Can Analytics add substance to marketing reports? - Part 1
We are in an age where social media captures humongous data about the probable customer base for any product or service. Look at Facebook for example. You post a photo and mention where it is taken, say "at Burj Khalifa, Dubai", the Facebook page for that place will immediately increase the count of visitors for that place (e.g. the "Burj Khalifa" place will show "200209 people have been here" instead of previous "200208 people have been here").Just imagine how huge the backend data set must be, that for each such tag, given by billions of such users, it is mapping the data with the right data table, and running the relevant programs to show the updates! Not only for places, such mapping is being done for numerous hotels, restaurants, cities, and also for dates, calendar years, comments, likes, shares etc. Such a network of data is known as BigData and modern companies are all focused on tapping this data and doing the necessary data analysis, mapping, data modelling, and data structuring. The practice of plugging and playing with data, with the use of mathematical modelling comes under analytics. Today, all the major players in technology are increasingly focusing their budgets and resources towards analytics practice.
Modern day marketing reports are being exceedingly equipped with use of such advanced analytics and interpretations. Needless to say, that it helps modern marketers to help assess and analyze customer trends in a better way. Look at websites like www.zomato.com - it co-creates such an interactive forum with the customers - you have ratings, prices, menu list, contact details, photos, customer feedback and even restaurant management responses! It is time for all modern organizations to be upfront and use analytics to blend its marketing reports with trend analysis, predictive forecasting which help the business leaders to take correct strategic decisions on marketing expenses, budgets and focus areas. In short, we need marketing teams to hire analytics experts to have more insights on how better reports aimed at effective forecasting and trend analysis can be made. An effective marketing report must focus on key success factors, major marketing expenses and their ROI, what are the emerging areas for the business, strong growth focus areas, competitor profiling and industry trends. Analytics can give a report an objective viewpoint and enable better decision making, especially in the context of the dynamic market scenario. In this blog, I have only discussed about common examples to help you think about how marketing can be intertwined with analytics for better predictability and forecast. In the next blog, I will discuss about the following factors which can be vital instruments for a good strategic marketing report:
1. Industry trends and financials
2. ROI analysis of marketing expenses
3. Leads from corporate relations
Read Part 2 here.