Advance Your Analytics to Gain a Strategic Marketing Edge
The recent emergence of advanced analytical tools and approaches has enabled better business decision making. The core challenge of advanced analytics, and particularly cloud analytics, for increased growth and profitability, is choosing the right analytics solution.
While it is easiest to create a single analytical model, the marketing solution that gives a competitive edge lies in the integration of several analytical planning and performance management approaches.
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Integrated Analytics for Strategic Marketing Edge
An integrated approach allows companies to take advantage of the rubix cube insights that today’s marketing analytics offer. The benefits are large. In an 8-year study of 400 companies across industries and geographic regions, management consultancy firm McKinsey found that integrated analytics approaches can free up 15—20% of marketing expenditure. That’s $200b to reinvest, or record as profit.
It is critical for corporate success to link your analytics to core business strategy instead looking at site visit metrics. Those who ask the best strategic questions will win the game. Understanding your target consumers’ buying behavior helps with direct marketing and filling the marketing-sales funnel.
Advanced Analytics to Optimize Marketing ROI
66% of executives say true ROI analytics are marketing’s greatest need, according to a customer study by business consultancy Booz Allen.
5 ways to maximize marketing return on investment using advanced analytics, according to McKinsey:
1. Address specific challenges to your brand caused by changes to the way consumers are making decisions.
2. Adjust current budget allocation to where the greatest return is.
3. Know where in-depth analytical insights are needed to decide on marketing mix trade-offs.
4. Develop an ideal vision to be generated by integrated analytics model as a guide for analytics modeling and data source selection.
5. Look for quick wins as fast results strengthens company faith in analytics and will fuel the hard work of data modeling and analysis.
Beyond feeding the direct marketing –sales funnel, advanced analytics can be used non-direct marketing. Using big data and high-quality data on sales and marketing spending over a several-year period, companies can undertake sophisticated marketing mix modeling and improve marketing effectiveness.
A core advantage of advanced analytics is that marketing campaigns can be evaluated and adjusted within the campaign period to gain superior marketing results.
The best-performing organizations re-allocated up to 80% of their digital marketing budget during a campaign, the McKinsey research showed.
