As marketers, we fairly often hear the term “Big Data.” because of the newest technologies, we are ready to gather data about customers and prospects—and that data can provide a lot of answers. But it also uplifts tons of questions.
This blog post explains where their data is coming from, how companies are using it to drive decisions, and what a number of the challenges are that come alongside all this available information.
The graphic also breaks down the utilization of this data into three sorts of analytics:
1. Descriptive: “What happened?”
2. Predictive: “What is likely to happen?”
3. Prescriptive: “What should be done?”
What is Descriptive Analytics?
Tech authority Granter expresses descriptive analytics because the examination of knowledge or content is usually manually performed, to answer the question “what happened?”
Uses techniques such as:
- Business Intelligence
What is Predictive Analytics?
This refers to a form of advanced analytics that reviews data or content to answer the question “what is going to happen” or more precisely, “what is likely to happen?”
Uses techniques such as:
- Regression Analysis
- Predictive Analysis
What is Perspective Analytics?
A sort of advanced analytics that examines data or content to answer the question “what should be done”
Use techniques such as:
- Complex event processing
- Recommendation engines
Benefits of Marketing Analytics
1. Gain a full view of consumers across channels.
All things considered the eruption of channels facing marketers today, this primacy can’t be overstated – bricks-and-mortar locations, kiosks, call centers mobile, partners, e-commerce, social media, and more. A key initiative is to develop a technique for accessing and integrating customer data than analyzing multiple sources.
2. Become more proactive and effective.
Marketing analytics can assist organizations to anticipate customer and market behavior and respond proactively. Marketing analytics includes solutions that perform statistical or data processing methods that enable you to develop and score predictive models supported by combinations of variables.
3. Personalize your marketing and customer engagements
Marketing analytics authorizes organizations to explore how customers in defined segments behave differently and even predict customers’ likelihood to reply to different offers. Doing that permits them to tailor the timing, content, and delivery channel of offers to suit the preferences of consumers, or to channel Marshall Field and “give the woman what she wants.”
4. Sharpen social media strategies
This goes together with personalizing customer engagements, with the additional advantage of getting an ongoing 24×7 focus group of sorts. By utilizing social media analytics, organizations get a candid external perspective, can identify influencers and should complete the image of customer value.
5. Engage your customers in real-time
Combining speed with intelligence can dispense a competitive advantage in-person, online, or on the phone. Real-time decisioning puts all channels on the same playing field enable the same care because of the smartly dressed attentive Marshall Fields’ salesclerks of yore.