How Data Analytics Improve Marketing Performance
Marketing is always a delicate balance between getting results and optimizing ad spend. Attracting new customers is important, but not at the expense of your budget. Using the latest advancements in marketing data analytics, marketers have easy access to the big picture—and the ability to drill down into specific data sets to find more insights.
In other words, marketers can now be their own data analysts using tools like the Relational Search Engine and SpotIQ AI Engine from ThoughtSpot. They already have the marketing know-how. Your communications company has the stored data. And marketing analytics tools make it simple for users to conduct search queries, click to uncover hidden insights and improve campaigns.
Here are three areas ripe for marketing optimization via data analytics.
Discovering Product Insights
Your team needs to know what to market, to who, and when to do it. Which subscription packages are performing well? Which aren’t? You can query the Relational Search Engine by geographic location, time period and more to learn about product performance. It even offers guided suggestions as you search. Then you can use this information—presented as an interactive chart or graph— to refine your campaigns and reduce customer churn.
An example of a query would look like this: [Revenue growth] by [Plan Name] [Model] [Timeframe].
Identifying Top Customer Segments
Knowing your customer base allows your team to target segments effectively. Customer behavior analytics will help here. For example, you may currently be missing a key insight into the wants and needs of a certain age group. The SpotIQ AI Engine has algorithms capable of running many queries on billions of rows of data in seconds. If it finds any useful trends or abnormalities, it will instantly return insights and generate interactive charts, visualizations, and graphs.
An example of an insight would look like this: “For the age group 25-34, Package C subscriptions last year were 32 percent higher in California compared to other states.”
Gauging Social Media Campaigns
Social media marketing analytics make it possible to gauge the performance of various social media channels, posts and promotions—in seconds. This helps companies put their “eggs” in the “right basket,” or prioritize where they devote their attention and ad spend for the best results.
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