The world never sleeps so Marketing is All About Market Study.
The more you know about your opponents, more Leads you Generate. If you can predict the Market trend, how it changed over last 4 quarters, and 6 quarters, then 2-3 years, you can make decision about what people might want over next few quarters and design your Campaigns accordingly and Claim your Success!!!!!
The field of business analytics has improved significantly over the last few years, providing business users with better insights, particularly from operational data stored in transactional
systems.
As an illustrative example, analysis of e-commerce data has recently come to be considered a killer-app for data mining. The data sets created by integrating clickstream records generated by web sites with demographic and other behavioral data dwarf, in size and complexity, the largest data warehouses of a few years ago, creating massive databases that require a mix of automated analysis techniques and human effort in order to provide business users with critical insight about the activity on the site and the characteristics of the site’s visitors and customers. With many millions of clickstream records being generated on a daily basis and aggregated to records with hundreds of attributes, there is a clear need for automated techniques to find patterns in the data. In this post I would discuss about the technology and enterprise-adoption trends in the area of business analytics.
The key consumer of these analytics is the business user, a person whose job is not directly related to analytics per-se (e.g., a merchandiser, marketer, salesperson), but who typically must use analytical tools to improve the results of a business process along one or more dimensions (e.g., profit, time to market). Fortunately, data mining, analytic applications, and business intelligence systems are now being better integrated with transactional systems creating a closed loop between operations and analyses that allows data to be analyzed faster and the analysis results to be quickly reflected in business actions. Mined information is being deployed to a broader business audience, which is taking advantage of business analytics in everyday activities. Analytics are now regularly used in multiple areas, including sales, marketing, supply chain optimization, and fraud detection. I would be talking about these Business Users and their challenges in my upcoming posts!!!
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.
