Can you predict the future? Oh, it’s tough, especially in this era of unprecedented socioeconomic changes. But, when it comes to marketing analytics, it is possible to analyze the current trends and predict the future. The current trends enable businesses to use data to support business objectives and strategies.
Marketing analytics can help with data collection, transformation, analysis, and drive key business decisions. In this blog, I will walk you through the top trends that will revolutionize the future of marketing analytics. Before that, let’s understand the challenges faced by the marketing field. Ready to dive in?
Top Analytics Barriers for Marketing Teams
The following are the main difficulties faced by professionals while they engage in different marketing operations.
- Lack of governance/management of data you receive from different sources.
- Absence of timely actionable insights like which social channels contributed more to conversions.
- Absence of trustworthy analytics to help with new trends in marketing like Google updates on SEO ranking criteria.
- Measurement and reporting inconsistencies in marketing that have an impact on executive decision-making. For example, the reporting will be inconsistent if the BI tools don’t get information from a centralized destination like a data warehouse.
- Low return on investment in marketing because the right social channels for conversions couldn’t be found.
- Obtaining support from stakeholders to launch new marketing campaigns.
- Making data from various marketing sources accessible to everyone who needs that for analysis.
Now that we know the problems, what’s the next step?- Understanding the solutions.
Future Trends in Marketing Analytics
Let’s understand how the future of marketing analytics will look like that are going to solve these problems.
1. Wider Use of Automation
Many studies have shown that some businesses don’t collect and analyze marketing data using any kind of automation. Only some businesses worldwide like Amazon have leveraged automation for their daily operations to its full capacity.
Yet, as technologies for AI and ML for data management become more accessible, businesses can use them to gain insightful data. To eliminate workflow redundancies and smooth out bottlenecks, businesses will also employ workflow automation solutions like creating to-dos out of emails.
Companies will put more emphasis on social media marketing to reach this consumer base. Because millennials and Gen Z have greater internet purchasing power than the other generations.
Online content monetization has been made simple for producers and marketers by social media platforms like Facebook, Instagram, and TikTok. In coming years, social media sites will take the lead in high-end data analytics. And, live shopping on social media will also skyrocket. In nutshell, in the future of marketing analytics, all businesses will leverage social media and make use of the data for decisions.
3. More Usage of First-party Data
Concerns about Google and other data-mining businesses’ privacy have been voiced by consumers globally on a regular basis. Google has suggested a crackdown on third-party cookies that will go into force in 2023 as a response. After this change, businesses are only left with the option of getting first-party data, which is obtained via monitoring users’ online behavior.
Marketers can gain useful insights for product placement and upcoming marketing efforts by evaluating this data. But, marketing executives will struggle to analyze this data without AI and deep learning systems. For example, an e-commerce company will have to understand on the buyers’ persona by going through their website behavior.
4. Better Customer Engagement and Retention
Consumers no longer feel the need to be brand loyal as the market is oversaturated with new products every day. Many consumers today will give up on their favorite brand after just one negative encounter. In order to increase client retention and engagement generally, businesses will invest more money.
Future businesses that integrate automation with cutting-edge data analysis will increase consumer satisfaction. This will be in both targeted marketing like account based marketing and your customer service.
5. Reporting of Accurate Real-time Data
Analytics and marketing data can provide your business with a competitive edge when you can change your plan quickly. To do this, firms are putting money into real-time analytics and reporting technologies.
By utilizing cloud integrations for data analysis and reporting, businesses like Amazon and Google have promoted data-driven processes and sales funnels. Your business can utilize a change data capture (CDC) protocol to update the database and make real-time changes to adopt real-time data management.
6. Greater Exposure to the Real World
Customer experience in the past was centered on enhancing engagement metrics through A/B testing. But, as more data becomes available, marketers will emphasize real-world experiences.
More businesses will invest in VR and AR marketing tactics as a result of Facebook’s interest in the Metaverse. Only a few percent of businesses currently “augment” the user experience using these technologies. This figure will rise as more people use technologies like Metaverse. The metrics considered by Metaverse include revenue from digital products and various transactions on the blockchain.
7. Using Data Findings Effectively
Information gathering without any actual use is a thing of the past. Companies are looking into ways to turn the majority of their data into returns on investment.
Historical datasets can be interpreted using descriptive analytics. Campaign planning will soon be possible with the help of descriptive analysis data. Additionally, as client journeys get more individualized, this information will aid you in identifying troublesome sales funnel touchpoints like at what stage clients are leaving the funnel.
With prescriptive analytics, you can identify weak points in the marketing funnel and make suggestions for improvements. Companies will use AI, ML, and deep learning algorithms in the future to test and recommend the most effective strategy for commercial success.
Predictive analytics enables you to stay ahead of the competition at every stage. With real-time insights combined with historical data, your company can predict market changes. Although companies like Amazon, Netflix, and YouTube have been using predictive analytics, more SMEs will adopt this model to recommend content and predict buyer behavior.
8. Lead Scoring Models Based on Value
According to the quantitative lead scoring models, every sales lead counts, regardless of its worth to the company. Yet, it is difficult to separate the highest-value leads from the pool of accessible leads using this grading approach. In the future, businesses will use value-based scoring to identify the leads that are most important to the company.
Your company can segment customers based on their worth to the company using AI-powered customer retention management tools. For more precise predictive lead scoring, you can also employ machine learning techniques.
9. Investment in Reliable Data Networks
No matter how big or little your organization is, its success will be based on the amount of data you have at your disposal. Companies would have to employ integrations to increase business efficiency rather than depending on separate databases.
Also, enlarging your data network gives you access to recent marketing data analytics. This useful data can help you compete with big corporations even if you run a tiny company or a startup. For example, if you can have a centralized platform to store data from different marketing channels like Hubspot, Salesforce, that will make the whole integration process efficient.
There are a number of challenges faced by marketing analytics teams within companies. It includes a lack of governance/management of data and analytics, absence of timely actionable insights, etc. The emerging trends in data analytics are helping companies solve these challenges.
In the future of marketing analytics, one of the main trends would be the wider use of automation. Businesses will focus more on social media channels and use more third-party data for data-driven decisions. There will be better customer engagement and retention as well. Other trends include reporting accurate real-time data, lead scoring models based on value, and investment in reliable data networks. You should deep dive into the solutions that suit your business and adapt them.
You have seen how marketing analytics can optimize and prioritize time and resources in the future so that an organization can make effective decisions to boost its performance.
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