3 data analytics calculators that every marketer needs
As Kofi Annan, a co-recipient of the 2001 Nobel Peace Prize, states, “Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family”.
An organization might have a perfectly tailored marketing campaign dispersed, but it means nothing if the progress of that campaign isn’t tracked or recorded, to really measure whether the intended objectives of the marketing campaign have been successful and have reached the desired target audience.
Data analytics in its simplest terms, “Is the science of analyzing raw data in order to make conclusions about that information” (Investopedia 2019). At first glance, it might seem like another uninteresting topic that only high ranking business officials discuss in multi-billion dollar boardrooms, but if we investigate the subject deeper, we can clearly identify its importance it all businesses including SME’s.
Let’s firstly look at undoubtingly the 3 biggest companies currently operating in the marketplace, and how they are using data analytics to cement their market positions.
- Amazon: The giant online retailer has found a way to make use of the massive amount of customer data they have access to. They have become the experts in supply chain optimization, price optimization and fraud detection, by simply using customers data (Contexti 2017).
- Google: By definition, Google is data analytics. Aside from its remarkable search engine, Google uses data mining to introduce targeted ads ensuring an optimum response rate based on the user (consumers) online DNA.
- Netflix: With a consumer base of approximately 99 million, data scientists at Netflix gather and examine behavioral patterns to reveal deep insights for a more personalised experience for the viewer. This ensures that Netflix is distinguished from competitors like Stan and Amazon Prime Video (Contexti 2017).
How companies are using marketing analytics, Bulidfire 2019.
Okay, now that we have a ground understanding of what data analytics is and how it’s applied, it’s time to outline some data analytics calculators and programs that you can use to help you make sense of all this data.
- Google Analytics: This platform gives your company the means to gain a deeper understanding of customer segments. It allows the user to review detailed reports covering keyword optimization and click rates, audience profiles, channel acquisitions, customer behaviors and conversions in terms of e-commerce that is linked to your online store.
- SumAll – SumAII is a cross-platform social media analytics tool which gathers, collects and creates informative graphs to help business owners understand the correlation between social media channels. Facebook, Twitter and Instagram are the three main platforms that are integrated with SumAll. Updates come in the form of daily emails which include top-level matrices. It’s also free!(Brandwatch 2019.)
- Alexa – Alexa is an Amazon owned company, which operates mainly the same as Google Analytics. Alexa provides SEO’s in terms of technical, off-page, on page and keywords research. Alexa is also a great competitor analysis tool which finds the competitors operating in your current market and identifies the connections they might have with your organization.
As stated by a VentureBeat Report, “about 73% of businesses plan to increase their marketing analytics spending in the next 3 years.” (Buildfire 2019). Analytics is the future, and it’s imperative that organizations stay ahead of this trend, so it remains competitive in the years to come.
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