Understanding Marketing Analytic

Marketing Analytics

Driving Sales and Marketing insight through analytics and business intelligence is something that every Sales and Marketing executive knows they should be doing. From measuring marketing performance, to better targeting customers, to more efficient allocation of spending, to a host of other objectives, executives know that analytics and business intelligence are critical components of a streamlined and highly effective organization.

This blog explores many of the issues and challenges faced by today's need of effective marketing analytics in terms of executive requirements. We encourage you to join us in the discussion!

Understanding Marketing Analytics

Understanding marketing analytics allows marketers to be more efficient at their jobs. Marketing organizations use analytics to determine the outcomes of campaigns or efforts and to guide decisions for investment and consumer targeting.

The importance of marketing analytics

· Marketing analytics in particular, allow the decision makers to monitor campaigns and their respective outcomes, enabling them to spend analyze and visibilities of gross return.

· The importance of marketing analytics is obvious: if something costs more than it returns, it's not a good long-term business strategy.

Marketing analytics: how and where to start

Before we even start thinking of creating analytics, the most important point is appropriate data.

Here are some quick pointers to be marked:

· The client’s requirement should be clear in terms of what to be seen / how to be extracted out of your database. Technically we should understand the requirement from the client’s point of view.

· The result data set must be validated before the analytics is created.

· Prepare the validation steps get it approved by the clients, this is to put everybody on the same page, ensures high quality analytic and gives you the approach for reuse.

· Once the client approves, create the analytic.

Typically, an analytic chart is used for trend analysis and many more purposes. I would talk about a simple line chart analytic in this discussion.

Line charts: used to track changes over short and long periods of time also used to compare changes over the same period of time for more than one group.

For Example: The below Chart displays the Budget by Fiscal Period given by Specific Marketing budget Plan Owner.

In short, it is not something you master in a day. It is a multi-faceted discipline that requires study, practice, and dedication.