing efforts and compare the results against the set objectives. Businesses can use marketing analytics to determine whether their marketing actions are in line with their goals and vision. Apart from comprehending market trends and customer behaviors, they can also create a metrics framework to monitor and evaluate marketing performance. This will help mitigate marketing budget wastage and maximize ROI by making data-driven decisions.

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