Data Analytics in Marketing

Introduction to Data Analytics in Marketing

• Data analytics is the ability to determine patterns or useful information to make decisions in marketing campaigns.

• Data helps to provide actionable insights for improving marketing campaigns and eliminating guesses.

• Companies that know how to properly collect, synthesize, understand, and use their data are miles ahead of companies that choose not to focus on it.

• Data is one of the most underutilized tools in companies today due to lack of investment or understanding.

• Data analytics is a valuable skill in marketing and can make a person invaluable to a company.

• Sources of data include cookies, CRM information, devices, e-commerce platforms, and predictive modeling.

• Data can tell us about purchasing behavior, trends, best time of day to engage, needs of personas, and design elements.

• Descriptive analytics interprets historical data patterns to make adjustments in the future.

• Prescriptive analytics applies and tests data to understand why something happened and what should be done.

• Predictive analytics uses current or historical data combined with statistical techniques to understand the likelihood of something happening.

• Knowing what data is needed is crucial to avoid getting lost in all the available data.

• Examples of using data in marketing include website optimization, social media, audience creation, and email marketing.Using Data Analytics in Marketing

• It is important to determine the necessary data upfront and only report on data that will help achieve success.

• The data needed is determined by audience, strategy, and goals.

• Common ways data analytics is used in marketing include pricing, competitor analysis, market research, and journey mapping.

• To determine necessary data, it is important to discuss goals, KPIs, and appropriate time frames for tracking.

• It is important to focus on a few impactful KPIs instead of all metrics at once.

• Website analytics usually tracked include click-through rates, exit pages, new vs returning visitors, and conversions or goals met.

• Organic social media analytics usually tracked include follower growth rates, engagement rates, impressions, reach, share of voice, and follower sentiment.

• Influencers and successful social media accounts use data to understand what their followers want to see and what types of posts get the most engagement.

• To increase e-commerce revenue, KPIs to track could include the average amount of time a user spends on the site, the number of users who visit more than two pages, and conversions on site.

• For email campaigns, data needed may include audience targeting data, buying behavior data, and user design data.

• It is important to track the success of campaigns by tracking total revenue generated, total number of purchases with email as a source, email button clicks, and which products were more likely to convert.

• It is important to determine appropriate time frames for checking data to track trends and ensure actionability.Understanding Data Analytics for Marketing and Design

• Data analytics is important for marketers and designers to understand their audience and improve their campaigns.

• Key performance indicators (KPIs) should be identified to track success in reaching goals.

• Social media campaigns can be tracked by monitoring metrics such as follower growth, engagement, and live session attendance.

• Automation tools such as Google Data Studio and Google Analytics Dashboards can help aggregate data and show trends.

• Designers can use data to improve user experience and website design by analyzing personas, heat maps, and purchasing behavior.

• Marketing data trends in 2021 include the use of artificial intelligence, additional digital touchpoints, and better personalization.

• The transition from third-party cookies to Google Analytics 4 will change the way web data is viewed and tracked.

• Artificial intelligence, such as Chat GPT, can collect data and improve predictive algorithms.

• Additional digital touchpoints may be needed to combat desensitization to digital sources.

• Better personalization is expected by consumers as they provide more data.

• Data fabric layers can help aggregate data from multiple sources.

• There may be a push for user privacy laws, similar to GDPR, in the US in the future.The Benefits and Demands of Big Data in Marketing

• Big Tech Giants have a vast amount of data points on individuals.

• Big data has positive effects on marketing and provides a more personalized experience.

• Commercials and advertisements are catered to individual needs and wants.

• Big data is primarily used by marketers to provide effective marketing.

• Data analytics is a highly in-demand field, especially for data analysts in sales and marketing.

• Individuals who can collect, synthesize and turn data into actionable steps to improve business are highly valuable.

• Companies underutilize the data they have or could have, making data analysts invaluable.

• Data analysts can ask for whatever they want because they will pay for themselves.

• Data analytics can help build a data dashboard and provide deep knowledge of marketing activity.

• Building a data dashboard can make one a linchpin and incredibly valuable to the company.

• Big data is not just digital and can come from various sources such as sales reps, trade shows, conferences, and networking events.

• Tick Tock is just a drop in the bucket compared to the vast amount of data points individuals give out during the day.