What is Marketing Analytics
Marketing analytics means the process which helps the marketers to measure the success of their marketing initiatives by measuring performance. There are few important metrics to measure the success of marketing initiatives. Marketing analytics gathers data from different marketing channels and combines it to form a marketing view.
Why marketing analytics is important
As the businesses started growing rapidly new technologies were innovated to support the business activities. The use of each new technology leads to disconnected data environments. In the current world social media and web analytics is not enough to deal with data and people. Marketing analytics takes into consideration all the marketing efforts taken across all channels over a particular period of time.
Benefits of Marketing Analytics
Marketing analytics can help you to give an answer for the following questions
- How is the marketing initiatives performing today ?
- What can be done to improve the marketing initiatives ?
- How to compare the marketing activities of your company with your competitors ?
- Which channels are used mostly by your competitors ?
- Are the marketing resources allocated properly ?
- Is the money and time devoted towards the right marketing channel ?
- What are the investments to be prioritized in the near future ?
Marketing Analytics Course Objectives
At the end of this course you will be able to
- Have a better understanding of what marketing is
- Know what are the basic marketing strategies
- Learn about the core concepts and tools in marketing
- Know about marketing analytics
- Understand the marketing metrics
- Use the marketing mix in your business
- Successfully implement the marketing strategy to their business
Anyone who is interested can take up this course. There is no specific skill or experience needed to take up this course. You just need to have a passion towards marketing to take up this course.
This marketing analytics course is targeted mainly for students who come from economics, finance and statistics background. Marketing professionals or any person who is about to enter the marketing field can also take up this course.
Marketing Analytics Course Description
Section 1:Introduction to Marketing Analytics Overview
Marketing has become an crucial function all the businesses and organizations. Marketing is the activity which deals with buying and selling of goods or services. It includes advertising, selling and delivering the products to the people. It is also the management process which meets the customer requirements at a profit. Marketing includes the brand, communication, design, measuring marketing effectiveness, market research and understanding the minds of the customers. This chapter gives a brief overview of the term marketing.
What is Marketing
Marketing mainly deals with understanding the customer’s needs and delivering it to them at the right time. People often believe that marketing is just about advertising and sales. But marketing involves everything that a business does to acquire customers and maintain a relationship with them for a long term. The main objective of marketing is to make the company’s products and services available to the people who need them and gain profit out of it. This chapter covers what is marketing, marketing in different kinds of businesses, marketing specialism’s and different types of marketing.
Why do we need Marketing
Marketing is needed because of the following reasons
- Gain a full view of customers across channels
- Become more proactive and effective
- Make your customers engage in real time
- Visualize success across the enterprise
- Treat data as a strategic asset
Section 2: Basic Concepts in Marketing Analytics Overview
What to Market ?
One of the important factor in creating a successful marketing strategy is to know what to market to the customers. Finding the perfect product to market is the crucial step in creating a profitable company. In order to understand better about the products to market you should first study about the characteristics of successful products in the market. By analyzing many successful and unsuccessful products in the market you will get an idea of what to market. There are few important things to be considered while knowing what to market.
- What is the potential market size ?
- What’s your competition
- Is it a trend, fad or growing market ?
- Can you buy the item locally ?
- Who is your target customer ?
- What is your mark-up ?
- How much can you sell it for ?
- Can you offer a subscription ?
- What is the size of your product and weight ?
- Is the product durable ?
- Is the product seasonable ?
- Does the product serve a passion or pain ?
- What will your turnover be ?
- Is it consumable or disposable ?
- Do you need to consider perishability ?
- Will there be restrictions and regulations ?
- Is the product scalable ?
Whom and When to Market ?
For whom to produce ? This question is again an important question in marketing. It deals with the distribution of the products or service you produce. The customer relationship management in a company helps to track the purchase of each customer and when does the purchase take place. This buying history will help the businessmen to find out the target customers and when is the correct time to make the product available to the people in the market. Knowing the right customers and the right time to deliver it will significantly improve the Return On Investment. This chapter deals with strategies to be followed to find out the target customers and when to market the products to them.
How Analytics drives Marketing Strategies ?
Do you know who is visiting your site ? Who is buying your product or service ? What they like about your site ? Where do they come from ? Analytics helps you to give an answer for all such questions when it comes to online marketing. If you stay more informed about your customers then your marketing efforts will be more successful.
Data is everywhere but only the right quality of analytics will help you to derive knowledge from such data. Analytics is a smart way to learn about the customers and their behaviour with your site. Under this section you will learn in detail about the key areas where analytics helps to drive your marketing strategies. Some of the key areas are Keywords, Page content and Buying cycle.
Acquisition to Retention
Acquiring new customers is important to make the products and business more successful. You should first know that whether your product is ready for customer acquisition. The customer acquisition process for new companies are very hard to predict. The customer acquisition process is not a science. Also having a thoughtful customer acquisition strategy is also necessary. There are certain strategies to acquire customers. This chapter explains in detail about customer acquisition, its strategies, cost of customer acquisition and case studies of customer acquisition.
Customer retention refers to the activities done to make a customer purchase continuously. The main objective of customer retention program is to retain as many customers as possible through certain initiatives. The customer retention process begins with the first contact a customer makes with the company. There are a lot of customer retention benefits to the company which are listed in this chapter. The other section involved under this chapter are
- How to improve customer retention
- Customer retention strategies and techniques
- Measuring customer retention
- Key metrics
The important customer retention strategies explained in this chapter are
- Reducing attrition
- Sell and then Sell again
- Bring back the lost sheep
- Frequent communication calendar
- Extraordinary customer service
- Product integrity
- Welcome complaints
Customer Profitability to contact strategy
Customer profitability management is an approach to identify the profitability of different customers to find out the most profitable customers and less profitable customers. The most important factors are cost accuracy and visibility. This section explains the customer profitability strategy, customer profitability whale curves, benefits of customer profitability, impediments to CPM and CPM implementation framework.
In the past marketing was considered just as a discipline but now it has become a highly analytical and measurable function. Different tactics are followed by the marketers to get leads to their business. And in today’s world marketers use different tools and techniques to measure the effectiveness of their marketing campaign.
Campaign analytic is one such technique which helps to assess the effectiveness of the marketing campaign. Through campaign analytics the marketers can review the performance of each campaign and adjust or discontinue the campaign accordingly. Campaign analytics will also help to find out the number of leads generated through a specific campaign.
Campaign analysis can be used differently by different marketers based on their business objectives. In this chapter campaign analytics and its strategies are explained in detail with few examples.
FAQ’s General Questions
- How marketing analytics can help companies in their growth?
Marketing analytics is becoming a big business these days. Companies have started to spend more on their marketing on analytics. Marketing analytics definitely has a positive impact on the business. These impact are measured using few metrics. It was found out that marketing analytics had a significant impact on the company’s ROI but the use of marketing analytics is limited. Thus it is proved that marketing analytics can have a great impact on company’s growth only if the companies make best use of it.
- What benefit will I get from this course ?
From this course you will learn how to execute market sizing, identify market trends and predict the future market conditions. Many entry level positions in marketing now requires a basic knowledge of marketing. By taking up this course you will have an in depth knowledge about the concepts of marketing analytics. You will be able to handle real time problems faced in marketing after taking this course.
- What if I have doubts after I complete this course ?
You can contact our support team anytime and it is available 24*7 for your support. They will help you in resolving all your doubts during and after the course.
I took this course a week ago and I was more impressed with it. What I liked the most about the course is its structure and the explanations for each concept. It gave my marketing career a great start as it covered almost all the important topics under one course. Each section of the course is properly explained by giving few real time examples and case studies. Even the complex topics were made so easy to understand. It gives answers to all the doubts regarding marketing analytics. One of the most interesting and valuable course. I really enjoyed this marketing analytics course and feeling contented. Highly recommended for marketing people.
As we all know any organization needs to promote itself through marketing whether it may be online or offline. Being a marketing professional I was searching for a Marketing analytics course and finally ended up in this online course. I was lucky enough to choose this course. The marketing analytics course is reasonably priced and it is highly interesting and interactive. Each session of the course was very helpful. The course is beautifully structured and the contents of the course are updated. It helped me learn a lot about marketing analytics. What else to say… overall a good course and would surely suggest to all who are looking for marketing analytics course.
My experience in this course was positive as well as rewarding. I found this course really interesting and helpful. It helped me to gain a lot of knowledge about marketing analytics and its concepts. The content was to the point and was self explanatory with few examples provided wherever required. Even the complex concepts were explained in an easy way. Great way to start learning about marketing analytics. The course will make you more engaged and interested. Go for it if you are looking for course on marketing analytics.
|Where do our learners come from?|
|Professionals from around the world have benefited from eduCBA’s Marketing Analytic courses. Some of the top places that our learners come from include New York, Dubai, San Francisco, Bay Area, New Jersey, Houston, Seattle, Toronto, London, Berlin, UAE, Chicago, UK, Hong Kong, Singapore, Australia, New Zealand, India, Bangalore, New Delhi, Mumbai, Pune, Kolkata, Hyderabad and Gurgaon among many.|