Marketing & Consumer Analytics
Understand your Customer to Improve Marketing Performance
Marketing analytics and digital marketing analytics are essential for sustaining the growth and development of an organization. Marketing analytics provides a holistic view of the effectiveness of marketing campaigns. A complete analysis of marketing strategies will allow companies to compare channel performance, gather user characteristics data, and track customer acquisition. In addition to assessing market performance, marketing analytics aims to answer the following questions:
- 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?
Marketing funnels are a important part of marketing analytics. Important steps in the marketing funnel include building visitor awareness, piquing visitor interest, and converting visitors into customers. 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 insights are a tool for companies to optimize their marketing activities. Companies should use real time customer intelligence data to identify consumer behavior trends and to anticipate future consumer needs. Customer analytics data includes:
- Conversion Rates
- Consumer Interactions
- Customer Acquisition
Companies can implement innovative marketing strategies through the management, visualization, and modeling of this data. 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?
Many businesses have high rates of customer attrition because they are solely focused on customer acquisition marketing. Therefore, it is important to use customer insights to develop customer retention strategies and there are several ways to do so. These include adding new customer relationship management strategies (CRM), customer retention marketing, and increasing customer loyalty. 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.