Marketing is the need of the hour. Business success depends upon marketing, rather than on successful marketing. Marketing includes public relations, advertising, sales and promotion. Marketing is one of the best way of introducing the products and services to the potential customers. Business and companies can manufacture and offer the best range of products and services but none of the customers would come to know about it without marketing. There are chances that without marketing either the sales may come down or even companies may close. Effective marketing stimulates healthy competition which gives opportunities to the small and new businesses to enter and grow in the market. As and when the company starts meeting the expectations of the public, the reputation grows. As the reputation grows the business expands and sales increases. Along with marketing it is very important for the marketers to regularly monitor the marketing performance. To do this the marketers conduct marketing analytics.
Marketing analytics includes all the techniques that enable the marketers to calculate the success of their marketing initiatives. This helps the marketing team to known how their marketing programs are actually performing. Marketing analytics is the best way of measuring the effectiveness of any marketing campaign. Under marketing analytics the data from all the marketing channels is gathered and then consolidated altogether which helps in easy extraction of results. This helps the marketers to drive their marketing efforts to the right direction. On the other hand it is very important for the marketing research team use balanced approach towards marketing analytics. Every analytics should report on the past. It should answer questions such as which campaign generated most revenue in the past. Along with past it should also analyze the present i.e. how customers are engaging, which channels are profitable, etc. Furthermore, effective marketing analytics aims at predicting the future basis the data available.
Analytics is regarded to be a technique of deriving a result from the data by conducting an analysis which involves breaking of entire data into smaller chunks so that it brings us close to the results. Marketing analytics tends to be a systematic check on the market and customer data. It aims at improving the competitive advantage. Similarly Cross channel marketing analytics enables the marketers to understand the effect of each channel on the target audience.
It is highly important to collate the entire marketing data from physical campaigns, email campaign or an online advertising campaign. By doing this is helps in having a better understanding of the customer purchasing behavior. Also we get to know how these channels such as websites, mobiles, email, direct mail, print media, social networking sites, etc are related to each other. Marketing analytics enables the company to find out the effectiveness of their campaigns. It is considered to be one of the easiest as well as best ways of getting the fast marketing feedback so that necessary changes can be made whenever needed.
Author Bio:-
The author of this article has been writing about the latest Marketing analytics in India. He has researched on the growth and impact on upcoming technologies in India. For more information visit sapientmphasize.com. You can find him on Google Plus to collect more knowledge with his different experiences.
Category:
Marketing
Marketing analytics
Cross channel marketing analytics