What is the scope of analytics in marketing?

Business & Management
, ,
#1

Marketing Analysis
Analytics certainly plays a crucial role in determining and analyzing the data, analytics always play a crucial role in deciding and analyzing the numerical data which is used by all business organization’s , Marketing organizations have access to a lot of different analytic capabilities in support of various marketing goals, but if you’re like most, you probably don’t have all your bases covered. Assessing your current analytic capabilities is a good next step. After all, it’s important to know where you stand along the analytic spectrum, so you can identify where the gaps are and start developing a strategy for filling them in.
Use of Analytics In Business:

  1. To compare sales revenue
  2. To analyze growth of the company.
  3. To fill gaps in the organization
  4. To Enhance productivity and efficiency after analysis of data.
  5. Identifying future growth.
#2

Marketing analytics is the practice of measuring, managing, and analysing a firm’s marketing performance. By doing so you will

  • Maximize efficiency and effectiveness of campaigns-in turn increasing the ROI.
  • Understand what the firm can do differently in order to get better results using the marketing channels.

In today’s data driven marketing landscape, accurate analytics is more important than ever. Consumers have become more choosy about what brands they engage with and those they ignore. To get the consumer’s attention, brands rely on analytics to create ads specific to the target customers based on their individual interests.