What is Marketing Analytics? Benefits, tools, scope and careers
- Marketing analytics is collecting and analyzing data to improve business performance.
- It helps marketers understand how their customers make decisions and what they want so that they can create better marketing campaigns.
- The benefits of pursuing a marketing analytics course are Better decision-making, customer satisfaction, increased customer loyalty, increased sales conversion rates, and improved ROI.
- The tools used in marketing analytics are Customer surveys, A/B testing, website analytics, and social media listening tools like Google Analytics or Facebook Insights for Pages.
- Marketers use marketing analytics to measure things like customer lifetime value (CLV), return on ad spend (ROAS), or even just Click Through Rate (CTR).
The demand for business analysts is soaring, and the job market is flourishing for those planning to build a strong career as a business analyst. A business analyst uses data to solve problems, answer questions, and make decisions. They work in many industries, including IT, finance, healthcare, and manufacturing.
Business analytics is an integral part of every industry today. Businesses need to analyze their data to improve sales or customer service processes. These professionals work with companies to make sure they have the correct information available when they need it so they can make intelligent decisions about their finances and plans.
The goal of this type of marketing analytics at work is usually to improve efficiency within an organization by helping them understand what works best based on past performance metrics (such as sales numbers) so they can improve these numbers over time through better planning strategies or better management techniques.
One of the crucial subsets of business analytics is marketing analytics. Continue reading to learn more.
What is Marketing Analytics?
Marketing analytics is a practice that uses data to understand how your customers interact with your brand. It allows you to make better business decisions by knowing who your customers are and what they want so that you can serve them better.
Different companies use marketing analytics in many ways. However, they all focus on a common ground: using information about your audience’s behavior and preferences to improve your product or service offerings, marketing campaigns, and customer experience.
For example, you could use marketing analytics to determine whether or not a specific type of marketing analytics content is performing well with your audience.
Why is Marketing Analytics an essential skill?
Marketing Analytics is a crucial skill for anyone who wants to be successful in marketing. The combination of data, math, and science helps you make better business decisions.
To understand the importance of marketing analytics, let’s break it down:
- You can make informed decisions
You can’t make informed decisions if you don’t have the information to back them up. And when it comes to marketing, there are so many variables involved that it’s impossible to know what works unless you have something to compare it to.
Marketing Analytics gives you access to information that helps you make better decisions about your marketing plan. Without it, you’d be making choices based on gut instinct or personal preference alone—and those aren’t always great bases for decision-making!
- Support your actions with data
By using analytics, we can take a step back from our assumptions and see how our actions play out in the real world. This is especially important for marketers who want to demonstrate their value beyond just saying, “I did X.” It allows them to point at complex data and say, “Look! This is why I was right!”
- You can predict customer behavior
Marketing analytics allows you to track customer behavior and see what they are doing, so you can plan for the future. This is especially helpful if you are running a campaign based on promotions or deals, as you will know what promotions your customers respond to best and when they come back for more.
Marketing analytics methods
Marketing Analytics methods can be broken down into the following main categories.
- Marketing mix modeling
Marketing mix modeling is the process of analyzing the impact of the marketing variables on your business goals. It’s a way to determine which marketing tactics work best and which aren’t. Marketing mix modeling allows you to adjust and improve your results over time.
- Demand forecasting
Demand forecasting predicts how much customers will buy in the future based on historical data about their buying habits. This method is used by companies that sell physical products (like clothing) or services (like insurance). It can also be used for digital products like online subscriptions or software as a service (SaaS).
- Competitor analytics
Competitor analytics focuses on analyzing your competitors’ strategies, strengths, weaknesses, and market share to develop better ways to compete with them or outpace them altogether.
- Unmet needs analytics
Unmet needs analytics is a method of gathering, analyzing, and interpreting data to determine customers’ unmet needs. It helps in understanding what customers want, how they think, and what they are looking for. Marketers can use this information in product development, promotion, and pricing decisions.
- Trend analytics
Trend Analytics is a technique that allows marketers to identify trends and patterns to make predictions about future sales or profit. It involves collecting data from websites, social media, apps, etc., and then analyzing it to find patterns.
Marketing analytics tools
Marketing analytics tools are software programs that help marketers and business owners gather and analyze their marketing campaign data. They measure how well a campaign performs, so you can see what kind of return you are getting on your investment.
- Google Analytics
Google Analytics is one of the most widely used and powerful marketing analytics tools. It provides information on how many people are visiting your website, what they are doing there, and how you can improve your site for better conversions.
MixPanel is a marketing analytics tool that focuses on user engagement. It allows you to see who uses your product or service and helps you understand how they interact with it so you can optimize their experience.
- The AdWords Performance Grader
The AdWords Performance Grader is an online best marketing analytics tool that analyzes your Google AdWords account for optimization opportunities such as keywords, landing pages, budget spend analysis, and more!
- Heap Analytics
Heap Analytics is a tool that allows you to see how your users interact with your website, and it also helps you understand why they are doing what they are doing. With this information, you can make data-driven decisions about your marketing strategy based on user behavior rather than assumptions or guesses.
Cyfe is a dashboard tool similar to Heap Analytics in many ways, but it also has some unique features that make it worth checking out. It allows you to create custom dashboards and visualize data in new ways—and it integrates with other marketing analytics tools like Google Analytics to compare and contrast data sets across multiple platforms.
How does marketing analytics help businesses?
The number one advantage of marketing analytics that helps businesses is that it allows you to take a more scientific approach to the market. This means that you can measure the effectiveness of your campaigns and then use that data to make smarter decisions about how you spend your money.
With the advantages of marketing analytics, businesses can find out which of their ads work best and which ones don’t. This allows them to optimize their advertising budget by only spending on the ads that are getting the best results.
Marketing Analytics also helps with customer acquisition. By analyzing trends in customer behavior and preferences, businesses can tailor their marketing efforts toward those customers who are most likely to buy from them. This makes it easier for companies to attract new customers without spending as much on advertising or other promotional materials.
Application of marketing analytics with examples
Marketing analytics is a powerful tool that can help you make good decisions, but it’s not magic. Here are some of the best examples of marketing analytics applications –
- Use of marketing analytics to improve its website
Amazon has long been a leader in marketing analytics, using its data-driven approach to continue innovating its website and product offerings.
For example, they have used data from their customers to help them improve their search functionality, including personalizing results based on each user’s browsing history. This personalized experience helps visitors find what they’re looking for faster and more efficiently, which keeps them returning to Amazon.
- Use of marketing analytics to make content recommendations
Netflix is another company that extensively uses marketing analytics to create content recommendations more likely to appeal to each viewer’s tastes. They collect data about what people watch (and don’t watch) every month and use this information to inform their recommendations algorithmically.
- Customer Insights
Walmart has an enormous amount of data about its customers’ shopping habits. It knows where they live when they shop there, how much money they spend at the store each year, and much more! This information allows Walmart to target specific customers with coupons or other offers that appeal directly to them.
Opportunities for a marketing analyst
Marketing analysts are involved in many different roles. They can work at a small business, helping to drive sales and profit through marketing campaigns. They can also work at a larger company, where they will help the CEO or other leadership team members understand the effectiveness of their marketing strategy.
This job is perfect for someone who wants to gain hands-on experience in multiple aspects. For example, you can work with data and statistics, and run the numbers, while also creating well-drafted reports.
What are the critical skills in Marketing Analytics?
Marketing analytics is a broad field that demands many different skills. But there are a few key areas to focus on if you want to become a marketing analyst.
- Data analysis
One of the critical marketing analytics skills is data analysis. This involves using statistical methods to analyze large data sets and draw conclusions from them. A good marketer must identify patterns in their data and determine how to use them to improve their marketing strategy.
- Ability to interpret data
Marketers must interpret data correctly to understand what it means for their business and how it relates to other factors, such as customer behaviour and competitor activity.
- Spreadsheet skills
Businesses use spreadsheets for many things, including managing budgets and sales figures. Marketers need good spreadsheet skills to effectively manage all these different aspects of their role within an organisation’s hierarchy.
- Data visualization
Data visualization can take many forms, including charts, graphs, maps, etc. It’s important to choose a format that’s appropriate for your audience. If you are working with people who are unfamiliar with the data or industry-specific terminology, you may want to stick to a simple horizontal bar graph.
Career prospects in marketing analytics
There are several career options for marketing analytics professionals, but the most prominent ones are as follows –
|Marketing Analyst||INR 8.17 LPA|
|Data Analyst||INR 6 LPA|
|Digital Marketing Analyst||INR 5 LPA|
|Social Media Analyst||INR 5.7 LPA|
- Marketing Analyst
A marketing analyst uses data to help companies decide on their products or services. You could work for a company that sells products or services or for an agency that helps other companies improve their marketing strategies.
- Data Analyst
A data analyst works with data and uses the insights they gain from it to help companies make decisions about their products or services. They usually work in teams with other analysts, but they might also have managerial responsibilities. In many cases, data analysts are also responsible for implementing changes once they have been determined to be necessary by their team’s findings.
- Digital Marketing Analyst
Digital marketers use analytics to help companies improve their digital marketing strategy—everything from social media ads to email campaigns to website design and development!
- Social Media Analysts
Social media analysts use various data to inform the creation and implementation of social media strategy, including customer demographics, brand perception, sentiment analysis, and competitor analysis.
ALSO READ: How to become a marketing manager in India?
How can I learn marketing analytics?
Here’s how you can effectively learn marketing analytics –
- Learn the fundamentals of marketing analytics
You need a strong understanding of how businesses use data and analytics to make decisions, so we recommend taking our business intelligence and analytics course. This will give you a solid foundation in the basics of business intelligence and predictive analytics.
- Acquire skills in Excel, R, Python, and SQL
One of the importance of marketing analytics is a basic understanding of how to use these best marketing analytics tools because they are used frequently in the industry. If you want to get good at using them, find your suitable course at Online Manipal, and get started.
- Master the art of data mining
Data mining is used heavily by companies today and is an area with massive potential for growth over the next few years, so this is something you will want to be familiar with! We recommend enrolling for our course for Business Intelligence (BI).
- Gain expertise in marketing research
There’s a lot of buzz about data science and machine learning, but you can’t forget the basics. To be successful in marketing analytics, you need to understand how to gather and analyze information from your market, which is precisely what marketers do every day.
- Apply market research to real-world situations
Those with an online MBA in marketing will already have experience with real-world market research applications. The online MBA program will equip you with the skills needed to apply your knowledge in ways that help you make successful decisions for your company or business.
When you choose the MAHE’s online MBA in marketing at Online Manipal, you gain hands-on experience with the skills, tools, and knowledge necessary to successfully manage your company’s marketing campaigns through an emphasis on data-driven decision-making and consumer-focused research. It will also help you understand the critical role of social media marketing, brand management and consumer behavior in today’s business world. Enroll now!
Enrol with us
Interested to join our courses?
Share your details and we'll get back to you.
Explore our online programs to become future-readyKNOW MORE