Marketing Analytics Overview
The Rise of the Chief Marketing Technologist
“Marketing is rapidly becoming one of the most technology-dependent functions in business” and thus the rise of a new role in the executive suite comes as no surprise – known as the Chief Marketing Technologist (CMT). “CMTs are part strategist, part creative director, part technology leader, and part teacher.” – via Harvard Business Review . It is from this new role where one would expect to see marketing analytics-based strategic initiatives being driven.
Definition of Marketing Analytics according to SAS (Statistical Analysis System) Institute Inc.:
Marketing analytics comprises the processes and technologies that enable marketers to evaluate the success of their marketing initiatives by measuring performance (e.g., blogging versus social media versus channel communications) using important business metrics, such as ROI, marketing attribution and overall marketing effectiveness. In other words, it tells you how your marketing programs are really performing.
The management process through which goods and services move from concept to the customer. It includes the coordination of four elements called the 4 P’s of marketing: (1) identification, selection and development of a product, (2) determination of its price, (3) selection of a distribution channel to reach the customer’s place, and (4) development and implementation of a promotional strategy – via BusinessDictionary.com
The field of data analysis. Analytics often involves studying past historical data to research potential trends, to analyze the effects of certain decisions or events, or to evaluate the performance of a given tool or scenario. The goal of analytics is to improve the business by gaining knowledge which can be used to make improvements or changes – via BusinessDictionary.com
Other Forms of Analytics Marketers May Value:
- Business Intelligence (via BusinessDictionary.com)
- “Computer-based techniques used in spotting, digging-out, and analyzing ‘hard’ business data, such as sales revenue by products or departments or associated costs and incomes. Objectives of a BI exercise include (1) understanding of a firm’s internal and external strengths and weaknesses, (2) understanding of the relationship between different data for better decision making, (3) detection of opportunities for innovation, and (4) cost reduction and optimal deployment of resources. See also competitive intelligence.”
- Social Analytics (via Gartner)
- “Social analytics is monitoring, analyzing, measuring and interpreting digital interactions and relationships of people, topics, ideas and content. Interactions occur in workplace and external-facing communities. Social analytics include sentiment analysis, natural-language processing and social networking analysis (influencer identification, profiling and scoring), and advanced techniques such as text analysis, predictive modeling and recommendations, and automated identification and classification of subject/topic, people or content.”
- Voice of the Customer (via BusinessDictionary.com)
- “Collective insight into customer needs, wants, perceptions, and preferences gained through direct and indirect questioning. These discoveries are translated into meaningful objectives that help in closing the gap between customer expectations and the firm’s offerings.”
…just to name a few, I’m sure there are many more!
Lastly, I have included a video below which provides a general overview of Marketing Analytics. Although it is quite lengthy for those who are interested and have time, I definitely recommend checking it out 🙂
Discover the MAC seeks to explore each element encompassing the “MAC” and illustrate the cross-functional relationships which exist between them.MAC = MILLENNIALS + Marketing ANALYTICS + Multicultural CONSUMERS