Seven marketing analytics trends that impact businesses
Studying past and prevailing market patterns to learn about one's target audience is the cornerstone of successful marketing processes. Learning and analysing customers' buying habits, interests, likes, and dislikes go a long way in providing the right service at the right time and reaping subsequent benefits. Adopting data analytics for marketing processes is the only way to obtain meaningful insights from business data, which can predict demand, buying trends, and other market variables.
Technology today is developing at a breakneck pace. Technologies that were new yesterday are already showing their age today. It would be wise for businesses to look forward and consider what tomorrow holds.* Below are seven cutting-edge data analytics trends that are the future of marketing analytics.
- The widespread implementation of artificial intelligence (AI): We have been talking about AI for a few years now. But we are only just seeing it being implemented in the marketing space. Intelligent marketing analytics solutions can be effectively used as a prime decision-making tool for developing critical marketing strategies.
- Predictive analytics: Analytics processes that predict market scenarios based on historical data have been around for a while, but they're getting more advanced in 2022. The latest trends in analytics are based on innovative machine learning (ML) software solutions that provide highly reliable projections. Knowing future outcomes allows for accurate decision making when identifying marketing opportunities.
- Widespread use of real-time marketing analytics: Using marketing analytics in real time is one of the latest trends in analytics. Understanding and addressing customer concerns in real time is a major step up from letting marketing campaigns run their course and then looking back to analyse historical data. Real-time analytical processes use low-latency data platforms to continuously monitor data as it unfolds, allowing teams to shuffle marketing resources as needed for the best results.
- A strong focus on customer experience: While a generic buying experience may have been acceptable in the past, customers today want a degree of personalisation and customisability in the buying process. To provide an experience optimised for each customer, marketing teams need access to detailed customer data and modern analytics tools to turn this data into actionable insights. Evolving customer relationship management processes make more detailed customer data available for analysis, which, in turn, contributes to creating highly personalised experiences.
- Widespread adoption of automation and advanced analytics: The incorporation of automation into marketing processes is on the rise, opening the doors to multichannel marketing activities. This is where advanced analytics comes into the picture. It effectively manages multichannel marketing activities by compiling data from various marketing channels into information that marketers can use to refine the campaign. The use of advanced analytics for marketing allows teams to track the impact of individual marketing channels to effectively direct investments for the best results and a greater ROI.
- Faster marketing decisions: While traditional marketing approaches can achieve desired results, the process can be relatively slow by today's standards. Being able to make accurate and quick marketing decisions is a must in modern times and requires the implementation of state-of-the-art AI-enabled analytical solutions to provide faster insights into the marketing process.
- More robust privacy and data security measures: As data and online activities dominate larger portions of our lives and businesses, cybercrime is also on the rise. Protecting data from misuse is now more important than ever and demands robust security systems such as incorporating high-level encryption, access control, and other measures to keep data safe. It applies to an organisation's internal and customer data that modern marketing processes gather and analyse to create and assess campaigns, craft personalised experiences, and boost ROI. With our increasing reliance on data, it becomes imperative to apply cutting-edge data protection measures.
How can Infosys BPM help?
Businesses that don't incorporate the latest data analytics trends into their processes will surely grapple with sustainability soon. Infosys BPM offers advanced marketing and customer analytics services to modernise your strategies, ensuring data-driven decisions when developing marketing programs. Reach out to embrace the future of marketing analytics.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like living organisms, will be imperative for business excellence. A comprehensive yet modular suite of services is doing precisely that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.