How effective is your marketing performance?
- Vanessa El Kadamani
- May 5, 2020
- 2 min read
Marketing analytics is the practice of measuring, managing and analyzing marketing performance to maximize its effectiveness and optimise return on investment (ROI)
Companies are always investing in advertising, SM marketing and many more to reach their target audience and the market in general, but as Bob Napier says "You can't manage what you can't measure". Yes, companies need to invest in marketing, but if they're not measuring how effective their strategy is, there's no way they can manage it.
Netflix is the perfect example of targeted advertising through the use of big data analytics.
Source: Netflix.com
If you're a subscriber of Netflix, you'd notice that when they recommend a tv show or a movie, it's based of the data they've collected about you. They collect data by using your recently watched, your interests and past searches to get to know you better and this is how they continue to market to each individual.
This is the way Netflix keep us subscribed and coming back to watch more shows and movies, without us getting bored of their content.
So what are the requirements for successful analytics deployment?
- Support from top management
- A supportive analytics culture
- Appropriate data
- IT support
- Analytics skills
Overall, this data collection allows companies to target their consumers by reaching out to them and promoting the product and/or service that they might be interested in. Testing the effectiveness of each marketing strategy will also allow them to make improvements if it doesn't create the hype or the reaction they anticipated it to have.
What are your thoughts on marketing analytics? Which company do you love uses it and how do you feel about it?
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