Marketing operations have evolved to include automation and data analytics.
It is becoming more common for companies to enter this market. This means that they must adapt to changing environments to stay profitable.
Companies need marketing data analytics for improving the customer experience. SMEs and corporations can have a competitive edge by focusing on consumer-centric information.
How can you predict the future of marketing data analytics?
Continue reading to learn more about the state of marketing data analytics and what your company can do to prepare for the future.
The State of Marketing Data Analytics
Let’s first examine the status quo before we discuss the future of marketing analytics.
Ascend2 46% of brand owners rely on data analytics in order to increase customer loyalty. This research also shows that 43% brands are geared toward conversions.
Gartner data shows that marketing leaders are unhappy with their current strategies. More than 50% senior marketing executives feel that their data analytics efforts have not had the desired impact.
Businesses also reported that data results often contradict their objectives, according to the Gartner study.
Around 44% attribute the lack of consistency to poor quality data, and 43% think that their data findings cannot predict success.
Hubspot estimates that only 60% marketers use customer relationship software. 82% of these marketers are primarily focused on customer retention.
According to the same Hubspot report, only 57% of hybrid marketing companies will have made the switch by 2021. While the adoption rate has increased as the pandemic persists, many companies are still reluctant to change from their existing marketing structures.
Most sales and marketing professionals credit Facebook and Google Search for increasing sales. Most importantly, 76% use automation in data analysis marketing while 46% use AI powered solutions.
Companies have the potential to enhance customer experience and increase business productivity by leveraging digital marketing data analytics.
Interesting read: Four Incredible Ways to Conquer the Social Customer Experience
What does the future hold for marketing data analytics?
It is difficult to predict the future of marketing data analytics and marketing data using a crystal ball, especially in these times of unprecedented socio-economic change.
We’ve been able to gather enough information through extensive analysis of consumer behaviour and emerging industry patterns to determine the next steps in data analytics. Let’s explore.
1. Automation is being adopted more widely
Email Monday found that 25% of companies do not use automation to collect and analyze their marketing data. 51% of companies have fully automated their business operations.
Companies can use machine learning and artificial intelligence tools to gain valuable insights. To eliminate redundancies and fix bottlenecks in workflows, companies will also use workflow automation tools.
Companies have also been able to reduce their support costs by 30%. This will result in 7.3 million USD savings by 2023.
2. Social Media Channels: More Attention
Companies will be focusing more on social media marketing in order to tap into the online consuming power of Gen Z and Millenials.
Creators and marketers have many options to monetize content online via social media channels such as Facebook, Instagram, TikTok, and TikTok.
Based on TikTok’s 700% CGAR growth in 2021, this social network platform looks set to be the most popular for advanced data analysis. In the next few years, live shopping via social media will grow exponentially.
Interesting read: How social media marketers run livestream stores successfully
3. Prioritization on First-party Data
Globally, consumers have raised privacy concerns over Google and other data-mining corporations. Google responded by proposing a crackdown against third-party cookies, which will be in effect in 2023.
Companies are left with one option: to obtain first-party data, which can be obtained by tracking customers’ browsing habits and actions on a website.
Marketers can gain actionable insights by analysing this data in order to place products and improve their marketing campaigns. Marketing executives won’t be able to interpret the data without deep learning algorithms and AI.
4. Improved Customer Engagement and Retention
Combining automation and advanced data analysis with customer service will increase customer satisfaction.
Consumers are less likely to be loyal to brands as the market becomes saturated with new products every day. After one bad experience, 32% of consumers today will abandon their favorite brands.
Companies will therefore invest more in customer retention and engagement.
5. Accurate, real-time data reporting
Your company’s ability and speed to adapt your strategy is key to gaining a competitive edge with marketing data analytics. Businesses are investing in real time analysis and reporting tools to help them make better decisions.
Amazon and Google are examples of companies that have used cloud integrations to analyse and report data in order to foster data-driven workflows.
Your company can use a change-data capture (CDC) protocol for real-time data management. This allows you to update your database and make changes in real time.
6. More real-world experience
Customer experience used to be about improving customer engagement metrics via A/B testing. With more data at their disposal, marketers will be able to focus on real-world experience.
More companies will invest in VR/AR marketing strategies after Facebook’s interest. At the moment, 25% use these technologies to “augment” the user experience. As the Metaverse grows in popularity, this number will rise.
7. Effective Implementation Data Findings
It is no longer possible to gather information without putting it into practice. Companies are now looking for ways to turn all of their data into investment returns.
Let’s look at different forms of data analytics for marketing in order to better understand the future implementations of data findings.
- Historical data can be interpreted using Descriptive analytics You will soon be able to use descriptive analysis data to plan your campaigns. This information will allow you to spot potential problems in your sales funnel, as customer journeys are becoming more personal.
- Prescriptive Analyticsallows for you to identify problem areas and recommend improvements. Companies will use AI, ML and deep learning algorithms in the future to determine and recommend the best route to business success.
- Predictive analytics allows you to stay ahead at all stages of the market. Your company can forecast market changes using real-time insight and historical data. Predictive analytics has been used by companies such as Amazon, Netflix, YouTube, and YouTube, but more SMEs will use it to predict buyer behavior and recommend content.
8. Value-based lead scoring models
Companies used to use quantitative lead scoring models in the past to drive their marketing strategies. Every lead is important, regardless of its value to the company. This scoring system makes it difficult to distinguish the best-value leads from those in the pool.
Companies will use value-based scoring in the future to identify leads that are most important to their business.
AI-powered customer retention tools allow your company to segment customers based on their business value. Machine learning algorithms will be available to improve predictive lead scoring.
9. Robust Data Networks Investment
Your ability to access data will determine the success of your business, no matter how small or large.
Companies would be better off relying solely on one database and instead of using integrations to increase business efficiency.
Expanding your data network will give you access to the most current marketing data analytics. This amount of data can be useful for startups and small businesses alike, as well as helping them compete with large corporations.
What are the Top Priorities for Marketers?
Marketers often have to prioritize certain datasets over others when dealing with large amounts of raw data.
Experts used to focus on specific conversion metrics for their particular businesses in the past. You have more options today than ever with the many data reporting tools available.
These are the key insights that will help you move forward.
Marketing should be a priority for your company because customer data helps you to create segmented lists. Some examples include:
- Identity data Name, postal address, social media and phone number.
- Descriptive data : occupations, lifestyles, and education.
- Quantitative: The number of activities that they do on your website/platform.
- Qualitative data: Customer satisfaction with your product.
To better understand your customer’s spending habits, you should also focus on transaction data. These metrics should be tracked:
- Optimization of Conversion Rate
- Form Conversion Rate
- Cost Per Lead
Mobile and website data
Statista estimates that 90% of the world’s population will have a smartphone by 2023. 51% of internet users surf on their smartphones, while 46% use a desktop computer.
Here are some mobile marketing metrics you should be monitoring as mobile browsing continues to grow.
- Mobile Conversions
- Mobile Search
- Social metrics
Your website will be the main source of traffic and data sources. These are some of the most important website metrics.
- Organic Traffic
- Paid traffic
- Session Length
- Page Views
- Source Traffic
- Rate of Exit
- Most visited pages
- Click Cost
- Social Engagement
Call Intelligence Data
Companies that interact with customers need to collect data from customer service desks. These metrics can help you improve your company’s customer care.
- Call the Abandonment Rate
- Handling Time
- Agent Service Level
- Speed of Answer
- After-hours Work Time
- Time in Queue
- Percentage of calls blocked
Marketing data analytics can give your company a competitive edge and help you plan your future marketing strategies. Automation can help improve the accuracy of data reporting across all business processes.
To collect data from Gen Z, Millenials and others, you should focus on mobile marketing and social media. For advanced data analytics in marketing, use AI-powered CRM platforms. Track the most important metrics to data analytics marketing that focuses on consumers.
Don’t forget about tracking your social media marketing performance using a robust tool like SocialPilot. This will help you automate your posts and assess their performance through detailed analytics. You can do so much more!
It’s possible to experience it for yourself. To learn more, you can try it free of charge.
SocialPilot’s first post, The Future of Marketing Data Analytics: What You Must Know appeared on SocialPilot.
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