Data is information that can be used to make decisions or provide insight into the state of a situation or an object. Analytics help companies understand and analyze data to help drive business decisions and actions. marketing data is any piece of information that relates to a company, product, or service. It can come in many forms including:
- Sales figures
- Customer feedback
- Social media activity
- Resource demand
What is Analysis
Analyzing data can be done in many different ways. One approach is to use a statistical approach, which models the data’s likelihood of various possible outcomes using mathematical formulas.
A different approach is to view data visually, looking at it from an “as if” perspective to understand its “why” and “how”. This is often referred to as “grounded” or “why-based” analysis. This article will explore what analysis is, different analytical methods and when you should use them in your marketing plan.
Why Use Analysis in Marketing
Analytics help businesses make better decisions and drive more success in their marketing campaigns. By analyzing data, marketers can identify what actions are needed to drive sales, what actions drive low sales, and what can be done differently to improve future performance. Using these insights, marketers can create campaigns with focused efforts that achieve the desired results.
Different Types of Analytics
There are many different types of analytics, each with its uses and advantages. The following are some of the main types of analytics that you’ll come across in marketing:
- Understanding behavior
- Understanding needs and wants
When to Use analytics in your Marketing
The best time to use analytics in your marketing is when the data is still fresh in the minds of the customers. Data that is more than a year old is less useful and you risk becoming “cultured” on the data. You should also keep in mind that certain types of analytics are more effective when used in certain circumstances.
One situation where you should consider using analytics is in your “before” and “after” images. After images are images that show the change that results from a certain action or situation. Let’s say, for example, you have a campaign that runs for one month and you use the “before” image to show how the campaign started and progressed.
Analytics help companies understand their customer’s behavior and help make better business decisions. You can use data to look into things like: –
- Which parts of your product or service are performing well and which areas need work
- Which customers are buying from you more often, and why
- How much of your product is selling and what can you do to increase sales?