BPM Analytics

The role of marketing analytics to improve customer relationship and business growth

The old business adage says, “You cannot manage what you cannot measure”, and today’s data-rich world gives it a whole new meaning. Virtually every business today leverages data to make well-informed decisions across a variety of business functions. Analytics for marketing is a part of the same trend, where marketers leverage vast amounts of data to track how different marketing initiatives are performing and whether they are effective or not.

Raising brand awareness, acquiring new customers, or increasing customer lifetime value – no matter the goal, an understanding of the impact of your marketing efforts can help you better manage and optimise your marketing strategies. This is where marketing analytics comes in – tracking and analysing your marketing campaign data – to support decision-making, resource allocation, and optimised marketing strategies.

But what exactly is marketing campaign analytics, and why is it important?

What is marketing analytics?

In today’s data-driven world, every customer interaction is a rich source of data that can help marketers understand their customers and see how their marketing efforts affect the customers. Being data-minded has many benefits, from improving marketing efficiency, supporting effective decision-making, optimising resource allocation, and increasing financial performance.

Customer marketing analytics allows marketers to be data-minded, helping them collect, organise, and analyse relevant data to understand the impact of their marketing efforts and help optimise marketing campaigns in the future. There are many performance indicators you can track with any given marketing campaign. But marketing analytics allows you to focus on relevant KPIs, collect and organise the relevant data, and analyse it to evaluate the success or failure of a marketing campaign. Studies have shown that marketers who fail to use data analytics for marketing cannot truly gauge the value of their marketing efforts and cannot optimise their marketing strategies effectively.

Why analytics for marketing is important?

In the competitive and dynamic business landscape today, marketing campaign analytics have become a key driver for business growth and success. Analytics can not only offer you invaluable insights to support well-informed decisions but also give you an overview of the competitive landscape to identify hidden opportunities and potential to differentiate yourself from the competition. By identifying the key marketing trends, patterns, and potential areas for improvement, you can better understand and target your customers to get a competitive edge.

Here are some ways analytics for marketing can play a pivotal role in supporting marketing strategy optimisation and driving business growth:

Generating insights

First and foremost, customer marketing analytics can facilitate access to tools that can help you generate valuable insights into the needs, expectations, preferences, and behaviour of your customers. Such understanding is the foundation of any successful marketing strategy and can help you stand out from the competition.

Measuring marketing effectiveness

KPIs play a crucial role in measuring the success of your marketing efforts, understanding the effectiveness of your marketing campaigns, and making informed decisions going forward. No matter the KPIs you want to focus on – conversion rate, customer acquisition cost, engagement, or retention rate – data analytics for marketing makes it easier to track, monitor, measure, and analyse them for a complete view of your marketing activities. Marketing analytics also makes it easier to evaluate the ROI of your marketing efforts – allowing you to find the potential areas of improvement and optimise your marketing campaigns for different target markets.

Analysing different marketing channels

Although omnichannel presence across the vast number of marketing channels available today is necessary, you have to focus on different channels for different marketing campaigns with different marketing messages and target audiences. Leveraging marketing analytics, you can understand how your campaigns are performing across different marketing channels to identify the best channel to reach your target audience and stay a step ahead of the competition.

Enhancing marketing automation

Marketing automation is a great tool in the arsenal of marketers that can help them create targeted and personalised marketing campaigns. Analytics for marketing is one of the key drivers supporting marketing automation, allowing marketers to identify trends in customer behaviour and optimise automation workflows accordingly.

Predicting potential outcomes

Predictive analytics is a crucial part of data analytics for marketing that allows marketers to leverage predictive models and algorithms to predict potential future trends and outcomes. Businesses can leverage these insights to identify potential customers, forecast campaign outcomes, and optimise marketing campaigns in real-time to drive growth and profitability.

Understanding competition

Leveraging the power of data, businesses can gain valuable insights into the marketing strategies and efforts of their competitors with the help of marketing campaign analytics. By analysing and comparing your marketing efforts with your key competitors, you can identify the gaps and potential opportunities to improve your marketing strategies, learn from successful strategies, and gain a competitive edge for sustainable growth.

How can Infosys BPM help?

Leveraging the right customer marketing analytics tools and services is the key to harnessing the power of data to guide your marketing efforts. With Infosys BPM, you can easily navigate the rapidly evolving and dynamic environment and harness the insights from your customers’ digital journeys and interactions to drive marketing success. Customer and marketing analytics solutions like hyper-automated social care analytics solutions, social network analysis, nest product-to-buy solutions, and many more can help you truly leverage analytics for marketing to make sure you have an edge over the competition.