Marketing & Consumer Analytics
Understand your Customer to Improve Marketing Performance
- How are current marketing campaigns performing?
- How can current data and historic data influence future marketing strategies?
- What are the long term impacts of current marketing campaigns?
- How can organizations better allocate resources to improve marketing strategies?
- How do competitors’ marketing strategies compare?
The idea of a funnel is used because a greater number of people drop out at each stage of the conversion process. To improve visitor conversion rates, organizations need to find ways to engage users with their marketing materials.
Business intelligence is improved as advertising activities are optimized through marketing analytics data. Information gleaned from marketing analytics will be used to discover new customer segments, determine campaigns with the greatest ROI, and create innovative ad strategies.
Data from marketing analytics can help with:
- resource allocation
- efficient marketing processes
- improving decision making
- uncovering future business opportunities
- understanding consumer behavior
Customer analytics data includes:
- Conversion Rates
- Consumer Interactions
- Customer Acquisition
There are many benefits in using customer insights to develop marketing strategies. In deriving customer insights, it is important to monitor customer interactions, consumer response, and behavior trends. Ideally, this data aids in resource allocation and the optimization of marketing activities. This feedback is helpful in increasing profitability and long term customer loyalty.
There are several questions that companies should aim to answer through customer insights:
- What are our desired business objectives?
- How can we utilize customer feedback to meet our business objectives?
- How can we anticipate the future needs of our customers through consumer feedback?
- How can we improve the consumer experience to lower customer attrition rates while increasing customer acquisition rates?
- How can we enhance customer loyalty and engagement?
CRM aims to maintain long term customer relationships, lower costs, and improve internal operations. The use of customer insights and customer analytics data in CRM strategies is important for the continued growth of organizations.