What is Marketing Analytics?
Any business's marketing efforts increase brand awareness, generate fiscal profits and momentum, and establish thought leadership. Companies break down such objectives into specific, measurable metrics that are used to gauge performance and optimize for the future. It is a popular marketing tool, to the extent that the use of analytics in marketing was 52.7 percent in 2020.
Marketing analytics refers to tracking and measuring the data from marketing endeavors to achieve a quantifiable result. Such insights allow organizations to enhance customer service, boost the return on investment (ROI), and create improved marketing and business strategies.
Why is Marketing Analytics Important?
Although more and more information on marketing analytics is available, it is helpful to explore its benefits. Marketing analytics is a holistic tool that, at its best, helps in the smooth functioning of businesses across industries. The many uses of analytics are as follows:
- Enhancing user experience and customer service - Analyzing first-party data can reveal customers' feelings about their interactions with a company and its products. Be it a survey or information on implicit behaviors. As a result, marketing analytics helps organizations alter their strategies accordingly and more effectively and promptly to customer needs.
- Boosting ROI - A crucial function of marketing analytics is calculating and improving ROI. A positive value denotes profit, whereas a negative one reveals a loss. Without the data to identify the sources of both, businesses would not be able to implement corrective and preventive measures, thus faltering in strategy as well as financial advancement.
- Optimizing for the future - Knowledge of customer needs and tracking marketing efforts go a long way in creating data-driven strategies to thrive in a volatile market. Marketing analytics offer a holistic view of a company's customer experience branding and its impact on the revenue generated.
Can I learn about marketing analytics online?
With organizations recognizing the growing need for marketing analytics in their marketing, branding, and business strategy, they prefer hiring professionals with a penchant for the same. This has, in turn, spurred job-seekers to upskill, which has led several resources to emerge. Among these, online marketing analytics courses have garnered immense popularity as they are affordable, engaging, and offered by some of the most distinguished institutions in the world. Most of these courses also provide certification. In addition, they are a helpful way of mastering the fundamentals of marketing analytics, fine-tuning existing skills, and advancing to the more complex aspects of the subject.
What kind of a career can I pursue with a background in marketing analytics?
The job outlook for marketing analytics grows brighter by the day. Big data, a focus on storytelling, and an emphasis on data-driven decision-making significantly boost jobs in the field, urging more and more individuals to pursue a related career.
Some of the most lucrative job roles in marketing analytics are advertising, marketing, or promotions manager, market research analyst, statistician, operations research analyst, and information security analyst. Another rapidly-growing field is digital marketing which also holds immense scope for early-career marketing analytics professionals as well as veterans.
Why take an online course at Emeritus?
Each Emeritus online course is designed keeping key learning outcomes in mind by a team of experts. We use the backward design methodology to develop instruction for learners of all ages. This enables us to craft unique, interactive, learning experiences that include a combination of assessments, hands-on activities, skill application, and more.
Emeritus also collaborates with the best universities and faculty around the world to curate the course curriculum that can effectively tackle present challenges in the industry, while preparing you for the trends and risks in the future. Our courses consist of assignments, exams, capstone projects, networking opportunities, a fine balance of practical and theoretical concepts, and the opportunity to learn from top minds in the industry. This adds to the holistic experience we try to provide for each learner.
We are also focused on providing courses that are standardized in quality. This is done by adhering to standards set by a global organization called Quality Matters which is focused on providing quality standards for online and innovative digital teaching and learning environments. The rigorous criteria ensure all our learners invest in quality education that is easily accessible and affordable.