Businesses can achieve digital transformation and make data-driven decisions that generate results by advancing their marketing analytics. With the current privacy climate gripping our digital realm, data quality is more important than ever when using customer analytics to improve strategic business decisions and gain a competitive edge.
Research suggests that even though businesses have endless amounts of localised data, less than 15% believe that developing your data and maturing your analytical strategy will improve your marketing. Advanced marketing Analytics is data or analysed content that uses statistical methods and computational techniques to discover insights about customer behaviour which helps businesses make predictions or generate recommendations.
The digital footprint left by users reveals a lot about their profiles, preferences, needs and purchasing behaviour. Today’s technology allows us to store vast volumes of data from multiple sources, such as :
- Social media platforms
- Transactional sites
- Company databases
- Public data
To achieve your business objectives and drive your marketing efforts into performing better, all the collected data should be safely geolocated and analysed accurately. The analysed data provides a better understanding of how efficient your marketing efforts are and how your users react to your marketing actions.
The impact of data quality
AMA is a tool that runs on algorithms and partially automated processes that analyse data. These automatically controlled proceedings simplify complex business processes that are backed up by actionable metrics. Marketers must have a certain volume of quality data and clear objectives to select actionable metrics.
How accurate, complete, and relevant your data is will impact the implementation of new technologies, tools and any results obtained by your strategy. To produce the best results, you must have a powerful data management tool and provide the platform with clear and quality data. Google Marketing Platform (GMP) is a suite of tools that embody the concept of how advanced analytics can drive your marketing intelligence. GMP provides a holistic view of how marketing actions perform and the impact on the business.
Benefits of an advanced marketing analytics strategy
With the implementation of an advanced analytical marketing strategy, brands can open the door to a series of competitive advantages. Advanced analytical strategies provide the insights that will assist in designing customised offers and discounts that will meet each customer’s specific needs and achieve conversions at scale. Businesses can be constantly monitored and respond to customer requests, complaints and queries in real-time. The more details you have on the profile of your customers, the greater the potential for personalisation and a better journey for the customer.
Maturing your data analysis can also help businesses achieve improved operational efficiency, increased customer satisfaction, and more revenue. Google states that “Marketing analytics can help your business grow by understanding ROI with data-driven marketing insights, build predictive and advanced audience segments & Enhance customer experiences & brand measurement.”
Advancing your strategy
To help understand the different levels of data analysis, we have pieced together a map to showcase the different business’s stages of data analysis.
By levelling up your analytics, you can identify new business opportunities, interact with new markets, and attract more customers. An advanced strategy will allow your business to act faster whilst making strategic and beneficial business decisions. If you want to learn more about advanced marketing analytics, don’t hesitate to write to us at firstname.lastname@example.org and send us your doubts or questions on this topic.