What is Marketing Analytics?
Mastering the Complex Consumer Landscape to Improve Marketing Impact
The activity of utilizing data to assess the efficacy and success of marketing endeavors is referred to as marketing analytics. It offers the advantage of obtaining more profound consumer insights, enhancing your marketing goals, and achieving a higher return on investment.
What is Marketing Analytics?
Marketing analytics serve as a powerful tool for both marketers and consumers. They enable marketers to maximize their return on investment (ROI) by comprehending what strategies are effective in driving conversions and increasing brand awareness. Additionally, analytics ensure consumers encounter more targeted and personalized advertisements that align with their unique needs and interests, as opposed to generic mass communications.
How Marketing Analytics Works
The analysis of marketing data can be performed through a range of techniques and models, contingent on the key performance indicators (KPIs) being assessed. For instance, the analysis of brand awareness and conversions necessitates different data and models. Some widely used analytics models and techniques encompass:
Media Mix Models (MMM): These are attribution models that examine aggregate data over an extended period.
Multi-Touch Attribution (MTA): These attribution models deliver individual-level data from various stages of the buyer’s journey.
Unified Marketing Measurement (UMM): This is a measurement approach that combines various attribution models, including MMM and MTA, into comprehensive engagement metrics.
